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Average Home Values and Ownership in Zip Code 60180: Union's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 60180, located in Union, Illinois, has experienced significant changes in its housing market over the past decade. This area has seen notable fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 60180 has shown a general upward trend, particularly in recent years. In 2013, the homeownership rate was 84%, which increased to 89% by 2022. This substantial rise in homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $184,997, which steadily rose to $332,461 by 2022, representing a remarkable 79.7% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite the general economic principle that lower interest rates encourage homeownership, the data for 60180 shows a different pattern. For instance, when interest rates were at historic lows (0.08% in 2021), the homeownership rate was 86%. Interestingly, as interest rates rose to 1.68% in 2022, the homeownership rate increased to 89%, suggesting that local factors may have a stronger influence on homeownership than national interest rates in this area.
Renter percentages and average rent prices in zip code 60180 have shown inverse relationships. As the percentage of renters decreased from 17% in 2019 to 11% in 2022, average rent prices increased from $1,367 to $1,463 during the same period. This trend suggests that despite fewer renters, demand for rental properties remained strong, possibly due to the growing population, which increased from 3,228 in 2019 to 3,627 in 2022.
Looking at the most recent data, the average home price in zip code 60180 reached $346,343 in 2023 and further increased to $364,701 in 2024. This represents a 5.3% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, indicating a continued upward trend in both home prices and interest rates.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 60180 will continue to rise, potentially reaching around $450,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the area's growing popularity. For average rent prices, we expect a more modest increase, potentially reaching approximately $1,700 by 2029, assuming the current growth rate continues.
In summary, zip code 60180 has demonstrated a robust housing market with increasing homeownership rates and rising property values. The area has shown resilience to national economic factors, with local demand driving both home prices and rental rates upward. The continued population growth and the trend of increasing homeownership suggest a positive outlook for the real estate market in this zip code over the next five years.
