Loading Content...
Average Home Values and Ownership in Zip Code 60187: A Suburban Success Story
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 60187, located in Wheaton, Illinois, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its suburban charm and proximity to Chicago, has seen fluctuations in its real estate market that reflect broader economic trends. The homeownership rate in zip code 60187 has remained relatively stable, with a slight downward trend in recent years. In 2013, 75% of residents were homeowners, which increased slightly to 76% from 2014 to 2019. However, there was a decrease to 72% in 2020 and 2022, with a brief uptick to 74% in 2021. This trend coincides with changes in average home prices, which have shown significant growth over the same period. Average home prices rose from $293,473 in 2013 to $407,043 in 2022, representing a 38.7% increase over nine years.
Federal interest rates have played a role in shaping homeownership trends in the area. The period of historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.4%, likely contributed to the relatively high homeownership rates observed during this time. As interest rates began to rise in 2022 to 1.68%, we see a corresponding dip in homeownership rates to 72%, suggesting that higher borrowing costs may have impacted some residents' ability or willingness to purchase homes.
Renter percentages in zip code 60187 have shown a slight increase, mirroring the decline in homeownership. The renter population grew from 24% in 2014 to 28% in 2022. This shift coincides with a substantial increase in average rent prices. In 2013, the average rent was $1,403, which rose to $1,586 by 2022, marking a 13% increase. The population growth from 28,453 in 2013 to 29,121 in 2022 may have contributed to the increased demand for rental properties, potentially driving up rent prices.
In 2023 and 2024, the real estate market in zip code 60187 continued to evolve. Average home prices reached $419,418 in 2023 and further increased to $444,979 in 2024, showing a robust 6.1% year-over-year growth. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 60187 may continue to rise over the next five years, potentially reaching around $500,000 by 2029 if current trends persist. Average rent prices are also expected to increase, potentially surpassing $1,800 per month within the same timeframe. However, these projections are subject to various economic factors and market conditions.
In summary, zip code 60187 has experienced a slight decrease in homeownership rates coupled with significant increases in both average home prices and rent prices over the past decade. The recent sharp rise in interest rates may continue to influence the housing market, potentially affecting affordability and homeownership trends in the coming years. The area's real estate market remains dynamic, with continued growth in property values despite economic fluctuations.
