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Average Home Values and Ownership in Zip Code 60188: A Decade of Growth in Carol Stream, Illinois
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
Carol Stream, located in zip code 60188 in Illinois, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This suburban community, known for its family-friendly atmosphere and proximity to Chicago, has shown resilience in its housing market despite various economic fluctuations. The homeownership rate in Carol Stream has remained relatively stable, with a slight increase from 65% in 2017 to 68% in 2022. This trend coincides with a substantial rise in average home prices, which grew from $241,878 in 2017 to $316,978 in 2022, representing a 31% increase over five years. The stability in homeownership rates despite rising prices suggests a strong local economy and sustained demand for housing in the area.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.09% to 0.4%), homeownership rates in Carol Stream remained steady at around 66-67%. As interest rates began to rise in 2017 (1%) and 2018 (1.83%), there was a slight dip in homeownership to 65%. However, the community showed resilience, with ownership rates rebounding to 69% by 2021 when interest rates dropped back to 0.08% due to pandemic-related economic measures.
Renter percentages in Carol Stream have fluctuated inversely to homeownership rates, ranging from 31% to 34% between 2013 and 2022. Average rent prices have shown an overall upward trend, increasing from $1,410 in 2013 to $1,583 in 2022, a 12.3% rise over nine years. Notably, there was a significant jump in average rent from $1,605 in 2020 to $1,630 in 2021, corresponding with a slight decrease in the renter population from 32% to 31%, possibly indicating increased demand for rental properties during this period.
In 2023, the average home price in Carol Stream reached $329,414, a 3.9% increase from 2022. This growth continued into 2024, with average home prices rising to $348,213, representing a further 5.7% increase. Interestingly, these price increases occurred despite a sharp rise in federal interest rates, which jumped from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. This suggests a robust local housing market that has maintained strength even in the face of higher borrowing costs.
Looking ahead, predictive models forecast continued growth in both average home prices and rent prices over the next five years. Average home prices are expected to surpass $400,000 by 2029, while average rent prices could reach $1,800 per month. These projections are based on historical trends and assume consistent economic conditions.
In summary, Carol Stream (60188) has demonstrated a resilient housing market characterized by stable homeownership rates and steadily increasing property values. The community has weathered changes in federal interest rates and economic conditions, maintaining a balanced mix of owners and renters. The recent surge in home prices, despite rising interest rates, indicates strong demand for housing in this area. As the market continues to evolve, Carol Stream appears well-positioned for sustained growth in both the ownership and rental sectors of its housing market.
