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Average Home Values and Ownership in Zip Code 60193: Schaumburg's Shifting Housing Landscape
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 60193, located in Schaumburg, Illinois, has experienced notable fluctuations in homeownership rates, average home prices, and average rent prices over the past decade. This suburban area, known for its mix of residential and commercial developments, has seen a gradual shift in its housing market dynamics.
The homeownership rate in zip code 60193 has shown a slight decline from 80% in 2013 to 76% in 2022. This downward trend correlates with the significant increase in average home prices, which rose from $188,058 in 2013 to $302,824 in 2022, representing a 61% increase over nine years. The inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less attainable for some residents.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%, which coincided with a relatively stable homeownership rate of 79-80%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate started to decline gradually. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter population in zip code 60193 has increased from 19% in 2013 to 24% in 2022. This rise in renters corresponds with an increase in average rent prices, which grew from $1,421 in 2013 to $1,538 in 2022, an 8.2% increase. The population has remained relatively stable during this period, fluctuating between 39,644 and 41,338 residents. The growing renter population, despite rising rent prices, may indicate a shift in housing preferences or affordability constraints for potential homebuyers.
In 2023 and 2024, the housing market in zip code 60193 continued to evolve. The average home price reached $315,662 in 2023 and further increased to $335,677 in 2024, representing a 10.8% rise over two years. Concurrently, federal interest rates climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates, combined with rising home prices, may further impact homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in zip code 60193 may continue to rise over the next five years, potentially reaching around $370,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,700 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 60193 has experienced a gradual shift towards a higher proportion of renters, driven by rising home prices and fluctuating interest rates. The area has seen substantial appreciation in property values, which has outpaced the growth in rental costs. As the housing market continues to evolve, the balance between homeownership and renting is likely to remain a key factor in shaping the community's demographic and economic landscape.
