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Average Home Values and Ownership in Zip Code 60201: Evanston's Dynamic Housing Market Near Northwestern University
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 60201, located in Evanston, Illinois, has experienced significant changes in homeownership rates and housing prices over the past decade. This area, known for its proximity to Chicago, has seen fluctuations that reflect broader economic trends and local market dynamics. From 2013 to 2018, homeownership rates in zip code 60201 showed an upward trend, increasing from 56% to 60%. However, this trend reversed in recent years, with ownership dropping back to 56% by 2022. Despite these fluctuations in ownership rates, average home prices have generally continued to rise, reaching $481,830 in 2022 from $449,162 in 2018, a 7.3% increase over four years.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 60201. The period of historically low interest rates from 2010 to 2021, often below 1%, coincided with the initial increase in homeownership rates. For instance, when interest rates were at 0.08% in 2021, the homeownership rate was 57%. However, as interest rates rose sharply to 1.68% in 2022, homeownership declined slightly to 56%, suggesting that higher borrowing costs may have deterred some potential buyers.
Renter percentages in zip code 60201 have inversely mirrored homeownership trends, decreasing from 44% in 2013 to 40% in 2018, before rising again to 44% by 2022. Average rent prices have generally increased over this period, rising from $1,449 in 2013 to $1,552 in 2022, a 7.1% increase. This trend indicates that despite fluctuations in the rental market share, demand for rentals has remained strong, possibly driven by factors such as the area's desirability and changing demographics.
Recent data shows that average home prices in zip code 60201 continued to rise in 2023 and 2024, reaching $487,829 and $494,839 respectively. This represents a steady increase of about 1.4% year-over-year. Concurrently, federal interest rates have remained elevated, standing at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may continue to impact homeownership trends in the area.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in zip code 60201 will continue to rise, albeit at a moderate pace. Projections suggest prices could reach approximately $525,000 by 2029. For rent prices, the forecast indicates a potential increase to around $1,800 per month over the same period, assuming current economic conditions and local market factors remain relatively stable.
In summary, zip code 60201 has experienced notable shifts in homeownership rates and housing prices over the past decade. The area has seen a general increase in both home values and rent prices, despite fluctuations in ownership rates. The interplay between federal interest rates, local market conditions, and broader economic factors continues to shape the housing landscape in this Evanston neighborhood. As we move forward, the area is likely to see continued growth in property values, with potential challenges for affordability and homeownership rates if interest rates remain elevated.
