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Average Home Values and Ownership in Zip Code 60304: A Decade of Growth
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 60304, located in Oak Park, Illinois, is a vibrant area that has experienced notable changes in homeownership rates and property values over the past decade. This analysis will explore the trends in ownership percentages, average home prices, and average rent prices, providing insights into the dynamic real estate market of this community.
The homeownership rate in zip code 60304 has shown a general upward trend from 2013 to 2022. In 2013, the ownership rate was 70%, which increased to 73% by 2020, before slightly decreasing to 71% in 2022. This overall increase in homeownership coincided with a significant rise in average home prices. In 2013, the average home price was $321,498, which steadily climbed to $424,976 by 2022, representing a substantial 32% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting pattern. Despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%), homeownership rates remained relatively stable, hovering around 67-68%. However, as interest rates began to rise from 2017 (1.00%) to 2019 (2.16%), homeownership rates actually increased, reaching 71% in 2019. This suggests that factors beyond interest rates, such as local economic conditions or housing supply, may have played a significant role in homeownership decisions in this area.
Renter percentages in zip code 60304 have shown a general decline, moving inversely to the homeownership trend. The percentage of renters decreased from 30% in 2013 to 27% in 2020, before slightly increasing to 29% in 2022. Interestingly, despite this decline in the renter population, average rent prices have consistently increased. The average rent rose from $1,154 in 2013 to $1,423 in 2022, a 23% increase. This upward trend in rent prices, even with a decreasing renter population, could indicate a tight rental market or an increase in higher-quality rental properties in the area.
Looking at the most recent data, the average home price in zip code 60304 reached $428,362 in 2023 and further increased to $443,599 in 2024. This represents a 3.7% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and property values in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 60304 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $500,000 to $525,000, assuming a conservative annual growth rate of 2-3%. For average rent prices, the forecast suggests a continued upward trajectory, potentially reaching $1,600 to $1,700 by 2029, based on the historical growth rate of about 2-3% annually.
In summary, zip code 60304 has demonstrated a resilient and growing real estate market over the past decade. The area has seen an overall increase in homeownership rates, substantial growth in average home prices, and steady increases in average rent prices. These trends, combined with recent interest rate hikes and continued price appreciation, suggest a competitive and dynamic housing market in this Oak Park community for the foreseeable future.
