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Average Home Values and Ownership in Zip Code 60305: River Forest's Historic Suburban 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 60305, located in River Forest, Illinois, is a suburban area known for its tree-lined streets and historic homes. Over the past decade, this area has experienced fluctuations in homeownership rates and property values, with a general trend towards increasing average home prices and relatively stable average rent prices. The homeownership rate in zip code 60305 has remained relatively high, ranging from 86% to 90% between 2013 and 2022. During this period, average home prices showed a consistent upward trend. In 2013, the average home price was $432,558, which increased to $608,254 by 2022, representing a substantial 40.6% growth over nine years. This rise in home values coincided with periods of both high and low homeownership rates, suggesting that other factors beyond just home prices influenced ownership decisions 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 0.40%), homeownership rates in the zip code remained high, between 86% and 90%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates remained relatively stable, fluctuating between 87% and 89%. This stability in homeownership despite rising interest rates could indicate strong local demand for housing and a resilient real estate market in the area.
Renter percentages in zip code 60305 have shown some variability, ranging from 10% to 14% between 2013 and 2022. Interestingly, average rent prices did not always move in tandem with renter percentages. For instance, in 2015, when the renter percentage was 11%, the average rent was $1,271. By 2020, when the renter percentage increased to 14%, the average rent was slightly lower at $1,249. This suggests that factors beyond supply and demand, such as local economic conditions or housing policies, may have influenced rent prices in the area.
In 2023, the average home price in zip code 60305 reached $624,381, continuing the upward trend observed in previous years. This increase occurred despite a significant rise in federal interest rates to 5.02% in 2023. Moving into 2024, the average home price further increased to $645,551, with interest rates rising slightly to 5.33%. These figures demonstrate the area's robust housing market, which has shown resilience in the face of rising interest rates.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 60305 will continue to rise, albeit potentially at a more moderate pace due to higher interest rates. The average home price could reach approximately $700,000 to $750,000 by 2029. Average rent prices are expected to show modest increases, potentially reaching $1,300 to $1,400 per month in the same timeframe, assuming current economic conditions and local market factors remain relatively stable.
In summary, zip code 60305 has demonstrated a strong and growing housing market over the past decade. The area has maintained high homeownership rates despite rising home prices, suggesting a desirable living environment and robust local economy. The resilience of the housing market in the face of increasing interest rates indicates a strong demand for homes in this area. While renter percentages have fluctuated, they remain relatively low, reflecting the community's preference for homeownership. As we look to the future, the area is poised for continued growth in property values, albeit potentially at a more measured pace.
