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Average Home Values and Ownership in Zip Code 60422: Flossmoor's Resilient Housing Market
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 60422, located in Flossmoor, Illinois, presents an interesting case study in homeownership and housing market dynamics. This suburban area has maintained a consistently high rate of homeownership over the years, with a notable increase in average home prices and average rent prices. The homeownership rate in zip code 60422 has shown remarkable stability, with a slight upward trend over the past decade. In 2013, the homeownership rate stood at 94%, and by 2022, it had maintained this high level. This consistency in homeownership rates coincides with a significant increase in average home prices. In 2013, the average home price was $183,734, and it steadily rose to $311,056 by 2022, representing a 69% increase over this period. This trend suggests a strong correlation between stable homeownership rates and appreciating property values in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 60422. During periods of low interest rates, such as from 2013 to 2016 when rates were below 0.5%, the area maintained its high homeownership rate of around 88-89%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate actually increased to 94%. This suggests that despite rising interest rates, other factors such as local economic conditions and the desirability of the area continued to support high levels of homeownership.
The rental market in zip code 60422, while smaller, has also experienced notable changes. The percentage of renters fluctuated between 6% and 11% from 2013 to 2022. Average rent prices showed a general upward trend, increasing from $1,517 in 2013 to $1,978 in 2022, a 30% rise. Interestingly, the highest average rent of $2,029 was recorded in 2020, coinciding with a slight dip in the renter percentage to 10%. This suggests that even as rents increased, the area remained predominantly owner-occupied.
Looking at the most recent data, the average home price in zip code 60422 continued to rise, reaching $317,837 in 2023 and $325,373 in 2024. This represents a steady increase of about 2.4% from 2023 to 2024. Simultaneously, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 60422 will continue to appreciate, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $350,000 to $375,000 by 2029. Average rent prices are also expected to increase, potentially reaching $2,200 to $2,400 per month in the same timeframe, assuming current economic conditions and local market factors remain relatively stable.
In summary, zip code 60422 demonstrates a robust housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience in maintaining its homeownership levels even in the face of rising interest rates and increasing home prices. The rental market, while smaller, has also seen growth in average rents. These trends suggest a continued strong demand for housing in this suburban Illinois community, with both homeowners and renters likely to see continued appreciation in their respective markets over the next five years.
