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Average Home Values and Ownership in Zip Code 60470: Ransom'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 60470, located in Ransom, Illinois, presents an intriguing case study of homeownership and rental trends in a small rural community. Over the past decade, this area has experienced significant fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic shifts and local demographic changes.
The homeownership rate in zip code 60470 has shown a notable trend, decreasing from 81% in 2013 to a low of 69% in 2018, before rebounding to 80% in 2022. This fluctuation coincides with changes in average home prices. While specific home price data is not available for the earlier years, we can observe that the average home price in 2019 was $100,395, rising steadily to $127,838 in 2022. This represents a 27.3% increase over just three years, indicating a strong upward trend in the local housing market.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 60470. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates remained relatively stable, hovering around 76-81%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), we observed a corresponding decline in homeownership rates, reaching a low of 69% in 2018. However, the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a rebound in homeownership, climbing back to 80% by 2022.
Renter percentages in zip code 60470 have mirrored the inverse of homeownership trends, rising from 18% in 2013 to a peak of 30% in 2018, before declining to 20% in 2022. Average rent prices have shown a consistent upward trajectory, increasing from $662 in 2013 to $1,158 in 2022, representing a 74.9% rise over nine years. This substantial increase in rent prices occurred despite fluctuations in the local population, which declined from 887 in 2013 to 757 in 2022, suggesting that other factors, such as housing supply and broader economic conditions, have influenced rental costs.
In 2023 and 2024, the housing market in zip code 60470 continued its upward trajectory. The average home price reached $132,028 in 2023 and further increased to $139,839 in 2024, representing a 9.4% rise over two years. This growth occurred against a backdrop of rising federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis.
Looking ahead, based on the observed trends, we can project that average home prices in zip code 60470 may continue to rise over the next five years, potentially reaching around $160,000 by 2029. This forecast assumes a continuation of the current growth rate and stable economic conditions. Average rent prices could also see continued growth, potentially surpassing $1,400 per month by 2029 if the current trajectory persists.
In summary, zip code 60470 has demonstrated resilience in its housing market, with rebounding homeownership rates and steadily increasing home values despite population decline. The inverse relationship between homeownership and rental rates, coupled with rising rent prices, suggests a dynamic and evolving housing landscape. The area's ability to maintain strong home values and increasing rent prices, even in the face of higher interest rates, indicates a robust local housing market with potential for continued growth in the coming years.
