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Average Home Values and Ownership in Zip Code 60474: A Small Illinois Village's Housing Dynamics
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 60474, located in South Wilmington, Illinois, is a small rural area with a population that has fluctuated between 15 and 23 residents over the past decade. This zip code has seen interesting shifts in homeownership rates and housing prices, reflecting the dynamic nature of this small community.
The homeownership rate in zip code 60474 has shown notable changes over the years. In 2013, the area had an 86% homeownership rate, which decreased to 75% in 2014. However, it rebounded to 78% from 2015 to 2018, before rising again to 88% in 2019. The most recent data from 2022 shows a homeownership rate of 83%. Interestingly, these changes in homeownership rates have coincided with fluctuations in average home prices. The average home price in the area increased from $128,687 in 2018 to $147,892 in 2022, representing a 14.9% increase over four years.
Federal interest rates have played a role in homeownership trends in zip code 60474. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the relatively high homeownership rates during this time. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we observed some fluctuations in homeownership rates, although they remained generally high.
Renter percentages in zip code 60474 have shown an inverse relationship to homeownership rates, as expected. The renter percentage was 14% in 2013, dropped to 11% from 2015 to 2017, then increased to 22% in 2018 before decreasing again to 12% in 2019. The average rent prices have shown some volatility, decreasing from $983 in 2013 to $843 in 2017, then rising to $1,140 in 2022. This represents a 35.2% increase in average rent from 2017 to 2022, despite the small population fluctuations.
In 2023, the average home price in zip code 60474 reached $157,910, representing a 6.8% increase from 2022. This trend continued into 2024, with the average home price rising to $170,192, a further 7.8% increase. Notably, federal interest rates also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Looking ahead, based on the observed trends, we can forecast that average home prices in zip code 60474 may continue to rise over the next five years, potentially reaching around $200,000 by 2029. Average rent prices may also continue their upward trajectory, possibly exceeding $1,300 per month within the same timeframe. However, these projections could be influenced by various factors, including economic conditions and local market dynamics.
In summary, zip code 60474 has experienced notable fluctuations in homeownership rates and housing prices over the past decade. The area has maintained a generally high rate of homeownership despite rising home prices and recent increases in interest rates. The rental market has shown significant price increases, particularly in recent years. As we move forward, the interplay between interest rates, housing prices, and demographic changes will likely continue to shape the housing landscape in this small Illinois community.
