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Average Home Values and Ownership in Zip Code 60480: A Decade of Growth in Willow Springs
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
Willow Springs, located in zip code 60480 in Illinois, is a small suburban community that has experienced notable changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in the area. The homeownership rate in Willow Springs has remained relatively stable, with slight fluctuations over the years. In 2013, the area had a high homeownership rate of 85%. This rate decreased slightly to 80% by 2021 but rebounded to 82% in 2022. Concurrently, average home prices in the zip code have shown a steady upward trend. In 2010, the average home price was $239,408, which dropped to a low of $192,464 in 2012 during the aftermath of the housing crisis. Since then, prices have consistently increased, reaching $309,861 in 2022, representing a 61% increase from the 2012 low.
The relationship between federal interest rates and homeownership rates in Willow Springs follows a general trend observed nationwide. When interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate remained stable at 80%. This stability in homeownership during a period of low interest rates suggests that other factors, such as local economic conditions or housing supply, may have played a significant role in the area's housing market dynamics.
Renter percentages in Willow Springs have shown a slight increase over the years, from 14% in 2013 to 18% in 2022. This trend coincides with a significant increase in average rent prices. In 2013, the average rent was $1,099, which rose to $1,837 by 2022, representing a 67% increase. The population of the zip code also grew during this period, from 5,604 in 2013 to 6,032 in 2022, potentially contributing to the increased demand for rental properties and the subsequent rise in rent prices.
Looking at the most recent data, the average home price in Willow Springs continued to rise, reaching $318,894 in 2023 and $334,550 in 2024. This represents a substantial 8% increase from 2022 to 2024. Notably, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home prices and rent prices in Willow Springs. Based on the historical data and current market conditions, average home prices could potentially reach around $380,000 to $400,000 by 2029. Average rent prices might increase to approximately $2,100 to $2,300 per month in the same timeframe. However, these projections are subject to various economic factors and market conditions.
In summary, Willow Springs (zip code 60480) has maintained a high homeownership rate despite fluctuations in the housing market. The area has experienced significant growth in both average home prices and rent prices over the past decade. The recent sharp increase in federal interest rates, coupled with rising home prices, may present challenges for potential homebuyers in the coming years. Meanwhile, the rental market is likely to remain strong, with continued upward pressure on rent prices due to population growth and increasing demand for rental properties.
