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Average Home Values and Ownership in Zip Code 60645: A Resilient Chicago 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 60645, located in Chicago, Illinois, has experienced notable shifts in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in zip code 60645 has shown a slight upward trend from 2013 to 2022. In 2013, 51% of housing units were owner-occupied. This percentage dipped slightly to 49% in 2015 but rebounded to 52% by 2022. During this same period, average home prices in the area saw significant growth. In 2013, the average home price was $150,666. By 2022, this figure had increased to $255,777, representing a 69.8% increase over nine years.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.40%), homeownership rates in the zip code remained relatively stable around 50-51%. As interest rates began to rise in 2017 (1.00%) and 2018 (1.83%), homeownership rates in the area actually increased slightly to 51%, suggesting other local factors may have influenced buying decisions.
Renter percentages in zip code 60645 have fluctuated inversely with ownership rates, ranging from a high of 51% in 2015 to a low of 47% in 2020. Average rent prices have shown a steady upward trend. In 2013, the average rent was $1,071. By 2022, it had increased to $1,285, a 20% rise over nine years. This increase in rent prices occurred alongside population growth, with the area's population rising from 45,387 in 2013 to 47,600 in 2022, potentially contributing to increased demand for rental properties.
In 2023 and 2024, the housing market in zip code 60645 showed interesting dynamics. The average home price in 2023 was $254,374, a slight decrease from 2022. However, in 2024, the average home price rebounded to $263,470. This occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability.
Looking ahead, predictive models suggest a continued upward trend in both average home prices and rent prices for zip code 60645 over the next five years. Home prices are projected to increase at a moderate rate, potentially reaching around $290,000 by 2029. Average rent prices are expected to follow a similar trajectory, potentially surpassing $1,500 per month within the same timeframe.
In summary, zip code 60645 has demonstrated resilience in its housing market, with steady growth in both home values and rent prices despite fluctuations in ownership rates and external economic factors. The area's consistent population growth and the overall upward trend in property values suggest a robust and desirable housing market in this Chicago neighborhood.
