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Average Home Values and Ownership in Zip Code 60707: Elmwood Park's Shifting Housing Landscape
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
Elmwood Park, located in zip code 60707 in Illinois, is a densely populated suburban area with a rich history and diverse community. Over the past decade, this zip code has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics. The homeownership rate in zip code 60707 has shown a gradual decline from 2013 to 2022. In 2013, 69% of residents were homeowners, but by 2022, this figure had decreased to 63%. This 6 percentage point drop coincides with a significant increase in average home prices. In 2013, the average home price was $159,848, which rose steadily to reach $304,555 by 2022, representing a substantial 90.5% increase over this period. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a role in shaping homeownership trends in zip code 60707. From 2013 to 2016, interest rates remained historically low, hovering around 0.1% to 0.4%. During this period, homeownership rates remained relatively stable, ranging from 66% to 69%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates showed a slight decline, dropping to 65% by 2017. The sharp decrease in interest rates in 2020 (0.38%) and 2021 (0.08%) did not immediately reverse the homeownership decline, possibly due to economic uncertainties during the pandemic.
Renter percentages in zip code 60707 have increased from 31% in 2013 to 37% in 2022, mirroring the decline in homeownership. This shift coincided with a steady rise in average rent prices. In 2013, the average rent was $1,077, which increased to $1,325 by 2022, representing a 23% increase. The population of the zip code remained relatively stable during this period, fluctuating between 43,000 and 44,000 residents, suggesting that the increase in renters was not primarily driven by population growth but rather by shifts in housing preferences or affordability issues.
In 2023 and 2024, the housing market in zip code 60707 continued to evolve. The average home price in 2023 was $306,602, showing a slight increase from 2022. In 2024, the average home price further rose to $317,364, indicating ongoing appreciation in the local real estate market. Concurrently, federal interest rates increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying decisions and affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 60707 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by the growing renter population and overall housing demand. However, the rate of increase may moderate as the market adjusts to economic conditions and housing supply changes.
In summary, zip code 60707 has experienced a notable shift towards renting, with homeownership rates declining as both home prices and rent costs have increased. The interplay between federal interest rates, local economic factors, and housing affordability has shaped these trends. As the community moves forward, balancing housing affordability with market dynamics will be crucial for maintaining a diverse and stable residential landscape in Elmwood Park.
