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Average Home Values and Ownership in Zip Code 60930: Danforth's Decade of Housing Trends
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 60930, located in Danforth, Illinois, presents an intriguing case study of homeownership and rental trends in a small rural community. Over the past decade, this area has experienced notable shifts in its housing market, with a general trend towards increased homeownership and fluctuating average rent prices.
The homeownership rate in zip code 60930 has shown a steady increase from 2013 to 2022. In 2013, 69% of housing units were owner-occupied, and this figure rose to 77% by 2022. This upward trend in homeownership coincided with varying average home prices, though complete data for earlier years is not available. By 2022, the average home price in the area was $157,335, indicating a relatively affordable housing market compared to many urban areas.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow the general economic principle that lower interest rates encourage homeownership. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate increased from 69% to 77%. This trend continued even as interest rates began to rise moderately after 2016, suggesting other local factors may have supported the homeownership trend.
Renter percentages in zip code 60930 have correspondingly decreased from 30% in 2013 to 22% in 2022. Interestingly, average rent prices have shown significant fluctuations during this period. In 2013, the average rent was $812, peaking at $910 in 2016 before declining to $737 in 2018. By 2022, the average rent had increased again to $950. These fluctuations in rent prices occurred despite a general decrease in the area's population, which fell from 532 in 2013 to 442 in 2022, suggesting that local economic factors beyond population changes were influencing rental markets.
In 2023 and 2024, the housing market in zip code 60930 showed signs of cooling. The average home price decreased to $154,535 in 2023 and further to $150,149 in 2024. This decline coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and buyer demand.
Looking ahead, predictive models suggest that average home prices in zip code 60930 may continue to experience moderate declines over the next five years if current economic conditions persist. This trend could be influenced by the higher interest rates and potential shifts in local economic factors. Average rent prices, however, might stabilize or see slight increases, as the reduced homeownership affordability could increase demand for rentals.
In summary, zip code 60930 has demonstrated a clear trend towards increased homeownership over the past decade, despite fluctuations in average rent prices and a declining population. The recent cooling in the housing market, coupled with rising interest rates, suggests a potential shift in these trends moving forward. The interplay between homeownership rates, housing prices, and rental markets in this small Illinois community provides valuable insights into the dynamics of rural housing markets in the face of changing economic conditions.
