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Average Home Values and Ownership in Zip Code 60950: Manteno's Resilient 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 60950, located in Manteno, Illinois, presents an interesting case study of homeownership and rental trends over the past decade. This area has experienced fluctuations in both ownership rates and housing prices, reflecting broader economic changes and local market dynamics.
The homeownership rate in zip code 60950 has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the ownership rate stood at 73%, and by 2022, it maintained a similar level at 73%. During this period, average home prices showed a steady upward trend. In 2013, the average home price was $184,066, and it rose consistently, reaching $265,105 by 2022. This represents a significant increase of 44% over nine years, indicating a robust appreciation in property values despite the relatively stable ownership rates.
The relationship between federal interest rates and homeownership rates in this zip code shows some interesting patterns. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates remained steady at around 72-73%. As interest rates began to rise more significantly from 2016 onwards, reaching 1.68% in 2022, homeownership rates showed only minor fluctuations, ranging between 69% and 74%. This suggests that in this particular area, factors other than interest rates may have played a more significant role in homeownership decisions.
Renter percentages in zip code 60950 have shown slight variations over the years, generally inverse to the homeownership trends. The renter occupancy rate was 27% in 2013 and remained relatively stable, reaching 27% again in 2022. Average rent prices, however, have shown more volatility. In 2013, the average rent was $944, which decreased to $836 by 2017, a 11.4% drop. Subsequently, rent prices began to increase, reaching $992 in 2022, representing an 18.7% increase from the 2017 low. This trend suggests a recovering rental market, possibly influenced by the area's population growth from 11,189 in 2017 to 11,401 in 2022.
Looking at the most recent data, the average home price in zip code 60950 continued its upward trajectory, reaching $277,329 in 2023 and $290,355 in 2024. This represents a further increase of 9.5% from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 60950 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach around $320,000 to $330,000 by 2029. For rent prices, the forecast suggests a continued upward trend, potentially reaching an average of $1,100 to $1,200 per month by 2029, assuming steady population growth and economic stability in the area.
In summary, zip code 60950 has demonstrated resilience in homeownership rates despite rising home prices. The area has seen significant appreciation in property values and a recovering rental market. The stability in ownership rates, even in the face of rising interest rates, suggests a strong local housing market. Future trends indicate continued growth in both home prices and rents, reflecting the area's attractiveness and economic stability.
