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Average Home Values and Ownership in Zip Code 61006: A Resilient Rural 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 61006, located in Ashton, Illinois, presents an intriguing demographic landscape with notable fluctuations in homeownership rates and housing prices over the past decade. This area has experienced significant shifts in its real estate market, with homeownership rates ranging from 72% to 83% and average home prices varying from a low of $72,563 to a high of $153,366.
The relationship between homeownership rates and average home prices in 61006 shows an interesting trend. In 2013, when the homeownership rate was 73%, the average home price was $100,726. As home prices declined to their lowest point of $72,563 in 2015, homeownership increased slightly to 78%. However, as average home prices began to rise again, reaching $150,908 in 2022, homeownership also increased to its peak of 83%. This suggests that rising home values in this area did not deter homeownership, possibly indicating growing local economic strength or increased desirability of the area.
Federal interest rates have played a role in homeownership trends in 61006. When interest rates were at historic lows between 2013 and 2021 (ranging from 0.08% to 0.4%), homeownership rates in the area remained relatively stable, fluctuating between 72% and 78%. Interestingly, the sharp increase in homeownership to 83% in 2022 coincided with a rise in federal interest rates to 1.68%, suggesting that local factors may have had a stronger influence on homeownership than national interest rate trends in this particular zip code.
Renter percentages and average rent prices in 61006 have shown some correlation. In 2013, with 27% of residents renting, the average rent was $823. As the renter population decreased to 22% in 2015, average rent also decreased slightly to $815. However, when the renter percentage increased to 28% in 2017, average rent rose to $955. This trend continued with some fluctuations, and by 2022, despite a decrease in the renter population to 17%, average rent remained relatively high at $911. This could indicate a tightening rental market with fewer, but potentially higher-quality or more desirable rental units available.
In 2023 and 2024, average home prices in 61006 continued their upward trajectory, reaching $153,366 in 2023 and $160,699 in 2024. This represents a significant increase from the 2022 average of $150,908. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the 1.68% rate in 2022. Despite these higher interest rates, the continued rise in home prices suggests sustained demand in the local housing market.
Looking ahead, predictive models suggest that average home prices in 61006 may continue to rise over the next five years, potentially reaching around $180,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,000 per month within the same timeframe. These projections are based on the observed trends and assume continued economic stability and growth in the area.
In summary, zip code 61006 has demonstrated resilience in its housing market, with increasing homeownership rates despite rising home prices. The area has shown a unique ability to maintain high homeownership levels even in the face of rising interest rates, suggesting strong local economic factors. The rental market, while smaller, has seen relatively stable prices, indicating a balanced demand for both owned and rented properties in this Illinois village.
