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Average Home Values and Ownership in Zip Code 61736: A Decade of Growth in Rural Illinois
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 61736, located in Downs, Illinois, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has shown a general trend of increasing homeownership rates and rising average home prices, with some fluctuations in recent years.
The homeownership rate in zip code 61736 has seen an overall increase from 87% in 2013 to 88% in 2022. During this period, average home prices have also shown a steady upward trend. In 2013, the average home price was $200,946, which rose to $267,801 by 2022, representing a 33.3% increase over nine years. This correlation suggests that as home values appreciated, more residents were able to enter the housing market and become homeowners. The peak homeownership rate was observed in 2018 at 93%, coinciding with an average home price of $215,678.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This low-interest environment likely contributed to the high homeownership rates observed during this period, as it made mortgage financing more affordable for potential buyers. The homeownership rate reached its peak of 93% in 2018 when the federal interest rate was 1.83%, still relatively low by historical standards.
Renter percentages in zip code 61736 have fluctuated inversely to homeownership rates, decreasing from 12% in 2013 to 12% in 2022, with a low of 7% in 2017 and 2018. Average rent prices have shown an overall upward trend, increasing from $989 in 2013 to $1,229 in 2022, a 24.3% increase. Interestingly, the years with the lowest renter percentages (2017 and 2018) coincided with some of the highest average rent prices, at $1,126 and $1,172 respectively. This suggests that as rent prices increased, some renters may have transitioned to homeownership, potentially due to the favorable interest rate environment and rising home values.
In 2023, the average home price in zip code 61736 reached $283,215, a 5.8% increase from 2022. This trend continued into 2024, with average home prices rising to $297,065, representing a further 4.9% increase. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 61736 are likely to continue their upward trajectory over the next five years, albeit potentially at a slower pace due to higher interest rates. Average rent prices are also expected to increase, driven by overall housing market appreciation and potential shifts in housing preferences. However, the rate of increase for both home prices and rents may moderate compared to the rapid growth seen in recent years.
In summary, zip code 61736 has demonstrated a strong trend towards homeownership, with rising average home prices and generally increasing homeownership rates over the past decade. The interplay between federal interest rates, home prices, and rent costs has significantly influenced these trends. As the area moves forward, it will be crucial to monitor how the recent spike in interest rates affects housing affordability and homeownership rates in this Illinois community.
