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Average Home Values and Ownership in Zip Code 61756: Small-Town Maroa's Evolving Real Estate 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
Zip code 61756, located in Maroa, Illinois, presents an intriguing case study of homeownership and housing market dynamics in a small Midwestern community. Over the past decade, this area has maintained a relatively high rate of homeownership, hovering around 80%, while experiencing moderate fluctuations in average home prices and rent costs.
The ownership percentage in Maroa has remained notably stable from 2013 to 2022, with only slight variations. In 2013, the homeownership rate stood at 83%, and it maintained this level through 2019. However, there was a small decline to 80% in 2020, which further decreased to 79% in 2021 and 2022. Interestingly, this slight downward trend in homeownership coincided with a gradual increase in average home prices. The average home price in 2013 was $103,288, and it rose steadily to reach $124,698 by 2022, representing a 20.7% increase over this period.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 61756. The period from 2013 to 2016 saw extremely low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the stable high homeownership rates during this time. As interest rates began to rise more notably from 2017 (1%) to 2019 (2.16%), we observe the homeownership rate holding steady at 83%. However, the sharp drop in interest rates to 0.38% in 2020 and 0.08% in 2021 did not prevent the slight decline in homeownership to 80% and then 79%, suggesting other local factors may have been at play.
The renter percentage in Maroa has shown a mirror image of the homeownership trend, increasing slightly from 17% in 2013 to 21% in 2022. Average rent prices have fluctuated over this period, with no clear long-term trend. In 2013, the average rent was $735, peaking at $846 in 2014, before declining to $637 in 2016. By 2022, the average rent had risen again to $705, representing a modest 4.3% decrease from the 2013 level despite the increased renter population.
In 2023 and 2024, we see a continuation of the upward trend in average home prices in zip code 61756. The average home price reached $132,156 in 2023 and further increased to $139,434 in 2024, representing a significant 11.8% rise over two years. This price appreciation occurred despite a substantial increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, predictive models suggest that average home prices in zip code 61756 may continue their upward trajectory over the next five years, potentially reaching around $160,000 by 2029. This forecast is based on the historical trend of steady appreciation observed since 2013. Average rent prices are predicted to show more modest growth, potentially reaching approximately $750 by 2029, assuming the current pattern of slight fluctuations continues.
In summary, zip code 61756 in Maroa has maintained a high rate of homeownership despite recent slight declines. The area has experienced steady growth in average home prices, particularly accelerating in recent years, while rent prices have remained relatively stable. The resilience of the local housing market, even in the face of rising interest rates, suggests a strong underlying demand for homeownership in this community.
