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Average Home Values and Ownership in Zip Code 61930: A Rural Illinois Housing Market Analysis
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 61930 represents the village of Hindsboro in Illinois, a small rural community with a population of 279 as of 2022. This area has experienced fluctuations in homeownership rates and housing prices over the past decade, with recent trends showing an increase in owner-occupied housing and rising average home values.
The homeownership rate in zip code 61930 has shown a notable increase in recent years. In 2018, the ownership rate was 79%, but it rose significantly to 92% by 2022. This upward trend coincides with a rise in average home prices. In 2019, the average home price was $65,384, and it steadily increased to $77,209 by 2022, representing an 18% increase over three years.
The relationship between federal interest rates and homeownership rates in this area appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low between 2019 (2.16%) and 2021 (0.08%), the homeownership rate increased from 85% to 91%. This correlation suggests that the favorable borrowing conditions may have contributed to the rise in homeownership.
Renter percentages in zip code 61930 have shown an inverse relationship to homeownership rates. In 2018, the renter-occupied rate was 21%, but it decreased to just 7% by 2022. Interestingly, despite the declining renter population, average rent prices have remained relatively stable with some fluctuations. The average rent was $765 in 2018, peaked at $778 in 2021, and then decreased slightly to $744 in 2022. This stability in rent prices despite the decreasing renter population could be attributed to the overall low number of rental units in this small community.
In 2023 and 2024, the average home prices in zip code 61930 continued their upward trajectory. The average home price rose to $81,274 in 2023 and further increased to $87,916 in 2024, representing a total increase of 13.9% from 2022 to 2024. This rise occurred despite a significant increase in federal interest rates, which climbed to 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on the observed trends, we can predict that average home prices in zip code 61930 will likely continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. The average home price could potentially reach around $100,000 by 2029. Rent prices, which have been relatively stable, may see modest increases, possibly reaching an average of $800-$850 per month in the next five years.
In summary, zip code 61930 has experienced a significant increase in homeownership rates, rising from 79% in 2018 to 92% in 2022. This trend has been accompanied by steady growth in average home prices, which have continued to rise into 2024 despite increasing interest rates. The rental market has shrunk considerably, but rent prices have remained relatively stable. These trends suggest a strong preference for homeownership in this rural Illinois community, with the housing market showing resilience in the face of changing economic conditions.
