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Average Home Values and Ownership in Zip Code 62013: Brussels'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 62013, encompassing Brussels in Illinois, presents an intriguing case study of homeownership and housing market dynamics in a rural setting. This area has experienced significant fluctuations in ownership percentages and average rent prices over the past decade, with a general trend towards increased homeownership and variable rent costs.
The ownership percentage in zip code 62013 has shown a remarkable upward trajectory, rising from 82% in 2013 to an impressive 93% in 2022. This substantial increase in homeownership coincides with fluctuating average home prices. The average home price in 2022 was $133,809, increasing to $145,340 in 2023, and further to $152,230 in 2024. This upward trend in home prices, coupled with the rising ownership rate, suggests a growing preference for homeownership in this area despite increasing property values.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low between 2013 and 2020 (ranging from 0.09% to 0.38%), we saw a steady increase in homeownership from 82% to 89%. The continued rise in homeownership to 93% in 2022, despite a slight increase in interest rates to 1.68%, indicates a strong local preference for owning rather than renting.
Conversely, the percentage of renters in zip code 62013 has decreased significantly, from 16% in 2013 to just 7% in 2022. This decline in renters coincides with fluctuating average rent prices. The average rent peaked at $748 in 2021 before decreasing to $674 in 2022. The population has also decreased from 1,002 in 2013 to 945 in 2022, which may contribute to the changing rental market dynamics. The lower population and higher homeownership rates could be factors in the reduced demand for rentals, despite the relatively moderate rent prices.
Looking at the most recent data, we see that average home prices in zip code 62013 continued to rise, reaching $145,340 in 2023 and $152,230 in 2024. This represents a 13.8% increase from 2022 to 2024. Simultaneously, federal interest rates have increased significantly, from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the area maintains a high homeownership rate, suggesting strong local factors supporting home buying.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 62013 will continue to increase, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach around $170,000 to $180,000 by 2029. For rent prices, given the historical fluctuations and decreasing renter population, we expect them to stabilize or increase moderately, potentially reaching an average of $700 to $750 per month by 2029.
In summary, zip code 62013 demonstrates a strong trend towards homeownership, with ownership rates increasing significantly despite rising home prices and interest rates. The area has seen a concurrent decrease in renters and a fluctuating rental market. These trends suggest a robust local preference for homeownership, possibly driven by factors such as community stability, investment potential, or lifestyle choices specific to this rural Illinois location.
