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Average Home Values and Ownership in Zip Code 62226: A Decade of Resilience and Growth in Swansea, 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 62226, located in Swansea, Illinois, has experienced notable shifts in homeownership rates and property values over the past decade. This area, with a population of 30,180 in 2022, has seen fluctuations in both average home prices and average rent costs, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 62226 has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 67%, and by 2022, it was 66%, indicating a slight decrease of 1 percentage point over this period. Interestingly, average home prices in the area have shown a more dynamic trend. From 2013 to 2016, average home prices decreased from $115,765 to $113,659, a drop of about 1.8%. However, from 2016 onwards, there was a significant upward trend, with average home prices rising to $153,411 by 2022, representing a substantial increase of 35% over six years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable at around 65-67%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed slight fluctuations but generally remained within the 63-66% range, suggesting a resilient local housing market despite changing financial conditions.
Renter percentages in zip code 62226 have shown a slight increase over the years, moving from 33% in 2013 to 34% in 2022, with a peak of 37% in 2021. Average rent prices have also experienced fluctuations. In 2013, the average rent was $930, which increased to $1,027 by 2017, representing a 10.4% rise. However, rent prices then decreased to $914 in 2020 before rising again to $942 in 2022. These changes in rent prices and renter percentages may be influenced by factors such as local economic conditions, housing supply, and demographic shifts in the area.
Looking at the most recent data, average home prices in zip code 62226 continued their upward trajectory, reaching $161,366 in 2023 and further increasing to $162,741 in 2024. This represents a 6.1% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and property values in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 62226 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $180,000 to $190,000 by 2029. For average rent prices, we expect a moderate increase, potentially reaching $1,050 to $1,100 per month by 2029, assuming consistent economic growth and demand in the area.
In summary, zip code 62226 has demonstrated resilience in its housing market, with stable homeownership rates despite fluctuations in average home prices and interest rates. The area has seen significant appreciation in property values since 2016, a trend that continues into 2024. While renter percentages have slightly increased, rent prices have shown more volatility. The coming years may see continued growth in both home values and rent prices, though the pace may be moderated by higher interest rates and broader economic factors.
