Loading Content...
Average Home Values and Ownership in Zip Code 62292: Tilden's Shifting Housing Landscape
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 62292, located in Tilden, Illinois, has experienced notable fluctuations in its demographic and housing landscape over the past decade. This small community, covering just 0.99 square miles, has seen significant changes in homeownership rates and rental prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 62292 has shown a general downward trend from 2013 to 2022. In 2013, the area boasted a 71% homeownership rate, which increased slightly to 75% in 2016. However, by 2022, this figure had dropped to 61%, indicating a substantial shift towards renting in the community. This decline in homeownership coincided with changes in the local population, which grew from 431 in 2013 to 477 in 2022, suggesting that new residents may have been more likely to rent than buy.
While comprehensive average home price data is not available for most of the analyzed period, the trend in homeownership rates can be partially explained by examining federal interest rates. Interest rates remained historically low from 2013 to 2021, ranging from 0.08% to 1.83%. These low rates typically encourage homeownership by making mortgages more affordable. However, the sharp decline in homeownership despite low interest rates suggests that other local factors, such as employment opportunities or housing availability, may have played a significant role in shaping the housing market in this zip code.
The rental market in zip code 62292 has shown interesting trends. Average rent prices fluctuated between 2013 and 2022, with a general downward trend. In 2013, the average rent was $689, which decreased to $634 by 2019. However, there was a slight increase to $704 in 2021, followed by a drop to $639 in 2022. The percentage of renters increased from 29% in 2013 to 39% in 2022, aligning with the decline in homeownership rates. This increase in renters, coupled with the overall population growth, suggests a growing demand for rental properties in the area.
Looking at the most recent data, the average home price in zip code 62292 for 2024 is $52,301. This figure, coupled with the current federal interest rate of 5.33% in 2024, presents a new landscape for potential homebuyers. The relatively low average home price could attract buyers, but the higher interest rate compared to previous years might impact affordability and buying decisions.
Applying predictive models to forecast 5-year trends, we can anticipate continued fluctuations in the housing market of zip code 62292. Average home prices are likely to see moderate growth, potentially reaching around $60,000 by 2029, assuming a steady appreciation rate. Average rent prices may stabilize or show slight increases, potentially reaching $750-$800 per month in the next five years, driven by the growing renter population and overall demographic shifts in the area.
In summary, zip code 62292 has experienced a significant shift from homeownership to renting over the past decade, with homeownership rates declining from 71% to 61% between 2013 and 2022. Average rent prices have fluctuated but generally trended downward, while the renter population has grown. The current average home price of $52,301 in 2024, combined with higher interest rates, sets the stage for an evolving housing market in this Illinois community. These trends reflect a dynamic local real estate landscape, influenced by both broader economic factors and specific community characteristics.
