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Average Home Values and Ownership in Zip Code 62301: A Decade of Resilience in Quincy, 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 62301, located in Quincy, Illinois, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, covering 11.49 square miles, has seen a gradual decline in population while witnessing fluctuations in both ownership percentages and average home prices.
The homeownership rate in zip code 62301 has shown resilience despite economic fluctuations. In 2013, the ownership rate stood at 62%, and by 2022, it remained steady at 62%. However, there were slight variations during this period, with the rate dipping to 60% in 2015-2017 before recovering. Interestingly, as the ownership rate stabilized, average home prices in the area saw a consistent upward trend. From 2013 to 2022, average home prices increased from $94,443 to $130,959, representing a substantial 38.7% growth over the decade.
The relationship between federal interest rates and homeownership rates in this zip code reveals an interesting pattern. Despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%), homeownership rates actually decreased slightly from 62% to 60%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates stabilized and even increased slightly to 62%. This suggests that other local economic factors may have had a more significant impact on homeownership than national interest rates in this particular area.
Renter percentages in zip code 62301 have shown a complementary trend to homeownership rates. The percentage of renters increased from 38% in 2013 to 40% in 2015-2017, before decreasing back to 38% by 2022. Average rent prices have fluctuated during this period, with no clear long-term trend. In 2013, the average rent was $749, peaking at $768 in 2014, before declining to $739 in 2022. These fluctuations in rent prices, coupled with the area's declining population (from 31,672 in 2013 to 29,820 in 2022), suggest a relatively stable rental market despite demographic changes.
In 2023 and 2024, the housing market in zip code 62301 showed interesting developments. The average home price in 2023 reached $131,334, a slight increase from 2022. However, in 2024, there was a modest decline to $127,425. This coincides with a significant rise in federal interest rates, which increased from 5.02% in 2023 to 5.33% in 2024. This higher interest rate environment may be contributing to the slight cooling in home prices.
Looking ahead, based on historical trends and current economic conditions, we can project potential 5-year trends for average home and rent prices in zip code 62301. Average home prices are likely to continue their overall upward trajectory, albeit at a more moderate pace due to higher interest rates. We might expect average home prices to reach around $140,000-$145,000 by 2029. For rent prices, given their historical stability and the area's population trends, we might anticipate a modest increase, potentially reaching an average of $780-$800 per month by 2029.
In summary, zip code 62301 has demonstrated a resilient housing market with stable homeownership rates and steadily increasing average home prices over the past decade. The rental market has remained relatively steady despite population declines. The recent uptick in interest rates may moderate home price growth in the near term, but the long-term trend appears to be one of gradual appreciation in both the ownership and rental sectors.
