Zip code 62314, encompassing Baylis in Illinois, presents an intriguing demographic landscape. This rural area has experienced fluctuations in homeownership rates and average rent prices over the past decade, reflecting the dynamic nature of its housing market. The homeownership rate in zip code 62314 has remained relatively stable, with some minor fluctuations. In 2013, the area boasted a 78% homeownership rate, which dipped slightly to 75% in 2016 before rebounding to 82% in 2018. By 2022, the rate settled at 78%, indicating a consistent preference for homeownership in this community. While specific average home prices are not available for most of the historical period, the stability in homeownership rates suggests a relatively steady housing market.

Federal interest rates have played a role in shaping homeownership trends in zip code 62314. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the maintained high levels of homeownership. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in the area remained resilient, only showing minor fluctuations.

Renter occupancy in zip code 62314 has shown an inverse relationship to homeownership trends. The percentage of renters increased from 22% in 2013 to 25% in 2016, corresponding with the slight dip in homeownership during that period. However, average rent prices have been volatile. In 2013, the average rent was $595, which increased to $700 in 2015 before dramatically dropping to $422 in 2016. The average rent reached its lowest point of $397 in 2018 before rising again to $666 in 2022. These fluctuations in rent prices may be influenced by the area's changing population, which grew from 523 in 2013 to 612 in 2022, potentially affecting housing demand.