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Average Home Values and Ownership in Zip Code 62441: A Decade of Growth in Marshall, 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 62441, located in Marshall, Illinois, has experienced notable changes in homeownership rates and housing prices over the past decade. This area, covering 183.77 square miles, has seen fluctuations in its population and housing market dynamics, reflecting broader economic trends and local factors. The homeownership rate in zip code 62441 has shown an overall increasing trend, rising from 69% in 2015 to 78% in 2022. This upward trajectory coincides with a steady increase in average home prices, which grew from $104,207 in 2015 to $145,104 in 2022, representing a 39.2% increase over seven years. The relationship between homeownership rates and average home prices suggests that despite rising costs, more residents have been able to enter the housing market.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period from 2015 to 2020 saw historically low interest rates, ranging from 0.13% to 0.38%, which likely contributed to the increase in homeownership. As interest rates remained low, reaching 0.08% in 2021, the homeownership rate peaked at 79% that year. This correlation demonstrates how favorable financing conditions can stimulate home buying activity.
Conversely, the renter population in zip code 62441 has decreased over time, dropping from 31% in 2015 to 22% in 2022. Interestingly, average rent prices have shown an upward trend during this period, increasing from $738 in 2015 to $803 in 2022, a 8.8% rise. This trend suggests that while fewer people are renting, those who do are paying higher prices. The declining renter population could be attributed to the shift towards homeownership, possibly driven by the area's relatively affordable home prices compared to national averages.
In 2023 and 2024, the housing market in zip code 62441 has shown signs of stabilization. The average home price slightly decreased to $142,898 in 2023 before rebounding to $147,106 in 2024. This recent trend occurs against a backdrop of significantly higher federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher rates may impact future homeownership trends and housing affordability in the area.
Looking ahead, predictive models suggest a continued but modest increase in average home prices over the next five years. Based on historical trends and current economic conditions, average home prices in zip code 62441 could potentially reach around $160,000 by 2029. Average rent prices are also expected to continue their upward trajectory, potentially reaching approximately $875 by 2029. However, these projections may be influenced by various factors, including economic conditions, local development, and population changes.
In summary, zip code 62441 has demonstrated a strong trend towards homeownership, with increasing average home prices and a decreasing renter population. The area has shown resilience in its housing market, with recent years indicating a stabilization of prices amidst rising interest rates. As the community continues to evolve, these housing trends will play a crucial role in shaping the local economy and demographics of Marshall, Illinois.
