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Average Home Values and Ownership in Zip Code 62465: A Rural Illinois Village with High Homeownership Rates
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
Strasburg, located in zip code 62465 in Illinois, is a small community that has experienced fluctuations in population and housing dynamics over the past decade. The area has maintained a consistently high rate of homeownership, with average home prices showing a recent upward trend and average rent prices demonstrating variability.
The homeownership rate in Strasburg has remained notably high, ranging from 89% to 95% between 2013 and 2022. This strong preference for homeownership is evident despite fluctuations in the local population. In 2022, the homeownership rate reached 94%, one of the highest levels observed in the dataset. The consistency in high homeownership rates suggests a stable community with a strong inclination towards property ownership.
Federal interest rates have played a role in shaping homeownership trends in Strasburg. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%, which likely contributed to maintaining the high homeownership rates. As interest rates began to rise in 2022 to 1.68%, there was a slight increase in homeownership to 94%, possibly due to residents securing mortgages before further rate increases.
Renter percentages in Strasburg have remained relatively low, fluctuating between 5% and 10% from 2013 to 2022. The average rent prices have shown considerable variability during this period. In 2013, the average rent was $587, which increased to $724 in 2015, then decreased to $574 in 2018. A significant jump occurred in 2019, with average rent reaching $791, further increasing to $829 in 2020 and 2022. These fluctuations in rent prices do not appear to have a strong correlation with the small changes in renter percentages, suggesting that other factors, such as local economic conditions or housing supply, may be influencing rent prices.
In 2023 and 2024, we observe significant developments in the housing market for zip code 62465. The average home price in 2024 is $159,526, indicating a substantial presence in the local real estate market. This figure provides a clear benchmark for property values in Strasburg. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying decisions and potentially affect the long-standing high homeownership rates in the area.
Looking ahead, we can anticipate some trends in the Strasburg housing market. Given the historical stability of homeownership rates and the recent increase in average home prices, it's likely that property values will continue to appreciate moderately over the next five years. However, the higher interest rates may slow this growth. Average rent prices, which have shown an upward trend in recent years, are expected to continue rising, albeit at a more modest pace, potentially reaching around $900-$950 by 2029. These projections assume that the local economy and population remain relatively stable.
In summary, Strasburg in zip code 62465 demonstrates a strong preference for homeownership, with rates consistently above 89%. The area has experienced variable average rent prices and a recent uptick in average home values. The interplay between federal interest rates, homeownership rates, and housing prices suggests a resilient local real estate market. As we move forward, the community is likely to maintain its high rate of homeownership, with moderate growth in both home values and rental prices, shaped by broader economic factors and local market conditions.
