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Average Home Values and Ownership in Zip Code 62546: Resilience in Morrisonville's Rural Housing Market
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 62546, located in Morrisonville, Illinois, presents an interesting case study in homeownership and housing market trends. This rural area has seen fluctuations in its population and housing dynamics over the past decade, with a generally high rate of homeownership and relatively stable housing prices.
The homeownership rate in zip code 62546 has remained consistently high, ranging from 84% to 88% between 2013 and 2022. This strong preference for homeownership is reflected in the average home prices, which have shown a steady upward trend. In 2010, the average home price was $85,997, and by 2022, it had risen to $119,257, representing a 38.7% increase over 12 years. This appreciation in home values has occurred despite some population fluctuations, suggesting a resilient local housing market.
The relationship between federal interest rates and homeownership rates in this area is less pronounced than in many other markets. Despite historically low interest rates from 2010 to 2021, ranging from 0.08% to 2.16%, the homeownership rate remained relatively stable, only increasing slightly from 85% in 2013 to 88% in 2022. This suggests that other factors, such as local economic conditions or housing supply, may have a stronger influence on homeownership in this rural community than interest rates alone.
Renter percentages in zip code 62546 have remained low, fluctuating between 12% and 16% from 2013 to 2022. Interestingly, average rent prices have shown some volatility during this period. In 2013, the average rent was $719, which increased to $753 in 2019, but then decreased to $676 in 2022. This 10.2% drop in average rent from 2019 to 2022 occurred despite a slight decrease in the renter population, suggesting factors beyond simple supply and demand may be at play in the local rental market.
Looking at the most recent data, the average home price in zip code 62546 continued its upward trajectory, reaching $124,133 in 2023 and $130,458 in 2024. This represents a 9.4% increase from 2022 to 2024, indicating a robust housing market despite the significant rise in federal interest rates to 5.02% in 2023 and 5.33% in 2024. These higher interest rates have not yet appeared to dampen home values in this area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 62546 will continue to appreciate, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $150,000 to $160,000 by 2029. For rent prices, the forecast is less clear due to recent volatility, but a conservative estimate suggests average rents may stabilize and potentially increase slightly, reaching around $700 to $725 per month by 2029.
In summary, zip code 62546 demonstrates a strong preference for homeownership, with consistently high rates above 84%. The area has experienced steady appreciation in average home values, even in the face of population fluctuations and rising interest rates. The rental market, while smaller, has shown more volatility in pricing. Moving forward, the housing market in this zip code appears poised for continued growth, though the pace may moderate due to broader economic factors.
