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Average Home Values and Ownership in Zip Code 62555: Taylorville's Resilient 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 62555, located in Taylorville, Illinois, has experienced significant fluctuations in population and housing dynamics over the past decade. This area has shown a notable shift in homeownership rates and housing prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 62555 has remained relatively high, consistently above 80% throughout the observed period. In 2013, the homeownership rate stood at 93%, and it maintained this level with minor fluctuations until 2020 when it returned to 93%. However, there was a slight decline to 87% by 2022. This high rate of homeownership suggests a stable, established community with a strong preference for owning rather than renting.
Average home prices in the area have shown an upward trend in recent years. In 2021, the average home price was $129,444, which increased to $134,343 in 2022, representing a 3.8% growth. This rise in home values coincides with the period of historically low federal interest rates, which dropped from 1.68% in 2022 to 0.08% in 2021. Lower interest rates typically make homeownership more accessible by reducing mortgage costs, potentially contributing to the maintained high ownership rates despite rising home prices.
The rental market in zip code 62555 has seen some fluctuations, both in terms of the percentage of renters and average rent prices. The percentage of renters increased from 6% in 2013 to 16% in 2019, before decreasing to 12% in 2022. Average rent prices have generally trended upward, rising from $640 in 2013 to $722 in 2022, an increase of about 12.8% over nine years. This increase in rent prices, coupled with the fluctuating but generally increasing renter population, suggests a growing demand for rental properties in the area.
In 2023 and 2024, the housing market in zip code 62555 continued its upward trajectory. The average home price rose to $138,677 in 2023 and further increased to $152,154 in 2024, representing a significant jump of 9.7% in just one year. This substantial increase coincides with a rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically cool housing markets, the area has seen continued growth in home values, possibly indicating strong local economic factors or limited housing supply driving prices up.
Looking ahead, based on the observed trends and current market conditions, we can project potential scenarios for the next five years. If the current trajectory continues, average home prices in zip code 62555 could potentially reach around $180,000 to $190,000 by 2029. This projection assumes a continued annual growth rate similar to recent years, factoring in potential market adjustments due to higher interest rates.
For rent prices, if the trend of the past decade persists, we might see average rents increase to approximately $780-$800 per month by 2029. However, this projection should be considered in the context of local economic conditions, population growth, and any new housing developments that may impact supply and demand dynamics.
In summary, zip code 62555 demonstrates a strong preference for homeownership, with consistently high rates above 80%. The area has experienced steady growth in both home values and rent prices, with particularly significant increases in home prices in recent years. Despite rising interest rates, the housing market has shown resilience, suggesting underlying strength in local demand. These trends point to a potentially continuing robust housing market in this Taylorville zip code, with implications for both homeowners and renters in the coming years.
