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Average Home Values and Ownership in Zip Code 62836: Stability Amidst Change in Rural 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 62836, located in Ewing, Illinois, has experienced notable shifts in its housing market over recent years. This rural area has maintained a high rate of homeownership, with average home prices showing a steady increase since data became available. The ownership percentage has remained relatively stable, while average rent prices have fluctuated.
Analyzing the relationship between homeownership rates and average home prices reveals interesting trends. In 2017, when average home prices were $106,669, the homeownership rate stood at 84%. As average home prices increased to $134,559 in 2022, the homeownership rate remained constant at 84%. This stability in homeownership despite rising home prices suggests a strong preference for ownership in this community, possibly due to factors such as local economic conditions or cultural preferences.
Federal interest rates have played a role in homeownership trends in zip code 62836. From 2017 to 2019, as interest rates rose from 1% to 2.16%, homeownership rates remained stable at around 84-88%. Even as interest rates dropped significantly to 0.08% in 2021, the homeownership rate held steady at 84%. This suggests that in this particular area, interest rates may have less direct impact on homeownership than other factors.
Examining renter percentages and average rent prices reveals some fluctuations. In 2013, the renter-occupied percentage was 17% with an average rent of $684. By 2022, the renter percentage remained stable at 16%, but the average rent increased to $790. This modest increase in average rent over nearly a decade, coupled with a stable renter population, indicates a relatively balanced rental market in the area.
Looking at the most recent data, average home prices in zip code 62836 reached $137,412 in 2023, showing continued growth. However, in 2024, there was a slight decrease to $130,238. This coincides with a significant increase in federal interest rates, which rose to 5.33% in 2024, potentially impacting home affordability and prices.
Applying predictive models to forecast 5-year trends, we anticipate a moderate increase in both average home prices and average rent prices. Home prices are expected to recover from the 2024 dip and continue their upward trajectory, potentially reaching around $145,000 by 2029. Average rent prices are projected to increase at a steady rate, possibly reaching $850-$900 by 2029.
In summary, zip code 62836 demonstrates a stable housing market with a strong preference for homeownership. Despite fluctuations in average home prices and federal interest rates, the community has maintained a high and consistent rate of owner-occupied housing. The rental market shows modest growth in prices while maintaining a stable renter population. These trends suggest a resilient local housing market that has adapted to various economic factors over time.
