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Average Home Values and Ownership in Zip Code 62910: Brookport's Housing Market Dynamics
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 62910, located in Brookport, Illinois, is a small urban area with a population of 2,030 as of 2022. This zip code has experienced fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 62910 has shown a general upward trend from 2013 to 2022. In 2013, the homeownership rate was 81%, which increased to 85% by 2019, before slightly decreasing to 81% in 2022. This overall increase in homeownership coincided with a rise in average home prices. The average home price in 2015 was $74,428, which steadily increased to $85,173 by 2022, representing a 14.4% increase over seven years.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates likely contributed to the increase in homeownership rates observed in zip code 62910. For example, as interest rates dropped from 1.83% in 2018 to 0.38% in 2020, the homeownership rate increased from 84% to 85% during the same period.
The renter percentage in zip code 62910 has shown an inverse relationship to homeownership rates, decreasing from 19% in 2013 to 15% in 2019, before rising slightly to 19% in 2022. Average rent prices have generally increased over this period, rising from $577 in 2013 to $700 in 2022, a 21.3% increase. This trend suggests that despite rising rent prices, the rental market in the area has remained relatively stable, possibly due to factors such as population changes or local economic conditions.
In 2023 and 2024, the average home prices in zip code 62910 showed a slight decline. The average home price in 2023 was $84,700, dropping to $81,304 in 2024, representing a 4% decrease. This decline coincides with a significant increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024. These higher interest rates may have contributed to the cooling of the housing market in the area.
Looking ahead, based on the observed trends and current economic conditions, we can project potential 5-year trends for average home and rent prices in zip code 62910. For home prices, if the current downward trend continues due to higher interest rates, we might expect a moderate decrease or stabilization in prices over the next five years. However, if interest rates decrease or local economic conditions improve, home prices could potentially resume their upward trajectory.
For rent prices, the consistent upward trend observed from 2013 to 2022 suggests that average rents may continue to increase over the next five years, albeit at a potentially slower rate due to economic factors and housing market dynamics.
In summary, zip code 62910 has experienced a general increase in homeownership rates and housing prices from 2013 to 2022, likely influenced by low interest rates during this period. However, recent data from 2023 and 2024 indicates a potential shift in the market, with slightly declining home prices coinciding with rising interest rates. The rental market has shown steady growth in prices despite fluctuations in the renter population percentage. These trends highlight the dynamic nature of the local housing market and its sensitivity to broader economic factors.
