Loading Content...
Average Home Values and Ownership Trends in Chicago's Zip Code 60652: A Decade of Resilience Amid Rising Prices
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 60652, located in Chicago, Illinois, has experienced notable shifts in homeownership, average home prices, and average rent prices over the past decade. This area has maintained a high rate of homeownership, with a slight decline in recent years, while average home prices have shown significant growth. The homeownership rate in zip code 60652 has remained relatively stable, with a slight downward trend. In 2013, the area boasted an 85% homeownership rate, which gradually decreased to 84% by 2022. This minor decline coincided with a substantial increase in average home prices. In 2013, the average home price was $112,996, which rose steadily to reach $239,941 by 2022, representing a remarkable 112% increase over this period.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (0.11% to 0.4%), homeownership remained high at 83-85%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership to 84%. This suggests that while higher interest rates may have deterred some potential buyers, the impact was relatively minor in this zip code.
The renter population in zip code 60652 has seen a modest increase, from 14% in 2013 to 16% in 2022. Interestingly, despite this increase in renters, average rent prices have shown fluctuations. The average rent peaked at $1,442 in 2013, decreased to $1,252 in 2017, and then rose again to $1,290 in 2022. These fluctuations in rent prices don't directly correlate with the gradual increase in the renter population, suggesting other factors such as local economic conditions or housing supply may be influencing rent prices.
Looking at the most recent data, the average home price in zip code 60652 was $234,837 in 2023 and increased to $242,626 in 2024. This represents a 3.32% increase in just one year, indicating continued growth in the housing market. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices have continued to appreciate, suggesting strong demand in this area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 60652 will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. We project that by 2029, average home prices could reach approximately $280,000 to $300,000, assuming a conservative annual growth rate of 3-4%. For average rent prices, we expect a gradual increase to around $1,500-$1,600 per month by 2029, reflecting a 2-3% annual growth rate.
In summary, zip code 60652 has demonstrated resilience in homeownership rates despite rising home prices and interest rates. The area has seen substantial appreciation in home values, with a 112% increase from 2013 to 2022. While there has been a slight increase in the renter population, rent prices have fluctuated rather than showing a consistent upward trend. The recent data from 2023 and 2024 indicates continued growth in home prices even in a high interest rate environment, suggesting strong underlying demand in this Chicago neighborhood.
