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Average Home Values and Ownership: Zip Code 60803's Decade of Housing Market Shifts in Alsip, 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 60803, located in Alsip, Illinois, has experienced notable fluctuations in homeownership rates and housing market dynamics over the past decade. This area has seen a general trend of decreasing homeownership, coupled with rising average home prices and average rent costs.
The homeownership rate in zip code 60803 has shown a gradual decline from 2013 to 2022. In 2013, 67% of residents were homeowners, but this figure decreased to 65% by 2022. During this same period, average home prices in the area demonstrated significant growth. In 2013, the average home price was $111,367, which steadily increased to $224,020 by 2022, representing a substantial 101% increase over nine years.
Federal interest rates have played a crucial role in shaping homeownership trends in this zip code. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable, hovering around 65-66%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% by 2022, homeownership rates experienced more volatility, dropping to a low of 61% in 2018 before rebounding slightly to 65% in 2022.
The renter population in zip code 60803 has shown an upward trend, increasing from 33% in 2013 to 35% in 2022. This shift coincides with changes in average rent prices. In 2013, the average rent was $1,035, which rose to $1,055 by 2022, a modest 1.9% increase. It's worth noting that the population in this zip code has remained relatively stable, growing from 24,625 in 2013 to 24,242 in 2022, suggesting that changes in renter percentages are more likely due to shifts in housing preferences or economic factors rather than significant population changes.
As of 2024, the average home price in zip code 60803 has reached $236,258, showing continued appreciation from the 2022 figure. This represents a 5.5% increase from 2023 when the average home price was $228,026. Simultaneously, the federal interest rate has risen to 5.33% in 2024, up from 5.02% in 2023, indicating a tightening monetary policy environment.
Looking ahead, predictive models suggest that average home prices in zip code 60803 are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase moderately, driven by ongoing demand for rental properties and overall inflation trends.
In summary, zip code 60803 has experienced a gradual shift towards renting, with homeownership rates declining slightly over the past decade. Despite this trend, average home prices have shown remarkable growth, more than doubling since 2013. The interplay between federal interest rates, housing affordability, and changing demographics continues to shape the local real estate market, with predictions pointing towards sustained growth in both home values and rental costs in the coming years.
