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Average Home Values Soar in Zip Code 62467 as Ownership Rates Decline in Teutopolis, 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 62467, located in Teutopolis, Illinois, has experienced notable shifts in its housing market over the past decade. This small community has seen fluctuations in homeownership rates and significant changes in both average home prices and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 62467 has shown a gradual decline over the years, moving from 85% in 2013 to 77% in 2022. This 8% decrease in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $155,762, which steadily rose to $238,898 by 2022, representing a 53.4% increase over this period. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents in the area.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable at around 85-86%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined to 77%. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging home purchases.
Conversely, the percentage of renters in zip code 62467 has increased from 15% in 2013 to 23% in 2022. This 8% rise in renters corresponds with fluctuations in average rent prices. Average rent increased from $585 in 2013 to a peak of $635 in 2018, before declining to $564 in 2022. Interestingly, despite the increase in the renter population, average rent prices have not maintained a consistent upward trajectory. This could be due to various factors, including increased housing supply or economic conditions affecting the local rental market.
Looking at the most recent data, average home prices in zip code 62467 continued to rise, reaching $248,454 in 2023 and $250,379 in 2024. This represents a 4.8% increase from 2022 to 2024, indicating a slowing but still upward trend in home values. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 62467 will continue to rise, albeit at a more moderate pace. Based on historical data and current economic indicators, we project average home prices could reach approximately $275,000 to $285,000 by 2029. For average rent prices, the forecast suggests a potential rebound and gradual increase, possibly reaching around $600 to $625 per month by 2029, assuming stable economic conditions and continued population growth in the area.
In summary, zip code 62467 has experienced a clear trend of declining homeownership rates coupled with rising average home prices over the past decade. The rental market has seen an increase in renters, but with more variable average rent prices. Recent data shows continued growth in home values, while high interest rates may influence future housing market dynamics. These trends reflect the complex interplay between housing affordability, economic conditions, and demographic shifts in this Illinois community.
