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Coal City, Zip Code 60416: Rising Home Values and Shifting Ownership Trends
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 60416, located in Coal City, Illinois, has experienced notable shifts in homeownership rates and property values over the past decade. This area has seen a general trend of increasing average home prices alongside fluctuations in ownership percentages, reflecting the dynamic nature of its real estate market.
The homeownership rate in zip code 60416 has shown variability, with a general downward trend from 2013 to 2018, followed by a recovery in recent years. In 2013, the ownership rate stood at 79%, declining to a low of 69% in 2018. However, by 2022, it had rebounded to 77%. This pattern coincides with significant changes in average home prices. From 2013 to 2022, average home prices in the area increased substantially, rising from $152,300 to $237,258, representing a 55.8% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates experienced a decline from 79% to 72%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates stabilized and then increased, reaching 77% in 2022. This suggests that other local factors may have had a stronger influence on homeownership than interest rates alone.
Renter percentages in zip code 60416 have fluctuated inversely to homeownership rates, peaking at 31% in 2018 before decreasing to 23% by 2022. Average rent prices have shown some volatility, with a general upward trend. In 2013, the average rent was $1,081, rising to a peak of $1,083 in 2014, before experiencing fluctuations and settling at $960 in 2022. It's worth noting that despite the decrease in average rent from 2021 to 2022, the renter percentage also decreased, possibly indicating a shift towards homeownership or changes in local housing supply and demand dynamics.
Looking at the most recent data, average home prices in zip code 60416 continued to rise, reaching $247,491 in 2023 and $257,608 in 2024. This represents a 4.1% increase from 2023 to 2024. Concurrently, federal interest rates have also increased significantly, standing at 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and property values in the area.
Applying predictive models to forecast 5-year trends, we anticipate a continued increase in average home prices for zip code 60416, potentially reaching around $300,000 by 2029 if current growth rates persist. Average rent prices may also see a moderate increase, possibly approaching $1,100 per month within the same timeframe, assuming stable economic conditions and housing demand.
In summary, zip code 60416 has demonstrated resilience in its housing market, with recovering homeownership rates and steadily increasing average home prices. The area has weathered fluctuations in both ownership and rental markets, showing a recent trend towards increased homeownership despite rising property values. The interplay between federal interest rates, local economic factors, and housing preferences will likely continue to shape the real estate landscape in this Coal City zip code in the coming years.
