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Geneva, Illinois: Home Values and Ownership in Zip Code 60134 - A Decade of Growth and Stability
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
Geneva, Illinois, located in zip code 60134, is a vibrant community that has experienced notable shifts in its housing landscape over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices, revealing interesting patterns and potential future trajectories.
The homeownership rate in Geneva has shown remarkable stability, with a slight upward trend in recent years. In 2013, the homeownership rate stood at 83%, and by 2022, it had increased to 84%. This consistency in homeownership rates suggests a strong preference for property ownership among residents. Concurrently, average home prices in the area have seen significant growth. In 2013, the average home price was $292,820, which steadily increased to $434,178 by 2022, representing a substantial 48% increase over this period.
The relationship between federal interest rates and homeownership rates in Geneva presents an interesting dynamic. Despite fluctuations in federal interest rates, the homeownership rate has remained relatively stable. For instance, when interest rates were at a low of 0.08% in 2021, the homeownership rate was 84%. This rate remained unchanged in 2022 when interest rates increased to 1.68%, suggesting that other factors, such as the strong local economy or desirability of the area, may have a more significant influence on homeownership decisions in this zip code.
Renter percentages in Geneva have shown minor fluctuations over the years, with a slight downward trend. In 2013, the renter-occupied rate was 16%, which remained relatively stable until 2022, also at 16%. However, there were slight variations in between, with the rate reaching 18% in 2015 and 2016. Average rent prices have seen a more pronounced upward trend. In 2013, the average rent was $1,439, which increased to $1,768 by 2022, representing a 23% rise. This increase in average rent prices, coupled with a stable renter percentage, suggests a strong rental market in the area, possibly driven by factors such as job opportunities or the desirability of the location.
Looking at the most recent data, the average home price in zip code 60134 continued its upward trajectory, reaching $456,135 in 2023 and further increasing to $485,846 in 2024. This represents a significant 12% increase from 2022 to 2024. Concurrently, federal interest rates have also risen sharply, from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. Despite these higher interest rates, the continued rise in home prices suggests a robust housing market in Geneva.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 60134 will continue to rise, potentially reaching around $550,000 by 2029. This projection is based on the consistent growth observed over the past decade and the area's sustained attractiveness. For average rent prices, we expect a more moderate increase, potentially reaching approximately $2,100 by 2029, reflecting the historical trend of steady but slower growth compared to home prices.
In summary, Geneva (60134) demonstrates a robust and stable housing market characterized by high homeownership rates and steadily increasing property values. The resilience of homeownership rates in the face of fluctuating interest rates suggests a strong local economy and desirable living conditions. The rental market, while smaller, shows consistent demand with gradually increasing average rents. These trends indicate a healthy real estate environment in Geneva, with potential for continued growth in both the homeownership and rental sectors over the next five years.
