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High Homeownership and Rising Values: A Decade of Housing Trends in Zip Code 61725, Carlock, 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 61725, located in Carlock, Illinois, presents an interesting case study in homeownership and real estate trends. This rural area has seen significant fluctuations in population density and housing dynamics over the past decade. The overall trend shows a strong preference for homeownership, with average home prices steadily increasing and rental rates experiencing notable changes.
The ownership percentage in zip code 61725 has remained consistently high, ranging from 91% to 98% between 2013 and 2022. This strong preference for homeownership coincides with a general upward trend in average home prices. In 2010, the average home price was $182,386, which increased to $236,779 by 2022, representing a 29.8% growth over 12 years. The homeownership rate peaked at 98% in 2018 when the average home price was $186,921, suggesting that even as prices rose, residents maintained a strong desire to own rather than rent.
Federal interest rates have played a significant role in homeownership trends. From 2010 to 2016, interest rates remained historically low, hovering between 0.09% and 0.4%. This period coincided with a steady increase in homeownership rates, reaching 95% by 2016. As interest rates began to rise more sharply from 2017 onwards, the homeownership rate remained high but showed slight fluctuations, settling at 93% in 2022 when the federal interest rate was 1.68%.
Renter percentages in zip code 61725 have been consistently low, ranging from 2% to 9% between 2013 and 2022. Interestingly, average rent prices have shown significant volatility. In 2013, the average rent was $662, which increased moderately to $691 by 2018. However, there was a sharp increase to $1,000 in 2019, followed by further rises to $1,021 in 2022. This substantial jump in rent prices occurred despite the renter percentage remaining relatively stable, suggesting factors beyond supply and demand were at play, possibly including improved rental property quality or broader economic influences in the area.
As of 2024, the average home price in zip code 61725 has reached $255,223, showing a continued upward trajectory from previous years. This represents a 7.8% increase from 2022's average price of $236,779. The federal interest rate in 2024 stands at 5.33%, significantly higher than the 1.68% seen in 2022. Despite this increase in interest rates, which typically makes borrowing more expensive, home prices have continued to rise, indicating strong demand in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 61725 will likely continue to increase over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices, which have shown significant increases in recent years, may continue to rise but could stabilize as they approach market equilibrium. The area's consistently high homeownership rate suggests that demand for owned properties will remain strong, potentially putting upward pressure on home prices.
In summary, zip code 61725 demonstrates a robust preference for homeownership, with average home prices showing steady growth despite fluctuations in interest rates. The rental market, while small, has seen substantial increases in average rent prices, particularly in recent years. The area's ability to maintain high homeownership rates even as both home prices and interest rates rise indicates a resilient and desirable local real estate market.
