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Hillside: Rising Home Values and Shifting Ownership in Chicago's Quaint Suburb
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
Hillside, Illinois, a suburban community in Cook County, west of Chicago, has experienced significant changes in its housing market over the past decade. With a zip code of 60162, this village has maintained a predominantly owner-occupied housing market, with ownership rates consistently above 70% since 2013. The homeownership rate has shown slight variations, starting at 74% in 2013, decreasing to 70% by 2017, and then rebounding to 75% in 2021 before settling at 72% in 2022. These fluctuations in homeownership rates have coincided with substantial increases in average home prices, which rose from $103,131 in 2013 to $236,985 in 2022, representing a 130% increase over this period.
The relationship between federal interest rates and homeownership rates in Hillside appears to follow the general trend of lower interest rates encouraging homeownership. When interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable around 73-75%. As interest rates began to rise from 2017 onwards, there was a slight dip in homeownership rates, reaching 70% in 2017 when the federal interest rate hit 1%.
Rental trends in Hillside have fluctuated inversely to the homeownership rate, with the percentage of renters ranging from 25% to 30% between 2013 and 2022. Average rent prices have shown an overall upward trend, increasing from $1,280 in 2013 to $1,349 in 2022, a 5.4% increase. Despite a population decrease from 9,328 in 2013 to 9,144 in 2022, average rent prices continued to rise, suggesting factors beyond population growth influencing rental costs.
In 2023 and 2024, Hillside experienced further increases in average home prices. The average home price reached $241,815 in 2023 and rose to $252,686 in 2024, representing a 4.5% increase over this period. This increase occurred despite the federal interest rate climbing to 5.02% in 2023 and 5.33% in 2024, indicating a robust housing market in the face of higher borrowing costs.
Based on historical data and current trends, average home prices in Hillside are expected to continue their upward trajectory over the next five years, potentially reaching around $300,000 by 2029. Average rent prices are also likely to increase, albeit at a slower pace, possibly reaching approximately $1,500 by 2029. However, these projections may be influenced by various factors, including economic conditions, local development, and changes in federal interest rates.
In summary, Hillside has maintained a strong homeownership market despite fluctuations in federal interest rates and significant increases in average home prices. The rental market has shown steady growth in prices, even with a slightly decreasing population. The community's resilience in maintaining high homeownership rates amidst rising home prices and interest rates suggests a strong local housing market and continued desirability of the area for homeowners.
