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Home Values and Ownership in Chicago's Zip Code 60629: A Decade of Resilience and Growth
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 60629, located in Chicago, Illinois, has experienced dynamic shifts in homeownership rates and housing prices over the past decade. This area, known for its diverse neighborhoods and vibrant community, has seen interesting trends in both ownership percentages and average home and rent prices.
The homeownership rate in zip code 60629 has remained relatively stable, with slight fluctuations over the years. In 2013, the ownership rate stood at 58%, and by 2022, it had increased marginally to 59%. During this period, average home prices in the area saw significant growth. In 2013, the average home price was $99,238, which steadily increased to $238,663 by 2022, representing a substantial 140% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates remained steady at 57-58%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates actually increased slightly to 59%, possibly due to homebuyers rushing to secure mortgages before further rate increases.
Renter percentages in zip code 60629 have shown minimal fluctuation, ranging from 42% in 2013 to 41% in 2022. Average rent prices, however, have seen modest increases. In 2013, the average rent was $1,003, which rose to $988 by 2022, representing a slight decrease of 1.5% over the period. This stability in rent prices, despite the significant increase in home values, suggests a complex rental market influenced by various factors including local housing policies and population changes.
In 2023 and 2024, the housing market in zip code 60629 showed interesting developments. The average home price in 2023 was $233,474, indicating a slight decrease from 2022. However, in 2024, prices rebounded to $240,330, surpassing the 2022 levels. This occurred despite the federal interest rates reaching 5.02% in 2023 and 5.33% in 2024, which are significantly higher than previous years.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in zip code 60629 may continue to rise, albeit at a more moderate pace, potentially reaching around $275,000 by 2029. Rent prices could see gradual increases, possibly reaching an average of $1,100 per month in the same timeframe. These projections assume steady economic conditions and no major disruptions to the local housing market.
In summary, zip code 60629 has demonstrated resilience in its housing market. Despite significant increases in average home prices, homeownership rates have remained stable with a slight upward trend. The rental market has shown remarkable price stability even as home values surged. The area's ability to maintain a balance between ownership and rental options, coupled with its steady population growth, suggests a robust and diverse housing ecosystem in this Chicago neighborhood.
