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Home Values and Ownership in Zip Code 60148: Suburban Illinois' Evolving Housing Market
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 60148, located in Lombard, Illinois, is a suburban area known for its blend of residential and commercial spaces. Over the past decade, this area has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 60148 has shown a slight decline from 2013 to 2022. In 2013, 74% of residents were homeowners, but by 2022, this figure had decreased to 71%. Interestingly, this downward trend in homeownership coincided with a significant increase in average home prices. The average home price rose from $207,734 in 2013 to $319,666 in 2022, representing a 53.9% increase over this period. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, interest rates remained historically low, hovering around 0.1% to 0.4%. During this period, homeownership rates remained relatively stable at around 73-74%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we observed a slight decline in homeownership rates to 71%. This trend aligns with the general expectation that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The percentage of renters in zip code 60148 has increased from 26% in 2013 to 29% in 2022. This rise in the renter population has been accompanied by a steady increase in average rent prices. In 2013, the average rent was $1,384, which grew to $1,553 by 2022, marking a 12.2% increase. The population of the area has remained relatively stable during this period, with only a slight increase from 52,332 in 2013 to 52,978 in 2022. This suggests that the rise in rental prices may be more closely tied to market demand and property values rather than population growth.
In 2023 and 2024, the housing market in zip code 60148 continued to show strong growth. The average home price reached $328,445 in 2023 and further increased to $347,311 in 2024, representing a 5.7% and 8.7% year-over-year growth, respectively. This substantial increase occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These high interest rates would typically be expected to cool the housing market, yet home prices in this area have continued to rise, indicating strong local demand or other market factors supporting property values.
Looking ahead, based on the observed trends and current market conditions, we can project continued growth in both average home prices and rent prices for zip code 60148 over the next five years. Average home prices could potentially reach around $400,000 by 2029, assuming a conservative annual growth rate of 3-4%. Average rent prices might increase to approximately $1,800-$1,900 per month in the same timeframe, based on the historical growth rate of about 2-3% annually.
In summary, zip code 60148 has experienced a gradual shift towards a higher proportion of renters, coupled with substantial increases in both average home prices and rent prices. Despite rising interest rates, the local housing market has shown resilience and continued appreciation. These trends suggest a dynamic and potentially competitive real estate market in the coming years, with implications for both current and prospective residents of the area.
