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Home Values and Ownership in Zip Code 60479: A Decade of Growth in Verona, 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 60479, located in Verona, Illinois, has experienced notable shifts in homeownership and housing prices over the past decade. This rural area has seen a general trend towards increased homeownership and fluctuating property values, reflecting the dynamic nature of its real estate market.
The ownership percentage in zip code 60479 has shown a strong upward trend, increasing from 77% in 2013 to 86% in 2022. This significant rise in homeownership coincides with variations in average home prices. In 2018, the average home price was $258,853, which increased to $304,625 by 2022, representing an 17.7% growth over four years. This positive correlation between homeownership rates and average home prices suggests a growing preference for property ownership in the area, possibly driven by the perception of real estate as a solid investment.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 60479. The period from 2013 to 2021 saw historically low interest rates, ranging from 0.08% to 1.83%. These low rates likely contributed to the rise in homeownership, as they made mortgages more affordable. The sharp increase in homeownership from 81% in 2020 to 85% in 2021, coinciding with a record-low interest rate of 0.08%, further supports this relationship.
Conversely, the renter percentage in zip code 60479 has decreased from 23% in 2013 to 14% in 2022. This decline in renters corresponds with fluctuations in average rent prices. The average rent reached its peak at $1,114 in 2015 and then experienced a general downward trend, reaching $852 in 2022. This decrease in both renter percentage and average rent prices could be attributed to the area's declining population, which fell from 535 in 2010 to 446 in 2022, potentially reducing demand for rental properties.
In 2023, the average home price in zip code 60479 rose to $316,872, with the federal interest rate increasing to 5.02%. This trend continued into 2024, with the average home price further climbing to $332,931 and the interest rate reaching 5.33%. Despite the rising interest rates, home prices have continued to appreciate, indicating strong demand and potentially limited housing supply in the area.
Looking ahead, predictive models suggest a continued upward trend in average home prices for zip code 60479 over the next five years. Based on the historical data and current market conditions, average home prices could potentially reach around $380,000 by 2029. Average rent prices, however, may stabilize or experience modest growth, possibly reaching approximately $900-$950 per month in the same timeframe, assuming the population remains relatively stable.
In summary, zip code 60479 has demonstrated a clear shift towards increased homeownership, with rising average home prices despite recent increases in interest rates. The declining renter population and fluctuating rent prices reflect the area's changing demographics and housing preferences. These trends suggest a growing appeal of homeownership in this rural Illinois community, potentially driven by perceived investment value and changing lifestyle preferences.
