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Home Values and Ownership in Zip Code 60927: A Decade of Growth in Clifton, 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 60927, located in Clifton, Illinois, has experienced notable shifts in its housing market over the past decade. This area, spanning 71.15 square miles, has seen fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 60927 has shown a gradual increase from 72% in 2013 to 77% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices. In 2012, the average home price was $110,372, which steadily increased to $185,978 by 2022, representing a substantial 68.5% growth over this period. This correlation suggests that despite rising home values, more residents in the area have been able to transition into homeownership.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 60927. The period from 2012 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates increased from 72% to 75%, likely due to more affordable financing options. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership continued to grow, albeit at a slower pace, reaching 77% in 2022.
The renter population in zip code 60927 has correspondingly decreased from 28% in 2013 to 23% in 2022. Despite this decline, average rent prices have shown a consistent upward trend. In 2013, the average rent was $671, which increased to $888 by 2022, marking a 32.3% increase. This rise in rent prices, coupled with a decreasing renter population, suggests a potential shift towards higher-quality rental properties or increased demand in specific segments of the rental market.
In 2023 and 2024, the housing market in zip code 60927 continued to evolve. The average home price reached $197,271 in 2023, a 6.1% increase from 2022. However, 2024 saw a slight decrease to $196,294, marking the first decline in over a decade. This change coincides with a significant rise in federal interest rates, which jumped to 5.02% in 2023 and further to 5.33% in 2024, potentially impacting home buying affordability and market dynamics.
Looking ahead, predictive models suggest that average home prices in zip code 60927 may experience moderate growth over the next five years, potentially reaching around $220,000 by 2029. Average rent prices are also expected to continue their upward trajectory, potentially surpassing $1,100 per month by 2029. These projections are based on historical trends and current market conditions, assuming relatively stable economic factors.
In summary, zip code 60927 has demonstrated a clear trend towards increased homeownership, with rising home values and a shrinking renter population. The area has shown resilience in its housing market, with consistent growth in both home prices and rent values over the past decade. However, recent interest rate hikes and the slight dip in 2024 home prices signal a potential shift in market dynamics that will be important to monitor in the coming years.
