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Home Values and Ownership in Zip Code 61749: A Rural Illinois Village's Housing Dynamics
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 61749, encompassing Kenney in Illinois, presents an interesting case study in rural housing dynamics. This area has seen notable fluctuations in homeownership rates and rental prices over the past decade, reflecting broader economic trends and local demographic shifts.
The homeownership rate in this zip code has remained relatively high, albeit with some variations. In 2013, 90% of housing units were owner-occupied, which slightly increased to 91% in 2014 and 2015. However, there was a decline to 87% in 2016, followed by a slight recovery to 88% in 2017. The rate then fluctuated between 85% and 88% from 2018 to 2022. These changes in homeownership rates appear to have an inverse relationship with average rent prices in the area.
Average rent prices in zip code 61749 have shown some volatility over the years. In 2013, the average rent was $673, which increased slightly to $678 in 2014. Interestingly, there was a significant drop to $586 in 2016, coinciding with the decrease in homeownership rate. The average rent then rebounded to $651 in 2017 and continued to rise, reaching $682 in 2022. This upward trend in rent prices may have contributed to the slight decrease in the percentage of renters from 14% in 2019 to 13% in 2022.
The relationship between federal interest rates and homeownership rates in this zip code is not as straightforward as one might expect. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), the homeownership rate actually decreased slightly from 90% to 87%. This suggests that other local factors may have a more significant influence on homeownership in this rural area than national interest rates.
Looking at the most recent data, the average home price in zip code 61749 for 2023 was $102,680, which increased to $103,608 in 2024. This represents a modest year-over-year increase of 0.9%. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, potentially impacting affordability for new homebuyers.
Applying predictive models to forecast 5-year trends, we anticipate a continued modest increase in average home prices in zip code 61749, potentially reaching around $108,000 by 2029. Average rent prices are also expected to follow an upward trajectory, possibly approaching $720 per month in the same timeframe. These projections assume relatively stable economic conditions and no major local economic disruptions.
In summary, zip code 61749 has maintained a high homeownership rate despite some fluctuations, with recent data showing 87% owner-occupied units. Average rent prices have generally trended upward, potentially influencing the slight decrease in the percentage of renters. The area's housing market appears relatively stable, with modest growth expected in both home values and rental prices over the next five years.
