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Home Values and Ownership in Zip Code 61774: Stanford's Resilient Real Estate 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 61774, located in Stanford, Illinois, presents an interesting case study in homeownership and rental trends. This rural area has experienced fluctuations in population and housing dynamics over the past decade, with a general trend towards high homeownership rates and gradually increasing average home prices. The homeownership rate in zip code 61774 has remained consistently high, ranging from 79% to 86% between 2013 and 2022. This stability in homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $115,667, which rose to $137,583 by 2022, representing an 18.9% increase over nine years. This trend suggests a strong local housing market with sustained demand for homeownership.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, coinciding with a period of high homeownership rates in the zip code, peaking at 86% in 2014, 2015, and 2019. As interest rates began to rise more significantly from 2017 onwards, there was a slight dip in homeownership, though it remained high at 82% in 2017 and 2018. This relationship demonstrates how lower interest rates can encourage homeownership by making mortgages more affordable.
Renter percentages in zip code 61774 have fluctuated inversely to homeownership rates, ranging from 13% to 21% between 2013 and 2022. Average rent prices have shown an overall upward trend during this period. In 2013, the average rent was $739, which increased to $830 by 2022, representing a 12.3% rise. Interestingly, the highest average rent of $875 was recorded in 2019, coinciding with a period of lower renter occupancy (14%). This suggests that even with higher rents, the local rental market remained competitive, possibly due to limited rental inventory in this predominantly owner-occupied area.
In 2023 and 2024, the housing market in zip code 61774 continued its upward trajectory. The average home price reached $144,128 in 2023 and further increased to $148,089 in 2024, representing a 7.6% growth from 2022 to 2024. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates haven't appeared to dampen the local housing market, suggesting strong underlying demand or other favorable local economic factors.
Looking ahead, predictive models suggest a continued upward trend in both average home prices and average rent prices over the next five years. Average home prices are projected to potentially reach around $160,000 by 2029, assuming a similar growth rate. Average rent prices could approach $900 per month in the same timeframe. However, these projections should be considered in the context of potential economic changes and local market factors.
In summary, zip code 61774 demonstrates a robust housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to rising interest rates, maintaining strong homeownership levels even as rates have increased. The rental market, while smaller, has also seen gradual price increases, reflecting the overall strength of the local housing sector. These trends point to a stable and potentially growing real estate market in this Illinois village for the foreseeable future.
