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Home Values and Ownership Trends in Zip Code 60410: A Decade of Growth in Channahon, 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 60410, located in Channahon, Illinois, has experienced significant changes in homeownership rates and property values over the past decade. This area has maintained a high rate of owner-occupied housing, with average home prices showing a notable upward trend. The rental market, while smaller, has also seen fluctuations in both occupancy rates and average rent prices.
From 2013 to 2022, the homeownership rate in zip code 60410 remained relatively stable, ranging between 88% and 91%. During this period, average home prices showed a consistent upward trend. In 2013, the average home price was $184,993, which increased to $323,972 by 2022, representing a substantial 75% growth over nine years. This rise in home values did not significantly impact homeownership rates, suggesting a strong preference for homeownership in this area despite increasing prices.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.40%), homeownership rates in the zip code remained high at around 90%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 88% in 2018, but it quickly recovered to 90% by 2022, even as interest rates reached 1.68% that year.
The rental market in zip code 60410, while smaller, has shown some interesting trends. The percentage of renter-occupied housing increased slightly from 8% in 2013 to 10% in 2022. Average rent prices fluctuated during this period, starting at $1,445 in 2013, dropping to a low of $1,232 in 2017, and then rising again to $1,256 by 2022. The population growth from 9,676 in 2013 to 10,570 in 2022 may have contributed to the slight increase in rental occupancy, as the area attracted new residents who may have initially chosen to rent.
In 2023 and 2024, average home prices in zip code 60410 continued their upward trajectory. The average home price reached $334,769 in 2023 and further increased to $346,426 in 2024. This represents a 6.9% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest levels seen since 2007.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 60410 will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. We might expect average home prices to reach approximately $380,000 to $400,000 by 2029. Average rent prices are likely to follow a similar upward trend, potentially reaching around $1,400 to $1,500 per month in the same timeframe.
In summary, zip code 60410 has demonstrated a robust housing market with consistently high homeownership rates and steadily increasing average home prices. The area has shown resilience to rising interest rates, maintaining strong homeownership levels despite significant price appreciation. The rental market, while smaller, has shown gradual growth in occupancy. Looking forward, we can expect continued growth in both home values and rent prices, though the pace may moderate due to higher interest rates and potential market saturation.
