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Home Values and Ownership Trends in Zip Code 61727: Clinton's Resilient Housing 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
Clinton, located in zip code 61727 in Illinois, has experienced fluctuating demographic and housing trends over the past decade. This analysis explores the relationship between homeownership rates, average home prices, and average rent prices in this area.
The homeownership rate in Clinton has shown relative stability with some minor fluctuations. In 2013, the homeownership rate was 71%, which increased to 77% by 2018, representing the highest rate during the observed period. However, by 2022, the rate had decreased to 70%. Concurrently, average home prices have shown a general upward trend. In 2012, the average home price was $97,289, which remained relatively stable until 2016 when it began to rise more consistently. By 2022, the average home price had reached $115,742, representing an increase of approximately 19% over the decade.
Federal interest rates have played a role in homeownership trends. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates in Clinton increased from 71% to 74%. As interest rates began to rise more significantly from 2016 onwards, reaching 1.68% in 2022, homeownership rates showed some volatility but generally remained in the 70-75% range.
Renter percentages in Clinton have inversely mirrored homeownership rates, ranging from a low of 23% in 2018 to a high of 31% in 2020. Average rent prices have shown some fluctuation over the years. In 2013, the average rent was $657, which decreased to $555 by 2017. However, rent prices began to increase again, reaching $662 by 2022. This represents a slight overall increase of about 0.8% from 2013 to 2022, despite the fluctuations in between.
In 2023 and 2024, Clinton continued to see growth in average home prices. The average home price reached $120,949 in 2023 and further increased to $126,476 in 2024, representing a 4.6% year-over-year increase. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, based on the trends observed, we can predict that average home prices in Clinton will continue to rise over the next five years, potentially reaching around $145,000 by 2029. Average rent prices may also see a moderate increase, possibly reaching around $700 by 2029. However, these predictions are subject to various economic factors and local market conditions.
In summary, Clinton has maintained a relatively stable homeownership rate despite rising home prices. The inverse relationship between homeownership and rental rates is evident, with rental prices showing more volatility than home prices. The recent sharp increase in interest rates may influence future homeownership trends, potentially leading to a slight decrease in homeownership rates and a corresponding increase in rental demand.
