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Resilient Housing Market in Zip Code 60135: Average Home Values and Ownership Trends in Genoa, 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 60135, located in Genoa, Illinois, has experienced significant demographic and housing market changes over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 60135 has shown a notable increase in recent years, rising from 62% in 2016 to 74% in 2022. This upward trend in homeownership coincides with a substantial increase in average home prices. In 2016, the average home price was $168,958, which steadily climbed to $244,609 by 2022, representing a 44.8% increase over six years. This parallel growth suggests a strong correlation between rising home values and increased homeownership, possibly indicating growing confidence in the local real estate market.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 60135. The period from 2016 to 2020 saw relatively low interest rates, ranging from 0.4% to 2.16%, which likely contributed to the increasing homeownership rates observed during this time. The exceptionally low rate of 0.08% in 2021 coincided with a further boost in homeownership to 70%, as lower borrowing costs made home purchases more accessible.
Conversely, the renter percentage in zip code 60135 has decreased from 38% in 2016 to 26% in 2022. This decline in renters corresponds with fluctuations in average rent prices. In 2016, the average rent was $909, which peaked at $1,359 in 2017 before declining to $990 in 2022. The population of the zip code has remained relatively stable during this period, decreasing slightly from 6,549 in 2016 to 6,610 in 2022. This suggests that the shift from renting to owning is not primarily driven by population changes but rather by market conditions and individual financial decisions.
In 2023 and 2024, the housing market in zip code 60135 continued to evolve. The average home price reached $256,318 in 2023 and further increased to $273,494 in 2024, marking a 12.3% rise over two years. This growth occurred despite rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, indicating a robust local housing market that has maintained momentum even in a higher interest rate environment.
Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices may stabilize or see modest increases as the rental market adjusts to the shifting balance between owners and renters. However, if homeownership rates continue to rise, there could be downward pressure on rental demand, potentially leading to more competitive rent pricing.
In summary, zip code 60135 has demonstrated a strong trend towards increased homeownership, coupled with rising average home prices. The interplay between federal interest rates, local market conditions, and individual financial decisions has shaped these trends. As the area moves forward, it appears poised for continued growth in the housing market, with potential adjustments in the rental sector to accommodate changing demographics and preferences.
