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Rising Home Values and High Ownership Rates Define Zip Code 60013 in Cary, 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 60013, located in Cary, Illinois, presents an interesting case study in homeownership and housing market dynamics. This area has maintained a consistently high rate of owner-occupied housing, with a slight fluctuation in recent years. The average home prices have shown a general upward trend, while average rent prices have experienced more variability.
The homeownership rate in zip code 60013 has remained relatively stable, hovering around 89% from 2013 to 2021. However, there was a slight decrease to 88% in 2022. This high rate of homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $187,322, which rose to $311,900 by 2022, representing a substantial 66.5% increase over nine years. This trend suggests a strong correlation between sustained high homeownership rates and rising property values in the area.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), the homeownership rate in zip code 60013 remained stable at around 89-90%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we observed a slight decline in homeownership to 88%, indicating a potential impact of higher borrowing costs on homebuying decisions.
Renter percentages in zip code 60013 have shown slight variations, ranging from 9% to 12% between 2013 and 2022. Interestingly, average rent prices have not followed a consistent pattern in relation to these percentages. For instance, in 2013, when the renter percentage was 9%, the average rent was $1,263. By 2022, with a renter percentage of 12%, the average rent had increased to $1,462, marking a 15.8% rise. However, this increase was not linear, with fluctuations seen in between years. The highest average rent was recorded in 2018 at $1,477, despite no significant change in the renter percentage that year.
Looking at the most recent data, the average home price in zip code 60013 continued its upward trajectory, reaching $323,538 in 2023 and further increasing to $341,166 in 2024. This represents a substantial 9.4% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying decisions and potentially affect the homeownership rate in the coming years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 60013 will continue to rise, albeit potentially at a slower rate due to higher interest rates. Based on historical data and current economic conditions, we project average home prices could reach approximately $400,000 by 2029. For average rent prices, we expect a more moderate increase, potentially reaching around $1,700 by 2029, assuming current trends in population and housing demand persist.
In summary, zip code 60013 demonstrates a robust housing market characterized by high homeownership rates and steadily increasing average home prices. The slight decrease in homeownership and increase in renter percentages in recent years, coupled with rising interest rates, may signal a shift in the market dynamics. However, the continued appreciation of home values suggests ongoing demand for property in this area. The relationship between renter percentages and average rent prices appears more complex, influenced by various factors beyond simple supply and demand.
