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Rising Home Values and High Ownership Rates in Glen Ellyn Zip Code 60137: A Decade of Housing Market Resilience
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
Glen Ellyn, located in zip code 60137 in Illinois, is a suburban community with a rich history and a dynamic real estate market. Over the past decade, this area has seen fluctuations in homeownership rates and significant changes in average home and rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Glen Ellyn has remained relatively stable, with slight variations over the years. In 2013, the homeownership rate stood at 77%, and by 2022, it had increased slightly to 78%. This stability in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $325,062, and by 2022, it had risen to $450,986, representing a 38.7% increase over this period. This trend suggests that despite rising home values, Glen Ellyn has maintained its appeal to homeowners.
Federal interest rates have played a significant role in shaping homeownership trends in Glen Ellyn. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates remained stable at around 76-77%, while average home prices steadily increased. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates remained resilient, fluctuating between 76% and 77%. This suggests that other factors, such as the desirability of the area, may have offset the potential negative impact of rising interest rates on homeownership.
Renter percentages in Glen Ellyn have shown minor fluctuations, inversely mirroring homeownership rates. In 2013, the renter percentage was 23%, and by 2022, it had decreased slightly to 22%. Interestingly, despite this small decrease in the renter population, average rent prices increased significantly. The average rent rose from $1,344 in 2013 to $1,575 in 2022, an increase of 17.2%. This trend indicates a growing demand for rental properties in the area, possibly driven by factors such as job market changes or demographic shifts.
In 2023 and 2024, Glen Ellyn's real estate market continued to evolve. The average home price in 2023 reached $473,355, a further increase from 2022. In 2024, the average home price climbed to $504,271, showing continued growth in property values. Notably, federal interest rates also saw significant increases, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership trends and affordability in the area.
Looking ahead, based on historical trends and current market conditions, we can predict that average home prices in Glen Ellyn will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. A conservative estimate suggests average home prices could reach around $550,000 to $575,000 by 2029. Average rent prices are also likely to increase, potentially reaching $1,800 to $1,900 per month in the same timeframe, assuming consistent demand for rental properties in the area.
In summary, Glen Ellyn's real estate market in zip code 60137 has shown remarkable resilience and growth over the past decade. The area has maintained stable homeownership rates despite significant increases in average home prices, indicating strong local demand. The rental market has also seen substantial price growth, even with a slight decrease in the renter population. As we move forward, the interplay between rising property values, increasing interest rates, and local economic factors will continue to shape the real estate landscape in this vibrant Illinois community.
