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Rising Home Values and Ownership in Zip Code 61047: Leaf River'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
Zip code 61047, encompassing Leaf River in Illinois, presents an intriguing landscape of homeownership and housing market dynamics. This rural area has experienced fluctuations in its ownership rates and housing prices over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 61047 has remained relatively stable, hovering around 83-86% between 2013 and 2022. This high rate of owner-occupied housing is typical for rural communities. Average home prices in the area have shown a notable upward trend, particularly in recent years. In 2013, the average home price was $133,860, which increased to $196,696 by 2022, representing a significant 47% growth over this period.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates remained steady at around 83-85%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight increase in homeownership to 86% in 2022, possibly due to residents securing mortgages before further rate increases.
The rental market in zip code 61047 has shown interesting trends as well. The percentage of renters fluctuated between 14% and 18% from 2013 to 2022. Average rent prices have been variable, with some notable changes. In 2013, the average rent was $788, which increased to $831 by 2019, representing a 5.5% increase. However, by 2022, the average rent had decreased slightly to $780, possibly influenced by changes in local economic conditions or housing supply.
Looking at more recent data, the average home price in zip code 61047 continued its upward trajectory, reaching $200,677 in 2023 and further increasing to $206,929 in 2024. This represents a 5.2% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could impact future homebuying activity in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 61047 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $230,000 to $240,000 by 2029. For rent prices, we expect a moderate increase, potentially reaching an average of $820 to $850 per month by 2029, assuming stable economic conditions and no significant changes in local housing supply or demand.
In summary, zip code 61047 demonstrates a strong preference for homeownership, with consistently high owner-occupancy rates. The area has experienced substantial growth in average home prices, particularly in recent years, despite fluctuations in federal interest rates. The rental market, while smaller, has shown resilience with relatively stable rent prices. As we look to the future, the housing market in this zip code is poised for continued growth, albeit potentially at a more moderate pace due to rising interest rates and broader economic factors.
