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Rising Home Values and Ownership in Zip Code 61085: Stockton's Decade of Growth
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 61085, located in Stockton, Illinois, presents an intriguing landscape of homeownership and housing market trends. This rural area has experienced fluctuations in its ownership percentage, average home prices, and average rent prices over the past decade, reflecting broader economic shifts and local dynamics.
The homeownership rate in zip code 61085 has shown a general upward trend, increasing from 72% in 2013 to 80% in 2022. This rise in homeownership coincides with changes in average home prices, which have seen significant growth, particularly in recent years. In 2013, the average home price was $94,795, and by 2022, it had risen to $117,199, representing a 23.6% increase over this period. The most substantial growth occurred between 2020 and 2022, with average home prices jumping from $93,935 to $117,199, a 24.8% increase in just two years.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%, which likely contributed to the steady increase in homeownership. As interest rates began to rise more sharply in 2022 (1.68%) and 2023 (5.02%), the homeownership rate still managed to reach its peak at 80% in 2022, suggesting strong local demand for homeownership despite increasing borrowing costs.
The rental market in zip code 61085 has experienced its own set of trends. As the percentage of renters decreased from 28% in 2013 to 20% in 2022, average rent prices showed an overall upward trajectory. In 2013, the average rent was $562, and by 2022, it had increased to $765, a 36.1% rise. Interestingly, despite the declining renter population, rent prices continued to climb, potentially indicating a tightening rental market or improved quality of available rental properties.
Looking at the most recent data, the average home price in zip code 61085 reached $121,163 in 2023 and further increased to $129,251 in 2024, representing a 6.7% year-over-year growth. This continued appreciation occurred despite the federal interest rate rising to 5.33% in 2024, suggesting strong underlying demand in the local housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 61085 will continue to rise, albeit at a potentially slower pace due to higher interest rates. The average home price could reach approximately $150,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $900 per month by 2029, assuming the current trends persist.
In summary, zip code 61085 has demonstrated a robust increase in homeownership rates and average home prices over the past decade, with particularly strong growth in recent years. The rental market, while shrinking in terms of the percentage of renters, has seen significant increases in average rent prices. These trends, combined with the area's ability to maintain growth despite rising interest rates, suggest a resilient and desirable local housing market poised for continued appreciation in both home values and rental rates in the coming years.
