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Rising Home Values and Ownership in Zip Code 61880: Tolono's Dynamic Real Estate 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
Tolono, located in zip code 61880 in Illinois, has experienced notable shifts in its housing market over the past decade. This small community has seen significant changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in Tolono has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 71%, which increased to a peak of 79% in 2019. However, there was a slight decrease to 74% by 2022. This trend closely correlates with the average home prices in the area. In 2013, the average home price was $139,678, which steadily increased to $193,213 by 2022, representing a substantial 38.3% increase over this period.
Federal interest rates appear to have influenced homeownership rates in Tolono. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates increased from 71% to 77%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate stabilized around 74-79%, suggesting that while higher interest rates may have slowed the growth in homeownership, other factors helped maintain relatively high ownership levels.
The rental market in Tolono has shown interesting trends as well. The percentage of renters decreased from 29% in 2013 to 21% in 2019, before slightly increasing to 26% by 2022. Average rent prices have generally increased over this period, rising from $683 in 2013 to $817 in 2022, a 19.6% increase. It's worth noting that despite the overall increase, there were some fluctuations, with the highest average rent of $875 recorded in 2021.
Looking at the most recent data, the average home price in Tolono continued to rise, reaching $200,301 in 2023 and $207,309 in 2024. This represents a 7.3% increase from 2022 to 2024, indicating a continued strong housing market. Interestingly, this growth occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, suggesting that local market factors may be outweighing the impact of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Tolono to continue their upward trajectory, potentially reaching around $230,000 to $240,000 by 2029. Average rent prices may also continue to increase, albeit at a slower rate, potentially reaching $900 to $950 per month in the same timeframe.
In summary, Tolono has experienced a significant increase in homeownership rates and average home prices over the past decade, with a corresponding decrease in the percentage of renters. Despite recent increases in interest rates, the housing market remains strong, with continued growth in home values. The rental market, while showing some fluctuations, has also seen an overall increase in average rents. These trends suggest a robust and dynamic housing market in zip code 61880, with potential for continued growth in both home values and rental prices in the coming years.
