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Rising Home Values and Ownership in Zip Code 62682: A Rural Illinois Case Study
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 62682, located in San Jose, Illinois, has experienced significant shifts in population, homeownership rates, and housing prices over the past decade. This rural area has seen fluctuations in its demographic makeup, with notable trends in both ownership and rental markets.
The homeownership rate in zip code 62682 has shown a general upward trend from 2013 to 2022. In 2013, the owner-occupied rate was 82%, which increased to 87% by 2020, before settling at 82% in 2022. This overall stability in homeownership is noteworthy, especially when considering the changes in average home prices. Average home prices in the area have seen substantial growth, rising from $81,102 in 2016 to $97,542 in 2022, representing a 20% increase over six years.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite the fluctuations in interest rates, which ranged from 0.08% in 2021 to 1.68% in 2022, the homeownership rate remained relatively stable, hovering around 82-85% in recent years. This suggests that other local factors may have a more significant influence on homeownership in this area than national interest rate trends.
Renter percentages in zip code 62682 have shown an inverse relationship to homeownership rates, naturally. The renter-occupied rate decreased from 18% in 2013 to 13% in 2020, before returning to 18% in 2022. Interestingly, average rent prices have shown considerable volatility. From a high of $783 in 2013, average rents dropped to $587 in 2017, then rebounded to $845 in 2021, before settling at $696 in 2022. These fluctuations in rent prices don't seem to correlate directly with the changes in renter percentages, suggesting that other factors, such as local economic conditions or housing availability, may play a more significant role in determining rental rates.
Looking at the most recent data, the average home price in zip code 62682 for 2023 was $95,641, showing a slight decrease from 2022. However, in 2024, the average home price has increased to $97,592, surpassing the 2022 level. This recent uptick occurs despite the federal interest rate rising to 5.33% in 2024, which is the highest it has been in over a decade.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 62682 will continue to show moderate growth. Based on the historical data and recent trends, we project that average home prices could reach approximately $105,000 to $110,000 by 2029. For rent prices, the forecast suggests a potential stabilization with a slight upward trend, possibly reaching an average of $750 to $800 per month by 2029.
In summary, zip code 62682 demonstrates a robust homeownership market with generally increasing average home prices. The rental market, while smaller, shows more volatility in pricing. The area's resilience in maintaining high homeownership rates despite fluctuating interest rates and economic conditions is particularly noteworthy. As we look to the future, the housing market in this zip code appears poised for continued stability with moderate growth in both home values and rental rates.
