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Rising Home Values and Ownership Trends in Zip Code 60033: Harvard's Resilient 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
Zip code 60033, located in Harvard, Illinois, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 14,068 in 2022, has seen interesting trends in its real estate market that reflect broader economic changes.
The homeownership rate in zip code 60033 has shown a slight increase in recent years, rising from 64% in 2019 to 69% in 2022. This upward trend in homeownership coincides with a significant increase in average home prices. In 2019, the average home price was $170,768, which rose to $225,403 by 2022, representing a substantial 32% increase over just three years. This correlation suggests that despite rising prices, more residents were able to enter the housing market, possibly due to factors such as increased local economic opportunities or favorable mortgage conditions.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 60033. The period from 2019 to 2021 saw historically low interest rates, dropping from 2.16% in 2019 to a mere 0.08% in 2021. This extremely low-interest environment likely contributed to the increase in homeownership rates, as it made mortgage financing more accessible and affordable for potential buyers. The rise in homeownership from 64% in 2019 to 67% in 2021 aligns with this period of low interest rates.
Renter percentages in zip code 60033 have fluctuated inversely to homeownership rates, decreasing from 36% in 2019 to 30% in 2022. Interestingly, average rent prices have shown relative stability during this period, with only minor fluctuations. The average rent was $1,069 in 2019 and slightly decreased to $1,054 in 2022. This stability in rent prices, coupled with the decreasing percentage of renters, suggests that the local rental market has remained competitive, possibly due to the shift towards homeownership.
In 2023 and 2024, the real estate market in zip code 60033 continued to evolve. The average home price reached $232,066 in 2023 and further increased to $242,617 in 2024, showing a continued upward trajectory. This price growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make borrowing more expensive, yet the housing market in this area has remained robust, indicating strong local demand or other favorable economic factors at play.
Looking ahead, predictive models suggest that the average home prices in zip code 60033 are likely to continue their upward trend over the next five years, albeit potentially at a more moderate pace due to higher interest rates. The average rent prices are expected to remain relatively stable with possible slight increases to keep pace with inflation and housing demand. The area's consistent population and the recent trend towards homeownership may contribute to a balanced rental market.
In summary, zip code 60033 has demonstrated a resilient and growing housing market characterized by increasing homeownership rates and rising average home prices. The interplay between federal interest rates, homeownership trends, and housing prices highlights the complex dynamics of the local real estate market. As the area moves forward, it appears poised for continued growth in property values, with a housing market that has shown adaptability to changing economic conditions.
