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Rising Home Values and Ownership Trends in Zip Code 60934: Emington's Dynamic 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 60934, located in Emington, Illinois, has experienced notable shifts in homeownership rates and housing prices over the past decade. This small rural community has seen fluctuations in its population, which has impacted the local real estate market.
The homeownership rate in zip code 60934 has shown a general upward trend from 2013 to 2022. In 2013, the homeownership rate was 60%, which increased significantly to 85% by 2020. However, there was a slight decrease to 79% in 2022. This overall increase in homeownership coincided with changes in average home prices, though specific price data is only available for recent years.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, the homeownership rate in zip code 60934 increased. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 60934 have shown an inverse relationship to homeownership rates, decreasing from 40% in 2013 to 15% in 2020, before increasing slightly to 21% in 2022. Average rent prices have fluctuated over the years, with notable changes occurring between 2013 and 2022. In 2013, the average rent was $512, which increased significantly to $925 in 2018. By 2022, the average rent had settled at $910. These fluctuations in rent prices may be influenced by changes in the local population, which varied from 269 in 2013 to 280 in 2022.
In 2023, the average home price in zip code 60934 was $167,002, showing a slight decrease from the 2022 average of $169,369. However, in 2024, the average home price has increased to $174,034. This recent uptick in home prices occurs alongside a rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on the observed trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in zip code 60934. Average home prices are likely to continue their upward trajectory, potentially reaching around $190,000 to $200,000 by 2029. Average rent prices may also see a moderate increase, possibly reaching $950 to $1,000 per month in the same timeframe.
In summary, zip code 60934 has experienced a significant increase in homeownership rates over the past decade, coupled with fluctuations in average rent prices. Recent years have shown a stabilization in homeownership rates and a slight increase in average home prices. The interplay between federal interest rates, local population changes, and housing market dynamics will continue to shape the real estate landscape in this rural Illinois community.
