Loading Content...
Rising Home Values and Ownership Trends in Zip Code 61270: Morrison, Illinois's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 61270, located in Morrison, Illinois, has experienced notable shifts in homeownership rates and property values over the past decade. This area, with a population of 7,832 in 2022, has seen a general trend towards increased homeownership and rising average home prices, while rental markets have shown fluctuations.
The homeownership rate in zip code 61270 has shown a steady increase from 79% in 2013 to 82% in 2022. This upward trend correlates with the rise in average home prices, which grew from $109,377 in 2013 to $136,150 in 2022, representing a 24.5% increase over nine years. The most significant annual jump in average home prices occurred between 2019 and 2020, with a 7.9% increase from $112,324 to $121,190. This trend suggests a growing preference for homeownership in the area, possibly driven by the perceived value of real estate investments.
Federal interest rates have played a role in homeownership trends. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership in zip code 61270 increased from 79% to 82%. The low interest rates likely made mortgages more accessible, encouraging home buying. As interest rates began to rise more sharply from 2017 onwards, reaching 1.68% in 2022, the homeownership rate remained relatively stable, indicating a resilient local housing market.
Renter percentages in zip code 61270 have inversely mirrored the homeownership trend, decreasing from 21% in 2013 to 18% in 2022. Despite this decline, average rent prices have shown an overall upward trajectory. The average rent increased from $643 in 2013 to $740 in 2022, a 15.1% rise. Notably, there was a significant jump in average rent from $719 in 2019 to $775 in 2021, followed by a slight decrease to $740 in 2022. These fluctuations in rent prices, coupled with the decreasing renter population, suggest a competitive rental market with potentially limited inventory.
In 2023 and 2024, the housing market in zip code 61270 continued its upward trajectory. The average home price reached $141,039 in 2023 and further increased to $147,614 in 2024, representing a 4.7% year-over-year growth. This rise occurred despite the Federal interest rates climbing to 5.02% in 2023 and 5.33% in 2024, indicating strong demand and resilience in the local housing market.
Looking ahead, predictive models suggest that average home prices in zip code 61270 may continue to rise over the next five years, potentially reaching around $170,000 by 2029 if current trends persist. Average rent prices are also projected to increase, possibly surpassing $800 per month within the same timeframe. However, these projections assume stable economic conditions and consistent local market dynamics.
In summary, zip code 61270 has demonstrated a robust housing market characterized by increasing homeownership rates and rising property values. The area has shown resilience to rising interest rates, maintaining strong home price growth. While the rental market has shrunk in terms of occupancy, rent prices have generally increased, pointing to a tight rental inventory. These trends suggest a continued preference for homeownership in the area, with potential for further appreciation in both home values and rental rates in the coming years.
