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Rising Home Values and Ownership: Zip Code 61734's Evolving Real Estate Landscape
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 61734, located in Delavan, Illinois, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend towards increased homeownership and fluctuating average home prices, with recent years showing significant growth.
The homeownership rate in zip code 61734 has shown a steady increase from 74% in 2017 to 82% in 2022. This upward trend coincides with changes in average home prices, which rose from $112,062 in 2017 to $142,672 in 2022, representing a 27.3% increase over five years. The most substantial jump occurred between 2020 and 2021, when average home prices surged from $119,539 to $130,740, a 9.4% increase in a single year.
Federal interest rates appear to have influenced homeownership rates in this area. From 2017 to 2020, as interest rates remained relatively low, ranging from 1% to 2.16%, homeownership rates increased from 74% to 80%. This correlation suggests that lower interest rates may have contributed to making homeownership more accessible for residents in zip code 61734.
Conversely, the percentage of renters in the area has decreased from 26% in 2017 to 18% in 2022. Despite this decline, average rent prices have shown an overall upward trend, increasing from $763 in 2017 to $743 in 2022. It's worth noting that there were fluctuations during this period, with the highest average rent of $788 recorded in 2021. The population of the zip code has remained relatively stable, ranging from 2,880 to 3,039 residents between 2017 and 2022, which may have contributed to the sustained demand for rental properties despite the decreasing percentage of renters.
Looking at the most recent data, average home prices in zip code 61734 continued to rise, reaching $144,044 in 2023 and $146,859 in 2024. This represents a steady increase of 1% and 1.9% respectively from the previous years. Interestingly, federal interest rates also saw a significant jump, rising to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 61734 will continue to increase, potentially reaching around $160,000 by 2029. This projection is based on the consistent growth observed in recent years. For average rent prices, the forecast suggests a more modest increase, potentially reaching approximately $800 per month by 2029, assuming the current trends persist.
In summary, zip code 61734 has demonstrated a clear trend towards increased homeownership, with rates rising from 74% to 82% between 2017 and 2022. This shift has been accompanied by significant growth in average home prices, particularly in recent years. Despite a decreasing percentage of renters, average rent prices have generally trended upward, indicating a complex interplay between housing supply, demand, and broader economic factors in this Illinois community.
