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Rising Home Values and Shifting Ownership in Zip Code 60190: Winfield's Real Estate Dynamics
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 60190, located in Winfield, Illinois, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. This suburban area has maintained a high percentage of owner-occupied homes, with ownership rates consistently above 85% throughout the observed period. The average home prices have shown a general upward trend, while average rent prices have fluctuated over the years.
The homeownership rate in zip code 60190 peaked at 94% in 2013 and 2015, coinciding with average home prices of $250,766 and $275,972 respectively. Despite a slight decline in ownership rates to 89% in 2022, average home prices continued to rise, reaching $371,724 in the same year. This trend suggests that while homeownership rates have slightly decreased, the value of properties in the area has consistently appreciated. The relationship between ownership rates and home prices indicates that even as fewer residents owned homes, those who did own saw their property values increase significantly.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 60190. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%, which coincided with the highest homeownership rates in the area (93-94%). As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a gradual decline in homeownership rates to 89%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
Renter percentages in zip code 60190 have shown a gradual increase from 6% in 2013 to 11% in 2022. This rise in renters corresponds with an overall increase in average rent prices. In 2013, the average rent was $1,666, which rose to $1,736 in 2022, representing a 4.2% increase over nine years. The population of the zip code has also grown from 8,185 in 2013 to 8,852 in 2022, potentially contributing to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023, the average home price in zip code 60190 reached $388,819, showing continued appreciation in the local real estate market. This upward trend persisted into 2024, with average home prices climbing to $413,848. Notably, federal interest rates also saw a significant increase, rising to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may impact future homeownership trends and property values in the area.
Looking ahead, predictive models suggest that average home prices in zip code 60190 are likely to continue their upward trajectory over the next five years. Based on historical trends and current market conditions, average home prices could potentially reach the $450,000 to $500,000 range by 2029. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching $2,200 to $2,400 per month in the same timeframe.
In summary, zip code 60190 has demonstrated resilience in its housing market, with consistently high homeownership rates and steadily increasing property values. The area has experienced a slight shift towards more renters in recent years, accompanied by modest increases in average rent prices. The relationship between federal interest rates and homeownership rates has been evident, with lower rates historically corresponding to higher ownership percentages. As interest rates have risen in recent years, there may be potential for further shifts in the housing market dynamics of this Illinois suburb.
