Zip code 60504, located in Aurora, Illinois, encompasses an area of 8.99 square miles. This suburban region has witnessed significant changes in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics. The homeownership rate in zip code 60504 has shown a general decline from 2013 to 2022. In 2013, 72% of residents were homeowners, but by 2022, this figure had decreased to 64%. This downward trend coincides with fluctuations in average home prices. The average home price in 2013 was $157,318, which steadily increased to $288,477 by 2022, representing an 83% increase over this period. The most significant annual jump occurred between 2020 and 2021, when average home prices rose from $233,435 to $258,317, a 10.7% increase in a single year.

Federal interest rates have played a role in shaping homeownership trends in zip code 60504. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, ranging from 69% to 72%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% by 2022, homeownership rates declined more sharply, falling to 64% by 2022. This inverse relationship suggests that higher interest rates may have contributed to making homeownership less affordable for some residents.

The renter population in zip code 60504 has grown as homeownership has declined. The percentage of renters increased from 28% in 2013 to 36% in 2022. This shift coincided with a rise in average rent prices, which increased from $1,474 in 2013 to $1,640 in 2022, an 11.3% increase. The peak in average rent was observed in 2021 at $1,739, before slightly decreasing in 2022. The population of the zip code has also grown during this period, from 36,231 in 2013 to 37,182 in 2022, which may have contributed to the increased demand for rental properties.