Loading Content...
Rising Home Values and Stable Ownership in Zip Code 60543: Oswego'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
Oswego, situated in zip code 60543 in Illinois, is a suburban community that has witnessed significant growth and dynamic real estate trends over the past decade. This analysis examines the relationship between homeownership rates, average home prices, and average rent prices in the area.
The homeownership rate in Oswego has remained relatively stable, fluctuating between 83% and 86% from 2013 to 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $203,675, which steadily increased to $339,945 by 2022, representing a substantial 66.9% increase over nine years. This trend suggests a strong correlation between rising home values and sustained high homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends in Oswego. From 2013 to 2016, interest rates remained exceptionally low, hovering between 0.09% and 0.40%. During this period, homeownership rates in the zip code remained steady at around 83-84%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight increase in homeownership to 85% by 2019. The dramatic drop in interest rates in 2020 and 2021 (to 0.38% and 0.08% respectively) coincided with a further increase in homeownership to 86% in 2020 and 2022, demonstrating how lower interest rates can indeed encourage homeownership.
Renter occupancy in Oswego has remained relatively low, fluctuating between 14% and 16% from 2013 to 2022. Average rent prices have shown some volatility over this period. In 2013, the average rent was $1,668, which peaked at $1,730 in 2016 before declining to $1,539 in 2022. This represents a 7.7% decrease in average rent from 2013 to 2022. The population growth from 36,416 in 2013 to 41,224 in 2022 (a 13.2% increase) did not lead to a proportional increase in average rent prices, suggesting that housing supply has kept pace with population growth in the area.
In 2023 and 2024, Oswego experienced a significant surge in average home prices. The average home price in 2023 reached $359,959, a 5.9% increase from 2022. In 2024, it further climbed to $383,145, representing a substantial 12.7% increase from 2022. This rapid appreciation coincides with higher federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially indicating strong demand and limited supply in the local housing market despite higher borrowing costs.
Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue over the next five years, albeit potentially at a more moderate pace. Average rent prices, which have shown some volatility, may stabilize or see modest increases as the market adjusts to the overall economic conditions and housing demand in the area.
In summary, Oswego (60543) has maintained a high rate of homeownership despite significant increases in average home prices. The interplay between federal interest rates and local real estate trends has been evident, with periods of low interest rates generally corresponding to higher homeownership rates. While average rent prices have fluctuated, they have not kept pace with the growth in home values, potentially making homeownership an attractive option for residents in this suburban Illinois community.
