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Rising Home Values and Strong Ownership in Zip Code 60467: Orland Park's Stable Housing Market
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 60467, located in Orland Park, Illinois, is a predominantly owner-occupied area with a strong housing market. This suburban community has experienced interesting shifts in homeownership rates and property values over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 60467 has remained consistently high, though it has seen a slight decline in recent years. In 2013, the area boasted a 95% homeownership rate, which peaked at 96% in 2016 and 2017. However, by 2022, this figure had decreased to 93%. Despite this minor drop, the average home prices in the area have shown a steady upward trend. In 2013, the average home price was $285,971, and it rose consistently, reaching $418,409 by 2022. This represents a significant increase of 46.3% over nine years, indicating a robust appreciation in property values.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting case. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 1.83%), the homeownership rate actually decreased slightly. This suggests that other factors, such as local market conditions or demographic shifts, may have had a stronger influence on homeownership trends in this area than national interest rates.
The rental market in zip code 60467, while small, has shown growth over the years. The percentage of renters increased from 4% in 2013 to 7% in 2022. Interestingly, despite this increase in rental occupancy, average rent prices have fluctuated. In 2013, the average rent was $1,844, which decreased to $1,738 in 2015, then rose again to $1,811 in 2017. By 2022, the average rent stood at $1,751, showing a slight overall decrease from 2013 levels. This pattern suggests that the rental market in this area may be influenced by factors beyond simple supply and demand dynamics.
Looking at more recent data, the average home price in zip code 60467 continued its upward trajectory, reaching $427,282 in 2023 and $438,763 in 2024. This represents a further increase of 4.9% from 2022 to 2024. Notably, this price growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. This suggests a strong underlying demand for housing in the area, possibly driven by its desirable suburban location or local economic factors.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in zip code 60467 to continue their upward trajectory, albeit potentially at a more moderate pace due to higher interest rates. By 2029, average home prices could reach approximately $500,000 to $525,000, assuming a conservative annual growth rate of 3-4%. For rent prices, the forecast suggests a potential increase to around $1,900-$2,000 per month by 2029, based on historical trends and accounting for inflation.
In summary, zip code 60467 demonstrates a strong and stable housing market characterized by high homeownership rates and steadily increasing property values. Despite a slight decrease in homeownership and increase in renters over the past decade, the area maintains its appeal to homeowners. The resilience of home prices, even in the face of rising interest rates, indicates a robust demand for housing in this suburban Illinois community. As we look to the future, both home prices and rents are expected to continue their upward trends, albeit at potentially more moderate rates.
