Loading Content...
Rising Home Values and Strong Ownership in Zip Code 60512: A Decade of Change in Yorkville, Illinois
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Yorkville, Illinois, located in zip code 60512, is a growing suburban community with a dynamic real estate market. Over the past decade, this area has experienced significant changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local demographic shifts. The homeownership rate in Yorkville has remained relatively stable, with slight fluctuations over the years. In 2013, the homeownership rate stood at 89%, and by 2022, it had decreased slightly to 85%. During this period, average home prices in the area saw a substantial increase. In 2013, the average home price was $191,129, and by 2022, it had risen to $333,530, representing a 74.5% increase over nine years. This upward trend in home prices, despite a slight decrease in homeownership rates, suggests a robust demand for housing in the area, possibly driven by factors such as local economic growth and the city's appeal to new residents.
Federal interest rates have played a significant role in shaping homeownership trends in Yorkville. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with relatively stable homeownership rates in the zip code, hovering around 87-91%. The low interest rates likely made home financing more accessible, supporting the maintenance of high homeownership levels despite rising home prices.
Renter percentages in Yorkville have shown some variability, with a notable increase in recent years. In 2013, the renter-occupied rate was 9%, and by 2022, it had risen to 15%. This increase in renters coincided with a rise in average rent prices. In 2013, the average rent was $1,322, and by 2022, it had increased to $1,539, representing a 16.4% increase over nine years. The population of Yorkville also grew during this period, from 5,163 in 2013 to 6,818 in 2022, which may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, the average home prices in Yorkville continued to rise, reaching $346,862 in 2023 and $362,673 in 2024. This represents a further 8.7% increase from 2022 to 2024. Concurrently, federal interest rates increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in Yorkville are likely to continue their upward trajectory over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and the rising cost of homeownership, which may push more residents towards renting.
In summary, Yorkville has experienced significant growth in both population and housing values over the past decade. The area has maintained a high rate of homeownership despite rising home prices, while also seeing an increase in the renter population. The interplay between federal interest rates, local economic conditions, and demographic changes will continue to shape the real estate landscape in this Illinois community in the coming years.
