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Shumway's Zip Code 62461: Rising Home Values and Stable Ownership in Rural Illinois
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 62461, located in Shumway, Illinois, has experienced significant changes in its housing market over the past decade. This rural area has seen fluctuations in homeownership rates and average home prices, reflecting broader economic trends and local demographic shifts.
The homeownership rate in zip code 62461 has remained relatively stable, hovering around 90% throughout the observed period. In 2013, the homeownership rate was 91%, and it maintained this level with minor fluctuations until 2022, where it again stood at 91%. Despite this stability in homeownership, average home prices have shown a notable increase. In 2021, the average home price was $175,700, which rose significantly to $201,904 in 2022, representing a 14.9% increase in just one year.
The relationship between federal interest rates and homeownership rates in this zip code doesn't follow the typical pattern observed in many markets. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.68%), the homeownership rate remained relatively constant. This suggests that other local factors, such as limited housing stock or a stable long-term population, may have a stronger influence on homeownership in this area than interest rates alone.
Renter percentages in zip code 62461 have shown slight variations, ranging from 7% to 12% between 2013 and 2022. Interestingly, average rent prices have fluctuated over this period. In 2013, the average rent was $571, which remained relatively stable until 2017 when it dropped to $508. There was a significant spike in 2021 to $793, followed by a sharp decrease to $502 in 2022. These rent price fluctuations don't seem to correlate strongly with the renter percentage, suggesting that local economic factors or changes in available rental properties might be influencing rent prices more than demand from renters.
Looking at the most recent data, the average home price in zip code 62461 increased slightly to $203,322 in 2023, representing a 0.7% rise from 2022. However, in 2024, there's a minor decrease to $200,207, a 1.5% drop. This recent trend suggests a potential cooling in the local housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could be contributing to the slight downturn in home prices.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 62461 may continue to experience modest growth, albeit at a slower pace than the sharp increase seen from 2021 to 2022. The high interest rates could dampen demand, potentially leading to a stabilization or slight decrease in home prices in the short term. For rent prices, the erratic nature of past trends makes predictions challenging, but we might expect a gradual increase aligning with inflation rates, barring any significant local economic changes.
In summary, zip code 62461 presents a unique housing market characterized by high homeownership rates and recent volatility in both home and rent prices. The area has shown resilience in maintaining homeownership levels despite fluctuating economic conditions. The most striking discoveries include the sharp rise in home prices from 2021 to 2022, the recent cooling trend in 2024, and the unpredictable nature of rent prices. These trends suggest a complex interplay of local and national economic factors influencing the housing market in this rural Illinois community.
