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Wonder Lake's Zip Code 60097: Rising Home Values and Strong Ownership Trends
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
Wonder Lake, located in zip code 60097 in Illinois, has experienced fluctuations in homeownership rates and housing prices over the past decade. This area has maintained a relatively high rate of owner-occupied housing, with a slight increase in recent years. The average home prices have shown a steady upward trend, while average rent prices have also risen, albeit with some fluctuations.
The homeownership rate in zip code 60097 has seen a modest increase from 80% in 2019 to 85% in 2022. This rise in homeownership coincides with a significant increase in average home prices. In 2019, the average home price was $171,153, which rose to $230,571 by 2022, representing a substantial 34.7% increase over three years. This trend suggests that despite rising prices, more residents in Wonder Lake are choosing to become homeowners.
The relationship between federal interest rates and homeownership rates in this area is notable. From 2019 to 2021, when interest rates were historically low (dropping from 2.16% to 0.08%), the homeownership rate increased from 80% to 83%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, it's interesting to note that even as interest rates began to rise in 2022 (1.68%), the homeownership rate continued to increase to 85%, suggesting other factors may be influencing this trend in Wonder Lake.
Renter percentages in zip code 60097 have remained relatively stable, with a slight decrease from 18% in 2019 to 15% in 2022. During this period, average rent prices showed some fluctuation. The average rent increased from $1,190 in 2019 to $1,274 in 2021, before decreasing to $1,186 in 2022. This decrease in average rent coincided with a slight decrease in the renter population, potentially indicating a shift towards homeownership or changes in the local rental market dynamics.
Looking at the most recent data, the average home price in zip code 60097 continued to rise, reaching $238,007 in 2023 and $251,697 in 2024. This represents a 9.2% increase from 2022 to 2024, indicating a continued strong housing market in the area. Notably, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in Wonder Lake appears to remain robust.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in zip code 60097 to continue their upward trajectory, potentially reaching around $300,000 by 2029. Average rent prices may also see a moderate increase, possibly approaching $1,400 per month. However, these projections are subject to various economic factors and local market conditions.
In summary, Wonder Lake (zip code 60097) has demonstrated a strong trend towards homeownership, with increasing average home prices even in the face of rising interest rates. The rental market has remained relatively stable, with some fluctuations in average rent prices. The area's housing market has shown resilience and continued growth, suggesting a positive outlook for both homeowners and investors in the coming years.
