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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 60010, located in Barrington Hills, Illinois, is characterized by a remarkably stable and high rate of homeownership, coupled with steadily increasing property values. From 2013 to 2022, the homeownership rate consistently remained between 89-90%, reflecting the area's strong preference for owner-occupied housing. This stability in homeownership has been accompanied by significant growth in average home prices, which rose from $458,475 in 2013 to $596,201 in 2022, marking a substantial 30% increase over the decade.
The local housing market has demonstrated resilience in the face of changing economic conditions. Despite fluctuations in federal interest rates, which ranged from historically low levels of 0.09% to 2.16% between 2013 and 2020, and then rose more sharply to 1.68% in 2022 and 5.02% in 2023, the homeownership rate in zip code 60010 remained steady at 90%. This suggests a robust local housing market that has been able to withstand external economic pressures.
While homeownership dominates the area, the rental market in zip code 60010 has also seen consistent growth. The renter population has steadily accounted for 10-11% of total households from 2013 to 2022. Despite this stability in the proportion of renters, average rent prices have shown a marked increase. In 2013, the average rent was $1,579, which rose to $1,930 by 2022, representing a 22% increase over this period. The most significant jump in rent prices occurred between 2019 and 2021, with average rent increasing from $1,770 to $1,992, a 12.5% rise in just two years.
Recent data shows that the upward trend in property values has continued in zip code 60010. Average home prices reached $616,131 in 2023 and further increased to $639,022 in 2024, representing year-over-year increases of 3.3% and 3.7% respectively. This ongoing appreciation has occurred despite rising federal interest rates, which climbed to 5.02% in 2023 and 5.33% in 2024.
Looking ahead, predictive models suggest that the housing market in zip code 60010 will continue to appreciate, albeit at a more moderate pace. Projections indicate that average home prices could reach approximately $720,000 by 2029. Similarly, rent prices are expected to maintain their upward trajectory, potentially averaging around $2,300 per month by 2029.
In conclusion, zip code 60010 exemplifies a strong and stable housing market characterized by consistently high homeownership rates and steadily increasing property values. The area has demonstrated remarkable resilience, maintaining its high level of homeownership despite fluctuations in interest rates. Both average home prices and rent prices have shown consistent growth, with notable accelerations in recent years. Given these trends and the area's desirable suburban location, zip code 60010 is likely to remain an attractive market for both homeowners and investors in the foreseeable future.