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Zip Code 60020: Rising Home Values and Ownership Fluctuations in Fox Lake, 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
Fox Lake, located in zip code 60020 in Illinois, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing average home prices, while ownership percentages have shown some variability.
The homeownership rate in zip code 60020 has fluctuated between 62% and 70% from 2013 to 2022. In 2013, the ownership rate was 63%, and it peaked at 70% in 2019 before settling at 68% in 2022. During this period, average home prices showed a consistent upward trend. In 2013, the average home price was $107,606, and by 2022, it had risen to $210,126, representing a significant increase of 95.3% over nine years.
Federal interest rates have played a role in homeownership trends in the area. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable, hovering around 63-66%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership actually increased, reaching its peak of 70% in 2019. This suggests that other local factors may have had a stronger influence on homeownership than interest rates during this period.
Renter percentages in zip code 60020 have shown an inverse relationship to homeownership rates, naturally. The percentage of renters decreased from 37% in 2013 to 30% in 2019, before rising slightly to 32% in 2022. Interestingly, average rent prices have not consistently followed this trend. In 2013, the average rent was $1,200, and it decreased to $1,040 in 2017 when the renter percentage was 36%. By 2022, the average rent had increased slightly to $1,078, despite a lower renter percentage of 32%. This suggests that factors beyond supply and demand, such as local economic conditions or housing quality improvements, may be influencing rent prices.
Looking at the most recent data, the average home price in zip code 60020 rose to $224,469 in 2023 and further increased to $239,058 in 2024. This represents a continuation of the strong upward trend in home values observed over the past decade. Simultaneously, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and home price appreciation.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 60020 will continue to rise, albeit potentially at a slower rate due to higher interest rates. By 2029, average home prices could reach approximately $280,000 to $300,000, assuming a moderate annual appreciation rate of 3-5%. Average rent prices are also expected to increase, potentially reaching $1,200 to $1,300 per month by 2029, reflecting a modest annual growth rate of 2-3%.
In summary, zip code 60020 has demonstrated resilience in its housing market, with consistently rising average home prices despite fluctuations in homeownership rates. The area has maintained a strong majority of owner-occupied homes, even as federal interest rates have varied. The rental market has shown more stability in pricing, with recent trends suggesting a potential for modest growth in both average rents and the proportion of renters. As the housing market continues to evolve, these trends will likely be influenced by broader economic factors and local development initiatives.
