Renter percentages have inversely mirrored homeownership rates, fluctuating between 25% and 29% from 2013 to 2022. Average rent prices have shown an upward trend during this period. In 2013, the average rent was $1,736, which increased to $2,062 by 2019, representing an 18.8% rise. There was a slight decrease to $1,958 in 2020, but by 2022, the average rent had returned to $1,946, demonstrating resilience in the rental market despite economic fluctuations.

Moving to more recent data, the average home price in zip code 60026 continued its upward trajectory, reaching $687,542 in 2023 and further increasing to $706,316 in 2024. This represents a 3.8% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.

Looking ahead, based on historical trends and current market conditions, we can anticipate continued growth in both average home prices and rent prices over the next five years. Average home prices are projected to increase by approximately 3-4% annually, potentially reaching around $820,000 by 2029. Average rent prices are expected to rise at a similar rate, potentially reaching $2,250 per month by 2029.

In summary, zip code 60026 has maintained a stable homeownership rate despite fluctuations in average home prices and federal interest rates. The area has seen overall growth in both home values and rent prices, with recent years showing particularly strong appreciation in the housing market. The interplay between interest rates, homeownership, and housing prices will likely continue to shape the real estate landscape in this zip code in the coming years.