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Zip Code 60029: Golf's Rising Home Values and Shifting Ownership Patterns
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
Golf, located in zip code 60029 in Illinois, is a small but dynamic community that has experienced significant changes in homeownership and housing prices over the past decade. This analysis explores the trends in ownership percentages, average home prices, and average rent prices, providing insights into the evolving real estate landscape of this area. The homeownership rate in Golf has seen a notable decline from 2013 to 2022. In 2013, the area boasted a high 97% homeownership rate, which gradually decreased to 70% by 2022. This shift coincided with a substantial increase in average home prices, rising from $696,699 in 2013 to $979,447 in 2022, representing a 40.6% increase over this period.
The relationship between federal interest rates and homeownership rates in Golf shows an interesting pattern. As interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates stayed relatively stable, hovering above 90%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined more rapidly. This trend suggests that while low interest rates initially supported high homeownership, other factors began to outweigh this benefit in recent years.
Conversely, the renter population in Golf has grown substantially. The percentage of renters increased from a mere 3% in 2013 to 30% in 2022. This growth in the renter population corresponds with a significant rise in average rent prices. In 2013, the average rent was $1,500, which increased to $2,146 by 2022, a 43% increase. The population of Golf also grew during this period, from 610 in 2013 to 718 in 2022, potentially contributing to the increased demand for rental properties.
Looking at the most recent data, the average home price in Golf continued its upward trajectory, reaching $1,000,346 in 2023 and $1,044,780 in 2024. This represents a further 6.7% increase from 2022 to 2024. Interestingly, this price growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These high interest rates typically make mortgages more expensive, yet home prices in Golf have continued to appreciate.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Golf will continue to rise, albeit at a potentially slower rate due to the high interest rate environment. We project average home prices could reach approximately $1,200,000 by 2029. For average rent prices, the upward trend is expected to persist, potentially reaching around $2,500 by 2029, driven by the increasing renter population and overall housing demand in the area.
In summary, Golf has experienced a significant shift in its housing market dynamics over the past decade. The community has seen a decline in homeownership rates coupled with substantial increases in both average home prices and rent prices. Despite rising interest rates, property values continue to appreciate, suggesting strong underlying demand for housing in this zip code. The growing renter population and escalating rent prices indicate a changing demographic landscape, potentially driven by the area's desirability and limited housing supply.
