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Zip Code 60069: Rising Home Values and Strong Ownership Trends in Lincolnshire, 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
Zip code 60069, located in Lincolnshire, Illinois, is a suburban area known for its high homeownership rates and relatively stable housing market. Over the past decade, this area has experienced fluctuations in both ownership percentages and average home prices, while average rent prices have shown a steady upward trend.
The homeownership rate in zip code 60069 has remained consistently high, ranging from 76% to 80% between 2013 and 2022. During this period, average home prices have shown notable variations. In 2013, the average home price was $431,031, which increased to a peak of $498,986 in 2016. Following this peak, there was a gradual decline to $465,879 in 2020. However, the market rebounded strongly, with average home prices reaching $557,857 in 2022, representing a 29.4% increase from 2013 to 2022.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 2.16%), homeownership rates remained relatively stable, only increasing slightly from 79% in 2013 to 80% in 2022. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in homeownership trends in this area.
Renter percentages in zip code 60069 have remained relatively low, fluctuating between 20% and 24% from 2013 to 2022. Interestingly, average rent prices have shown a consistent upward trend during this period. In 2013, the average rent was $1,883, which increased to $2,687 by 2022, representing a substantial 42.7% increase. This rise in rent prices occurred despite the population remaining relatively stable, increasing only slightly from 9,124 in 2013 to 9,648 in 2022.
Looking at the most recent data, average home prices in zip code 60069 continued to rise, reaching $587,484 in 2023 and $618,236 in 2024. This represents a 10.8% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices have continued to appreciate, suggesting strong demand in this area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 60069 will continue to rise, potentially reaching around $700,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $3,000 per month within the next five years if current trends persist.
In summary, zip code 60069 has demonstrated a resilient housing market characterized by high homeownership rates and steadily increasing home values and rent prices. The area has shown the ability to maintain strong home prices even in the face of rising interest rates, suggesting a robust local real estate market. The consistent upward trend in both home prices and rents, coupled with stable population figures, indicates sustained demand for housing in this suburban Illinois location.
