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Zip Code 60091: Rising Home Values and High Ownership Rates in Wilmette's Affluent Suburb
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 60091, located in Wilmette, Illinois, is a predominantly residential area known for its high homeownership rates and stable property values. Over the past decade, this community has maintained a strong ownership percentage, hovering around 87-88%, while experiencing fluctuations in average home prices and average rent costs.
The homeownership rate in zip code 60091 has remained relatively steady, with a slight increase from 86% in 2013 to 87% in 2022. This stability in homeownership coincides with significant changes in average home prices. In 2013, the average home price was $601,245, which rose to $782,635 by 2022, representing a 30% increase over this period. Notably, there was a substantial jump in average home prices between 2020 and 2022, with values rising from $645,636 to $782,635, a 21% increase in just two years.
Federal interest rates have played a role in homeownership trends in this area. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%, which likely contributed to maintaining high homeownership rates. As interest rates began to rise in 2022 to 1.68%, the homeownership rate remained stable at 87%, suggesting a resilient housing market in this zip code.
Renter percentages in zip code 60091 have remained low, fluctuating between 12% and 14% from 2013 to 2022. Average rent prices have shown volatility during this period. In 2013, the average rent was $1,561, which increased to $2,150 by 2021, a 38% rise. However, there was a slight decrease to $2,063 in 2022. The population has grown modestly from 26,997 in 2013 to 27,477 in 2022, which may have contributed to the upward pressure on rent prices.
In 2023 and 2024, average home prices in zip code 60091 continued to rise, reaching $808,022 in 2023 and $829,377 in 2024. This represents a 3.2% and 2.6% year-over-year increase, respectively. Concurrently, federal interest rates climbed significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, predictive models suggest a continued upward trend in average home prices for zip code 60091 over the next five years, albeit at a more moderate pace. Average home prices are projected to increase by approximately 2-3% annually, potentially reaching around $950,000 by 2029. Average rent prices are expected to follow a similar trajectory, with estimated annual increases of 3-4%, potentially reaching $2,400-$2,500 by 2029.
In summary, zip code 60091 has demonstrated a robust and stable housing market characterized by high homeownership rates and steadily increasing property values. Despite fluctuations in federal interest rates and economic conditions, the area has maintained its attractiveness to homeowners. The modest population growth and consistent demand for housing in this desirable suburb are likely to continue supporting both home values and rent prices in the coming years.
