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Zip Code 60093: Average Home Values and Ownership Trends in Affluent Winnetka
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
Winnetka, located in zip code 60093 in Illinois, is an affluent suburban community known for its high-quality schools and picturesque lakefront. This area has maintained consistently high homeownership rates over the past decade, with average home prices experiencing significant growth, particularly in recent years. Average rent prices have also shown a steady upward trend, reflecting the desirability of the area.
The homeownership rate in Winnetka has remained remarkably stable, hovering around 90% from 2013 to 2022. In 2013, the ownership rate was 92%, and it stayed within a narrow range, ending at 92% in 2022. During this period, average home prices in the 60093 zip code demonstrated considerable volatility. Starting at $870,716 in 2013, prices peaked at $979,911 in 2015 before experiencing a decline. However, from 2020 onwards, there was a dramatic surge in average home prices. The average home price rose from $904,177 in 2020 to $1,154,006 in 2022, representing a substantial 27.6% increase over just two years.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period from 2013 to 2021 was characterized by historically low interest rates, ranging from 0.08% to 2.16%. These low rates likely contributed to maintaining the high homeownership rates in Winnetka by making mortgage financing more affordable. The slight dip in homeownership to 89% in 2016 coincided with a modest increase in interest rates to 0.4%, but this had minimal impact on the overall trend.
The rental market in Winnetka, while small, has seen notable changes. The percentage of renters fluctuated between 8% and 10% from 2013 to 2022. Interestingly, average rent prices have shown a consistent upward trend during this period. In 2013, the average rent was $1,570, which increased to $2,437 by 2022, representing a substantial 55.2% rise over nine years. This increase in average rent prices occurred despite the relatively stable renter population, suggesting strong demand for rental properties in this desirable area.
Looking at the most recent data, the average home price in the 60093 zip code reached $1,209,889 in 2023 and further increased to $1,248,604 in 2024. This represents a 4.8% year-over-year increase from 2022 to 2023 and a 3.2% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking the highest levels in over a decade. Despite these higher interest rates, home prices in Winnetka continued to appreciate, indicating strong demand and resilience in this high-end market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Winnetka will continue to rise, albeit at a more moderate pace. Given the recent appreciation rates and considering potential market stabilization, we project average home prices could reach approximately $1,450,000 by 2029. For average rent prices, the upward trend is likely to persist, potentially reaching around $2,900 per month by 2029, assuming a continuation of the current growth rate.
In summary, Winnetka's 60093 zip code has demonstrated remarkable stability in homeownership rates, coupled with significant growth in both average home prices and average rent prices. The area's resilience is evident in its ability to maintain high property values and increasing rents, even in the face of rising interest rates. The consistent demand for both owned and rented properties in this zip code underscores its enduring appeal as a desirable suburban community.
