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Zip Code 60099: Rising Home Values and Stable Ownership in Zion, 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 60099, located in Zion, Illinois, has experienced significant fluctuations in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown resilience in its housing market, with notable shifts in ownership patterns and property values.
The homeownership rate in zip code 60099 has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 64%, slightly decreasing to 62% by 2022. During this period, average home prices in the area demonstrated a steady upward trend. In 2013, the average home price was $90,573, which more than doubled to $200,634 by 2022, representing a substantial increase of 121.5% over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates experienced a slight decline from 64% to 60%. However, as interest rates began to rise from 2017 to 2019 (1.00% to 2.16%), homeownership rates stabilized around 62-63%. This suggests that other local factors may have influenced homeownership decisions in addition to interest rates.
Renter percentages in zip code 60099 have shown slight variations, generally inverse to homeownership rates. The renter-occupied percentage increased from 35% in 2013 to 38% in 2022. Average rent prices have fluctuated during this period, with some correlation to renter percentages. In 2013, the average rent was $1,241, peaking at $1,250 in 2016 when the renter percentage was at its highest (39%). By 2022, the average rent had decreased slightly to $1,166, while the renter percentage remained at 38%. The population in the zip code has also seen changes, growing from 33,753 in 2013 to 34,219 in 2022, which may have influenced rental demand and prices.
In 2023 and 2024, the housing market in zip code 60099 continued its upward trajectory. The average home price reached $210,788 in 2023 and further increased to $224,542 in 2024, representing a 6.9% year-over-year growth. This growth occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing in the area.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in average home prices for zip code 60099. Based on the historical data and current market conditions, average home prices could potentially reach around $275,000 to $300,000 by 2029. For average rent prices, the forecast suggests a more moderate increase, potentially reaching $1,300 to $1,400 per month in the next five years, assuming stable economic conditions and consistent population growth.
In summary, zip code 60099 has demonstrated a robust housing market with steadily increasing average home prices despite fluctuations in homeownership rates. The area has maintained a relatively stable balance between owner-occupied and renter-occupied properties, with slight shifts favoring renters in recent years. The continued rise in average home prices, even in the face of increasing interest rates, suggests strong local demand and potential for further growth in the coming years.
