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Zip Code 60106: Rising Home Values and Stable Ownership Near O'Hare Airport
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 60106, located in Bensenville, Illinois, has experienced dynamic shifts in homeownership, average home prices, and average rent prices over the past decade. This area has shown resilience in its housing market, with notable fluctuations in ownership percentages and steady increases in average home values.
The ownership percentage in zip code 60106 has seen modest fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 56%, and by 2022, it had increased slightly to 57%. During this period, average home prices demonstrated a consistent upward trend. In 2013, the average home price was $163,368, which rose significantly to $294,954 by 2022, representing an impressive 80.5% increase over nine years. This substantial appreciation in home values occurred despite relatively minor changes in the homeownership rate, suggesting that other factors, such as local economic conditions and housing demand, played a significant role in driving up property values.
Federal interest rates have shown a notable correlation with homeownership rates in this zip code. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable, fluctuating between 53% and 56%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), there was a slight decrease in homeownership, dropping to 53% in 2017 before stabilizing at 54% in 2018 and 2019. The sudden drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a slight increase in homeownership to 55%, likely due to more affordable financing options.
Renter percentages and average rent prices in zip code 60106 have shown an interesting relationship. The percentage of renters increased from 44% in 2013 to 47% in 2017, coinciding with a decrease in average rent from $1,278 to $1,207 during the same period. However, as the renter percentage decreased slightly to 46% in 2018, average rent increased to $1,242. This trend continued into 2022, with the renter percentage dropping to 43% while average rent remained relatively stable at $1,197. These fluctuations suggest a complex interplay between supply and demand in the rental market, possibly influenced by changes in the local population and economic factors.
In 2023 and 2024, zip code 60106 continued to see growth in average home prices. The average home price reached $303,754 in 2023 and further increased to $319,422 in 2024, representing a 5.2% year-over-year growth. This appreciation occurred despite the significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. The continued price growth in the face of higher interest rates suggests strong underlying demand for housing in this area.
Looking ahead, based on the observed trends and current market conditions, we can expect average home prices in zip code 60106 to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average home prices could reach approximately $350,000 to $370,000 by 2029. Average rent prices, which have shown more volatility, may stabilize or see modest increases, potentially reaching $1,300 to $1,400 per month in the same timeframe.
In summary, zip code 60106 has demonstrated a robust housing market characterized by steadily increasing average home prices, despite fluctuations in homeownership rates. The area has shown resilience to changes in federal interest rates, with home values appreciating even in periods of higher rates. The rental market has exhibited more variability, with renter percentages and average rents showing inverse relationships at times. As we look to the future, the housing market in this zip code appears poised for continued growth, albeit with potential moderation due to broader economic factors.
