Loading Content...
Zip Code 60108: Rising Home Values and High Ownership Rates in Bloomingdale, Illinois
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 60108, located in Bloomingdale, Illinois, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its suburban charm and proximity to Chicago, has seen fluctuations in both ownership percentages and average home prices, with a general trend towards increasing property values and a slight decrease in homeownership rates until recent years.
The homeownership rate in zip code 60108 has shown some variability over the years, with a slight overall decline from 2013 to 2020, followed by a recent uptick. In 2013, the homeownership rate stood at 75%, gradually decreasing to 73% by 2020. However, there has been a reversal of this trend in recent years, with homeownership rising to 76% in 2022. Concurrently, average home prices in the area have shown a consistent upward trajectory. In 2013, the average home price was $233,295, which steadily increased to $355,411 by 2022, representing a significant 52.3% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow established trends. For instance, the period from 2013 to 2016 saw relatively low interest rates (ranging from 0.11% to 0.40%), coinciding with relatively stable homeownership rates around 73-75%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a slight increase in homeownership to 74% in 2018 and 2019, possibly due to homebuyers rushing to secure mortgages before rates climbed further. The subsequent drop in interest rates in 2020 (0.38%) and 2021 (0.08%) corresponded with a rise in homeownership from 73% in 2020 to 75% in 2021, aligning with the general trend of lower interest rates encouraging homeownership.
Renter percentages in zip code 60108 have shown an inverse relationship to homeownership rates, naturally. The proportion of renters increased from 25% in 2013 to a peak of 28% in 2016, before declining back to 24% in 2022. Average rent prices have generally trended upward during this period, rising from $1,239 in 2013 to $1,366 in 2022, an increase of 10.3%. It's worth noting that despite fluctuations in the renter population, rent prices continued to rise, suggesting a combination of factors including overall housing demand and potentially improved rental property quality in the area.
Looking at the most recent data, average home prices in zip code 60108 continued their upward trajectory, reaching $373,735 in 2023 and further increasing to $397,864 in 2024. This represents a substantial 11.9% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 60108 will continue to rise, potentially reaching around $450,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the area's desirability. Average rent prices are also expected to increase, potentially reaching approximately $1,550 by 2029, reflecting a continued demand for rental properties in the area.
In summary, zip code 60108 has demonstrated resilience in its housing market, with steadily increasing average home prices and a recent uptick in homeownership rates. The area has maintained a relatively stable balance between owners and renters, with recent trends favoring homeownership. The significant rise in both home prices and interest rates in 2023 and 2024 suggests a robust local housing market, though future homeownership trends may be influenced by these higher interest rates. Overall, the zip code appears to offer a mix of opportunities for both homeowners and renters, with a trend towards increasing property values that is likely to continue in the coming years.
