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Zip Code 60110: Average Home Values and Ownership Trends in Carpentersville, 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 60110, located in Carpentersville, Illinois, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a complex interplay between ownership percentages, average home prices, and average rent costs, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 60110 has shown fluctuations over the years, with a general downward trend followed by a recent uptick. In 2013, the homeownership rate stood at 72%, gradually declining to 68% by 2018. However, there has been a reversal in this trend, with homeownership rising to 72% by 2022. Interestingly, this trend has coincided with significant changes in average home prices. The average home price in the area has seen substantial growth, rising from $104,000 in 2013 to $230,326 in 2022, representing a 121% increase over this period.
The relationship between federal interest rates and homeownership rates in zip code 60110 appears to follow expected trends. As interest rates remained historically low from 2013 to 2021, ranging from 0.08% to 0.4%, the area saw relatively high homeownership rates, despite some fluctuations. The slight dip in homeownership between 2015 and 2018 may be attributed to other local factors, as interest rates remained favorable for buyers during this period. The recent uptick in homeownership from 2019 to 2022, reaching 72%, coincided with interest rates that were still relatively low, ranging from 0.08% to 1.68%, which likely contributed to more affordable financing options for potential homebuyers.
Renter percentages in zip code 60110 have shown an inverse relationship to homeownership rates, as expected. The proportion of renters increased from 27% in 2013 to a peak of 32% in 2018, before declining to 28% in 2022. Average rent prices have steadily increased during this period, rising from $1,252 in 2013 to $1,495 in 2022, a 19.4% increase. This trend in rent prices, coupled with the area's relatively stable population (34,288 in 2013 to 34,403 in 2022), suggests a consistent demand for rental properties despite the recent shift towards homeownership.
Looking at the most recent data, average home prices in zip code 60110 continued to rise, reaching $242,734 in 2023 and $256,242 in 2024. This represents a 5.3% increase from 2022 to 2023 and a further 5.6% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in average home prices, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $300,000 by 2029 if current trends persist. For average rent prices, we project a steady increase, potentially reaching around $1,700 per month by 2029, assuming consistent demand and economic conditions.
In summary, zip code 60110 has demonstrated resilience in its housing market, with a recent resurgence in homeownership rates despite rising home prices. The area has seen substantial appreciation in property values, with average home prices more than doubling since 2013. Rent prices have also increased, though at a more moderate pace. The interplay between federal interest rates, homeownership rates, and housing prices will likely continue to shape the local real estate landscape in the coming years.
