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Zip Code 60130: Rising Average Home Values and Ownership Trends in Forest Park, 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
Forest Park, located in zip code 60130 in Illinois, presents an intriguing landscape of housing dynamics. This suburban community, situated just west of Chicago, has experienced notable fluctuations in homeownership rates and housing prices over the past decade.
The ownership percentage in Forest Park has shown moderate variability, ranging from 48% to 54% between 2013 and 2022. Average home prices in the area have demonstrated a consistent upward trend during this period. In 2013, the average home price was $126,150, which steadily increased to $237,832 by 2022, representing an impressive 88.5% growth over nine years.
The relationship between federal interest rates and homeownership rates in Forest Park shows some correlation. For instance, in 2020, when interest rates dropped to 0.38%, homeownership fell to 48%. Conversely, as interest rates rose to 1.68% in 2022, homeownership increased to 54%. This suggests that other local factors may have a stronger influence on homeownership rates in this specific area than national interest rate trends.
Renter percentages in Forest Park have fluctuated inversely with homeownership rates, ranging from 46% to 52% between 2013 and 2022. Average rent prices have shown a general upward trend, increasing from $1,057 in 2013 to $1,152 in 2022, a 9% rise over the period. Notably, there was a significant jump in average rent from $1,148 in 2020 to $1,199 in 2021, coinciding with a population increase from 13,230 to 13,716 during the same period.
In 2023, the average home price in Forest Park reached $240,402, showing continued growth from the previous year. This trend persisted into 2024, with average home prices rising further to $248,595. Concurrently, federal interest rates increased to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, predictive models suggest that average home prices in Forest Park may continue their upward trajectory over the next five years, potentially reaching around $275,000 by 2029. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching approximately $1,300 by 2029. These projections are based on historical trends and current economic indicators.
In summary, Forest Park has experienced significant growth in average home prices, moderate fluctuations in homeownership rates, and steady increases in average rent prices. The area's housing market has shown resilience and growth, even amid changing interest rates and population fluctuations. The continued upward trend in both home prices and rents suggests ongoing demand for housing in this suburban Chicago community.
