Loading Content...
Zip Code 60136: Rising Home Values and Stable Ownership in Gilberts, 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 60136, located in Gilberts, Illinois, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 60136 has remained relatively stable, hovering around 89% for much of the analyzed period. However, there have been some notable fluctuations. In 2016, the ownership rate peaked at 92%, before settling back to 89% in 2022. This high rate of homeownership suggests a strong preference for owner-occupied housing in the area. Concurrently, average home prices have shown a consistent upward trend. In 2010, the average home price was $239,036, which dipped to $203,537 in 2012 during the aftermath of the housing crisis. Since then, prices have steadily increased, reaching $346,289 in 2022, representing a 70% increase from the 2012 low.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period of very low interest rates from 2012 to 2016 (ranging from 0.14% to 0.4%) coincided with a gradual increase in homeownership rates, peaking at 92% in 2016. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, the homeownership rate remained relatively stable even as interest rates began to rise from 2017 onwards, suggesting other factors also play a significant role in this market.
Renter percentages in zip code 60136 have fluctuated inversely to homeownership rates, ranging from a low of 8% in 2016 to a high of 13% in 2021. Average rent prices have shown considerable volatility. In 2013, the average rent was $1,031, which increased significantly to $1,417 in 2015. Rent prices continued to rise, reaching a peak of $1,445 in 2018, before decreasing to $1,311 in 2022. This represents a 27% increase from 2013 to 2022, despite the recent downward trend. The fluctuations in rent prices don't always align directly with changes in the renter population, suggesting that other factors such as overall housing demand and local economic conditions also influence rental markets.
In 2023 and 2024, the housing market in zip code 60136 continued its upward trajectory. The average home price reached $359,210 in 2023 and further increased to $373,699 in 2024, representing a 7.8% increase over these two years. This growth occurred despite the significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These high interest rates typically make mortgages more expensive, yet the continued rise in home prices suggests strong demand in this area.
Looking ahead, based on historical trends and current market conditions, we can project potential 5-year trends for average home and rent prices in zip code 60136. Average home prices are likely to continue their upward trajectory, albeit potentially at a slower pace due to higher interest rates. A conservative estimate might see average home prices reaching around $425,000 to $450,000 by 2029. For rent prices, the recent downward trend might stabilize or reverse slightly, potentially reaching an average of $1,400 to $1,500 per month by 2029, assuming economic conditions remain stable and housing demand continues to grow in the area.
In summary, zip code 60136 has maintained a high rate of homeownership despite significant increases in average home prices. The area has shown resilience in its housing market, with home values appreciating considerably since 2012. Rent prices, while more volatile, have also shown an overall upward trend. The continued rise in home prices, even in the face of higher interest rates, suggests a robust local housing market with strong demand. These trends indicate a growing and potentially desirable community, though affordability may become an increasing concern for both potential homebuyers and renters in the coming years.
