Loading Content...
Zip Code 60139: Rising Home Values and Declining Ownership in Glendale Heights, 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 60139, located in Glendale Heights, Illinois, has experienced notable shifts in homeownership rates and housing prices over the past decade. This suburban area has seen fluctuations in its population, with a general trend of slight decline in recent years. The ownership percentage has shown a gradual decrease, while average home prices and average rent have generally increased over time.
The homeownership rate in zip code 60139 has seen a downward trend from 2013 to 2022. In 2013, 76% of housing units were owner-occupied, but by 2022, this figure had decreased to 71%. Interestingly, this decline in homeownership coincided with a significant increase in average home prices. The average home price in 2013 was $126,868, which rose steadily to reach $250,096 by 2022, representing a 97% increase over this period. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents in the area.
Federal interest rates have played a role in shaping homeownership trends in zip code 60139. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable, hovering around 73-76%. However, as interest rates began to rise more sharply from 2017 onwards, reaching 1.68% by 2022, the homeownership rate declined to 71%. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The renter population in zip code 60139 has shown an overall increase, mirroring the decline in homeownership. The percentage of renter-occupied units rose from 24% in 2013 to 29% in 2022. During this period, the average rent also increased, though not as dramatically as home prices. In 2013, the average rent was $1,402, which increased to $1,454 by 2022, representing a 3.7% rise. The more modest increase in rent compared to home prices may have made renting a more attractive option for some residents, contributing to the growth in the renter population.
In 2023 and 2024, the housing market in zip code 60139 continued to evolve. The average home price in 2023 reached $264,890, a 5.9% increase from 2022. By 2024, it further climbed to $285,080, representing a 7.6% year-over-year increase. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These high interest rates, combined with rising home prices, likely pose challenges for potential homebuyers in the area.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in zip code 60139 may continue to rise, potentially reaching around $340,000 by 2029, assuming a conservative annual growth rate of 3-4%. Average rent prices could also see moderate increases, potentially reaching approximately $1,700 by 2029, based on historical trends. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 60139 has experienced a gradual shift towards a higher proportion of renters, driven by rising home prices and fluctuating interest rates. The substantial increase in average home prices, coupled with more modest rises in average rent, has reshaped the housing landscape in this area. As we move forward, the interplay between home prices, rent costs, and interest rates will continue to influence homeownership trends in this Illinois community.
