Loading Content...
Zip Code 60140: Rising Home Values and Shifting Ownership Patterns in Hampshire, 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
Hampshire, located in zip code 60140 in Illinois, has experienced significant growth and change in its housing market over the past decade. This suburban area has seen a notable increase in population, rising from 14,820 in 2010 to 22,621 in 2022, which has had a substantial impact on homeownership rates and housing prices.
The homeownership rate in Hampshire has shown a gradual decline over the years, dropping from 89% in 2015 to 84% in 2022. This trend coincides with a substantial increase in average home prices, which rose from $200,131 in 2010 to $322,702 in 2022, representing a 61% increase over this period. The inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less accessible for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in Hampshire. For instance, the period from 2013 to 2016 saw relatively stable homeownership rates around 88-89%, coinciding with historically low interest rates below 0.5%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to decline, reaching 84% by 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
The percentage of renters in Hampshire has shown a gradual increase, rising from 11% in 2015 to 16% in 2022. This trend has been accompanied by fluctuations in average rent prices. The average rent increased from $1,448 in 2013 to $1,470 in 2015, then experienced some volatility before settling at $1,462 in 2022. The growing renter population, combined with the overall population increase, suggests a rising demand for rental properties in the area.
In 2023, the average home price in Hampshire reached $338,752, continuing the upward trend seen in previous years. This increase occurred despite a significant rise in federal interest rates to 5.02% in 2023. Moving into 2024, the average home price has further increased to $351,932, while federal interest rates have slightly risen to 5.33%. These figures indicate a resilient housing market in the face of higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in Hampshire are likely to continue their upward trajectory over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase moderately, driven by the growing population and the shift towards renting for some residents priced out of homeownership.
In summary, Hampshire has experienced a gradual shift from a predominantly owner-occupied market to one with a growing renter population. This change has occurred alongside significant increases in average home prices and population growth. The interplay between federal interest rates, housing affordability, and demographic changes will continue to shape the housing market in this Illinois suburb in the coming years.
