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Zip Code 60142: Rising Home Values and Strong Ownership in Huntley, 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 60142, located in Huntley, Illinois, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown a strong preference for homeownership, with consistently high owner-occupancy rates, while also witnessing substantial growth in both property values and rental costs.
The homeownership rate in zip code 60142 has remained relatively stable, with a slight overall decline from 92% in 2013 to 90% in 2022. During this period, average home prices have shown a steady upward trend. In 2013, the average home price was $211,964, which increased to $359,816 by 2022, representing a significant 69.8% growth over nine years. This trend suggests that despite rising home prices, the area has maintained its appeal to homeowners.
Federal interest rates have played a role in homeownership trends in zip code 60142. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates remained high at 87% and 89%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
The renter population in zip code 60142 has shown some fluctuation but generally remained low. The percentage of renters increased from 5% in 2013 to 10% in 2022. Concurrently, average rent prices have risen substantially. In 2013, the average rent was $1,593, which increased to $1,565 by 2022, representing a modest 1.8% decrease over nine years. However, it's worth noting that rent prices peaked at $1,857 in 2019 before declining. The population growth from 28,754 in 2013 to 31,244 in 2022 may have contributed to the overall demand for rental properties, despite the slight decrease in average rent prices.
Looking at the most recent data, average home prices in zip code 60142 continued to rise, reaching $372,836 in 2023 and $387,268 in 2024. This represents a 3.6% increase from 2022 to 2023 and a further 3.9% increase from 2023 to 2024. Simultaneously, federal interest rates have increased significantly, rising to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 60142 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $450,000 to $475,000. For average rent prices, we expect a moderate increase, potentially reaching around $1,800 to $1,900 by 2029, assuming economic conditions remain stable and population growth continues.
In summary, zip code 60142 has maintained a strong homeownership base despite rising home prices. The area has experienced significant growth in property values, with average home prices increasing by nearly 70% from 2013 to 2022. While the renter population has slightly increased, it remains relatively low. The recent rise in interest rates may impact future homeownership trends, but the consistent appreciation in home values suggests continued demand for properties in this area.
