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Zip Code 60143: Rising Home Values and Stable Ownership in Itasca, 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 60143, located in Itasca, Illinois, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a general trend of increasing homeownership and rising property values, with some fluctuations in the rental market.
The ownership percentage in zip code 60143 has shown a general upward trend, increasing from 76% in 2013 to 80% in 2020, before slightly decreasing to 76% in 2022. This trend closely correlates with the average home prices, which have risen steadily from $257,175 in 2013 to $369,889 in 2022, representing a 43.8% increase over this period. The most substantial year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $325,561 to $348,351, a 7% rise in a single year.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with the increase in homeownership rates from 76% to 80%. The low interest rates likely made mortgages more affordable, encouraging more residents to purchase homes. However, as interest rates began to rise sharply in 2022 to 1.68%, we see a corresponding decrease in homeownership rates back to 76%.
Renter percentages in zip code 60143 have fluctuated inversely to homeownership rates, decreasing from 23% in 2013 to 20% in 2020, before rising again to 24% in 2022. Average rent prices have shown some volatility, increasing from $1,576 in 2013 to a peak of $1,710 in 2021, before dropping to $1,530 in 2022. This represents a slight overall decrease of 2.9% from 2013 to 2022. The population growth from 10,449 in 2013 to 11,721 in 2022 may have contributed to the overall stability in rental demand despite fluctuations in homeownership rates.
In 2023 and 2024, we see a continuation of the upward trend in average home prices, with values reaching $378,069 in 2023 and $395,406 in 2024. This represents a significant increase of 6.9% from 2022 to 2024. Notably, interest rates have also risen dramatically during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Looking ahead, we can predict that average home prices in zip code 60143 will continue to rise over the next five years, potentially reaching around $450,000 by 2029 if the current trend persists. However, the rate of increase may slow down due to the higher interest rates. Average rent prices are likely to stabilize and potentially increase moderately, possibly reaching around $1,700 by 2029, as the rental market adjusts to changes in homeownership rates and overall housing demand.
In summary, zip code 60143 has experienced a general trend of increasing homeownership and rising property values over the past decade, with some recent fluctuations. The interplay between federal interest rates, average home prices, and rental market dynamics has shaped the housing landscape in this area. As we move forward, the community can expect continued growth in property values, albeit potentially at a slower pace, with the rental market adapting to these changes.
