Loading Content...
Zip Code 60150: Rising Home Values and Shifting Ownership in Malta, 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 60150, located in Malta, Illinois, has experienced significant changes in homeownership rates and housing prices over the past decade. This rural community has seen a gradual shift in its housing market dynamics, with notable trends in both ownership and rental sectors.
The homeownership rate in zip code 60150 has shown a declining trend over the years. In 2013, 84% of housing units were owner-occupied, but by 2022, this figure had decreased to 70%. This 14 percentage point drop coincides with a substantial increase in average home prices. In 2013, the average home price was $123,462, which rose steadily to reach $207,417 by 2022, representing a 68% increase over this period.
The relationship between federal interest rates and homeownership rates in this area follows a well-established pattern. As interest rates remained low from 2013 to 2016, hovering around 0.1%, homeownership rates remained relatively stable, ranging from 84% to 79%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates continued to decline, dropping to 70% by 2022. This trend suggests that rising interest rates may have contributed to making homeownership less affordable for some residents in the area.
Conversely, the percentage of renters in zip code 60150 has increased from 16% in 2013 to 30% in 2022. This rise in renters coincides with an increase in average rent prices. In 2013, the average rent was $715, which grew to $946 by 2022, marking a 32% increase. The population of the area also grew during this period, from 1,687 in 2013 to 1,991 in 2022, potentially contributing to the increased demand for rental properties and the subsequent rise in rent prices.
As of 2024, the average home price in zip code 60150 has reached $237,701, reflecting a continued upward trend in the housing market. This represents a 14.6% increase from the 2022 average home price. The federal interest rate for 2024 stands at 5.33%, which is significantly higher than the rates observed in previous years. This elevated interest rate may impact homebuying decisions and potentially slow down the rate of price appreciation in the coming years.
Looking ahead, based on the historical trends and current market conditions, it is projected that average home prices in zip code 60150 will continue to rise over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase, driven by the growing renter population and overall housing demand in the area. However, the rate of increase for both home prices and rents may moderate compared to the rapid growth seen in recent years.
In summary, zip code 60150 has experienced a shift towards more renters and fewer homeowners over the past decade, accompanied by significant increases in both average home prices and rent. The interplay between federal interest rates, housing affordability, and population growth has shaped these trends. As the community continues to evolve, it will be crucial to monitor how these factors influence the local housing market in the coming years.
