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Zip Code 60154: Rising Home Values and Shifting Ownership Trends in Westchester, Illinois
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 60154, located in Westchester, Illinois, presents an interesting case study of homeownership and housing market trends. This suburban area has experienced fluctuations in both ownership rates and housing prices over the past decade, reflecting broader economic shifts and local market dynamics. The homeownership rate in zip code 60154 has shown a slight decline from 2013 to 2022, with some fluctuations. In 2013, the ownership rate stood at 89%, gradually decreasing to 87% by 2022. This trend coincides with changes in average home prices, which have seen significant growth over the same period. The average home price in 2013 was $182,189, rising steadily to reach $304,885 in 2022, representing a substantial increase of 67.3% over nine years.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable around 86-89%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.83% in 2018 and 2.16% in 2019, there was a slight dip in homeownership to 85% in 2018. However, the area maintained a high level of homeownership despite these interest rate increases, suggesting other factors such as local economic conditions and housing market dynamics also influenced ownership patterns.
Renter percentages in zip code 60154 have shown a gradual increase from 11% in 2013 to 13% in 2022, with some fluctuations in between. This trend aligns with the rise in average rent prices, which increased from $1,420 in 2013 to $1,611 in 2022, a 13.5% increase. The population of the area has remained relatively stable, with 14,000 residents in 2013 and 14,223 in 2022, indicating that changes in rental patterns are likely due to shifts in housing preferences or economic factors rather than significant population changes.
In 2023 and 2024, the housing market in zip code 60154 continued to show strength. The average home price reached $314,681 in 2023 and further increased to $328,736 in 2024, representing a 7.8% rise over two years. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for some buyers.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years, albeit at a potentially slower pace. Average home prices could reach approximately $360,000 to $380,000 by 2029, while average rent prices might increase to around $1,800 to $1,900 per month. These projections are based on historical trends and assume relative economic stability.
In summary, zip code 60154 has maintained a high rate of homeownership despite rising home prices and fluctuating interest rates. The area has seen steady growth in property values, with a slight shift towards more renters over the past decade. The resilience of the housing market in this zip code, even in the face of rising interest rates, suggests a strong local economy and desirable living conditions that continue to attract both homeowners and renters.
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