Loading Content...
Zip Code 60155: Rising Home Values and Ownership Rates in Broadview, 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 60155, located in Broadview, Illinois, presents an intriguing case study of homeownership and rental trends over the past decade. This area has experienced fluctuations in ownership percentages and significant changes in average home and rent prices, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 60155 has shown resilience, with a slight overall increase from 63% in 2013 to 65% in 2022. This trend coincided with a substantial rise in average home prices, which more than doubled from $82,744 in 2013 to $229,535 in 2022. The most dramatic increase occurred between 2013 and 2014, with average home prices jumping by 25.7% from $82,744 to $104,030. This upward trajectory continued steadily, with annual increases ranging from 10% to 15% in subsequent years.
Federal interest rates played a crucial role in shaping homeownership trends in this zip code. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. This favorable financing environment likely contributed to the increase in homeownership from 63% in 2013 to 65% in 2016. As interest rates began to rise more significantly from 2017 onwards, reaching 1.83% in 2018, the homeownership rate remained relatively stable, suggesting a robust local housing market able to withstand moderate interest rate increases.
Rental trends in zip code 60155 have shown interesting patterns. The percentage of renters fluctuated between 30% and 36% from 2013 to 2022, with the highest rate of 36% recorded in 2021. Average rent prices displayed volatility, ranging from a low of $1,002 in 2015 to a high of $1,249 in 2019. Notably, despite the increase in the renter population from 30% in 2016 to 34% in 2017, average rent prices decreased slightly from $1,053 to $1,032, possibly indicating an increase in rental supply or economic factors affecting rental affordability.
Looking at the most recent data, average home prices in zip code 60155 continued to rise, reaching $230,983 in 2023 and $239,389 in 2024. This represents a modest but steady increase of 4.3% from 2022 to 2024. Interestingly, this growth occurred despite a significant jump in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests a strong underlying demand for housing in the area, potentially driven by factors such as local economic growth or demographic shifts.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 60155 to continue their upward trajectory, potentially reaching around $275,000 to $290,000 by 2029. This projection assumes a continuation of the current growth rate and considers potential economic factors. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $1,200 to $1,300 per month by 2029, factoring in historical volatility and current trends.
In summary, zip code 60155 has demonstrated a robust housing market characterized by increasing homeownership rates and significantly rising average home prices over the past decade. The area has shown resilience in the face of fluctuating interest rates, maintaining a strong homeownership base. Rental markets have been more volatile, with fluctuating occupancy rates and rent prices. The recent data from 2023 and 2024 indicates continued growth in home values despite rising interest rates, suggesting a strong local housing demand. These trends point towards a potentially prosperous future for the real estate market in this zip code, with both homeownership and rental sectors showing signs of stability and growth.
