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Zip Code 60156: Average Home Values Soar as Ownership Rebounds in Lake in the Hills
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
Lake in the Hills, located in zip code 60156 in Illinois, has experienced notable shifts in homeownership rates and housing prices over the past decade. This suburban community, known for its scenic lakes and parks, has seen fluctuations in its real estate market that reflect broader economic trends and local demographic changes.
The homeownership rate in zip code 60156 has shown a general decline from 2013 to 2019, followed by a recent uptick. In 2013, the area boasted an 88% homeownership rate, which gradually decreased to 81% by 2019. However, this trend reversed in recent years, with homeownership rising to 85% in 2022. Concurrently, average home prices have demonstrated a consistent upward trajectory. In 2013, the average home price was $164,560, which steadily increased to $301,464 by 2022, representing an impressive 83% growth over this period.
The relationship between federal interest rates and homeownership rates in Lake in the Hills reveals some interesting patterns. From 2013 to 2016, as interest rates remained historically low (below 0.5%), homeownership rates declined from 88% to 82%. This counterintuitive trend might be attributed to other local economic factors. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates stabilized around 81%. Interestingly, the recent uptick in homeownership to 85% in 2022 coincided with a sharp increase in interest rates to 1.68%, suggesting that local factors may have outweighed the impact of rising borrowing costs.
Renter percentages in zip code 60156 have generally mirrored the inverse of homeownership trends. The proportion of renters increased from 12% in 2013 to a peak of 18% in 2018 and 2019, before declining slightly to 15% in 2022. Average rent prices have shown moderate fluctuations during this period. In 2013, the average rent was $1,532, which rose to $1,578 in 2016 before experiencing a slight decline to $1,500 in 2018 and 2019. By 2022, average rent had increased again to $1,544. These rental trends appear to be influenced by the area's population growth, which increased from 26,416 in 2013 to 26,997 in 2022, potentially affecting housing demand and rental rates.
Looking at the most recent data, 2023 saw average home prices in Lake in the Hills reach $322,874, a significant 7% increase from 2022. This growth continued into 2024, with average home prices climbing to $342,500, representing a further 6% increase. These substantial price increases occurred despite the Federal Reserve maintaining high interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This suggests a robust local housing market that has remained resilient in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 60156 will continue to rise, albeit potentially at a more moderate pace. Based on historical data and current market conditions, we project average home prices could reach approximately $400,000 to $425,000 by 2029. For average rent prices, the forecast suggests a gradual increase, potentially reaching around $1,800 to $1,900 per month in the same timeframe.
In summary, Lake in the Hills (60156) has demonstrated a resilient and growing housing market over the past decade. The area has seen a recent resurgence in homeownership rates, coupled with consistently rising average home prices. Despite fluctuations in federal interest rates, the local real estate market has shown strong appreciation. Rental trends have been more moderate, with recent years showing stabilization in both renter percentages and average rent prices. The robust growth in home values, even in the face of higher interest rates, suggests a continued strong demand for housing in this suburban Illinois community.
