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Zip Code 60163: Rising Home Values and Strong Homeownership Trends in Berkeley, 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 60163, located in Berkeley, Illinois, has experienced significant shifts in homeownership rates and property values over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, while average rent prices have fluctuated.
The homeownership rate in zip code 60163 has shown a notable upward trend, increasing from 75% in 2015 to 86% in 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2015, the average home price was $138,852, which steadily climbed to $248,258 by 2022, representing a 78.8% increase over seven years. This trend suggests a strong correlation between rising property values and increased homeownership in the area.
Federal interest rates have played a significant role in shaping homeownership trends. From 2015 to 2020, interest rates remained relatively low, ranging from 0.13% to 2.16%. This period of low interest rates corresponded with the increase in homeownership rates from 75% to 85%. The accessibility of affordable financing options likely contributed to this trend, making homeownership more attainable for residents in the 60163 zip code.
Conversely, the percentage of renters in the area decreased from 25% in 2015 to 14% in 2022. Despite this decline in the renter population, average rent prices showed some volatility. The average rent reached a peak of $1,181 in 2017 before declining to $1,059 in 2022. This fluctuation in rent prices, coupled with the decreasing renter population, suggests a complex rental market dynamic in the area.
Looking at the most recent data, the average home price in zip code 60163 continued its upward trajectory, reaching $256,988 in 2023 and further increasing to $270,167 in 2024. This represents a 8.8% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the previous years.
Applying predictive models to forecast trends over the next five years, we anticipate that average home prices in zip code 60163 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $310,000 to $330,000. Average rent prices are expected to stabilize and potentially increase moderately, possibly reaching $1,200 to $1,300 per month by 2029.
In summary, zip code 60163 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. The area has shown resilience in its housing market, with consistent growth in average home prices even in the face of fluctuating economic conditions. The interplay between federal interest rates, homeownership rates, and property values highlights the dynamic nature of the local real estate market. As the area continues to evolve, it will be crucial to monitor these trends and their impact on the community's housing landscape.
