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Zip Code 60173: Rising Home Values and Stable Ownership in Schaumburg, Illinois
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 60173, located in Schaumburg, Illinois, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown a dynamic real estate market with fluctuating trends in both ownership and rental sectors. The homeownership rate in zip code 60173 has remained relatively stable, with slight fluctuations between 36% and 40% from 2013 to 2022. Despite these minor variations, the average home prices have shown a consistent upward trend. In 2013, the average home price was $188,654, which increased to $287,625 by 2022, representing a substantial growth of 52.5% over this period. This trend suggests that while the proportion of homeowners remained relatively constant, the value of properties in the area appreciated significantly. Federal interest rates have played a role in homeownership trends in zip code 60173. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), the homeownership rate remained stable around 36-37%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate slightly increased to 39%, possibly indicating that some residents were motivated to purchase homes before rates climbed further.
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The rental market in zip code 60173 has also shown interesting trends. The percentage of renters fluctuated between 60% and 64% from 2013 to 2022. Concurrently, average rent prices increased from $1,348 in 2013 to $1,513 in 2022, a 12.2% increase. This rise in average rent prices, while significant, was not as steep as the increase in average home prices during the same period. The population in the zip code also grew from 13,125 in 2013 to 14,653 in 2022, potentially contributing to the increased demand for rental properties and the subsequent rise in average rent prices.
In 2023 and 2024, the real estate market in zip code 60173 continued its upward trajectory. The average home price reached $300,617 in 2023 and further increased to $321,320 in 2024, representing a 6.9% year-over-year growth. This growth occurred despite the Federal interest rates rising significantly to 5.02% in 2023 and 5.33% in 2024, indicating a robust local housing market that maintained its momentum even in the face of higher borrowing costs.
Looking ahead, based on the historical data and current trends, we can forecast the following 5-year trends for average home and rent prices in zip code 60173: Average home prices are projected to continue their upward trend, potentially reaching around $375,000 by 2029, assuming a conservative annual growth rate of 3-4%. Average rent prices are expected to increase at a more moderate pace, potentially reaching approximately $1,750 by 2029, based on an estimated annual growth rate of 2-3%.
In summary, zip code 60173 has demonstrated a strong and resilient real estate market over the past decade. The area has seen substantial appreciation in average home values, steady growth in average rent prices, and relatively stable homeownership rates. Despite rising interest rates, the housing market has continued to show strength, with both average home prices and average rent prices increasing. These trends suggest that the area remains attractive to both homeowners and renters, likely due to its location, amenities, or economic opportunities in the broader Schaumburg area.
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