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ZIP Code 60189: Rising Home Values and Ownership Rates in Wheaton, 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 60189, located in Wheaton, Illinois, showcases an interesting dynamic between homeownership and rental trends over the past decade. This suburban area has experienced notable fluctuations in population density and housing market conditions, reflecting broader economic shifts and local developments. The homeownership rate in zip code 60189 has shown a gradual increase from 77% in 2013 to 80% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices, which grew from $296,576 in 2013 to $416,808 in 2022, representing a 40.5% increase over nine years. The relationship between homeownership rates and average home prices suggests that despite rising costs, residents in this area have maintained a strong preference for owning their homes.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 60189. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%, which likely contributed to the stability in homeownership rates during this time. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observe a slight increase in homeownership from 77% to 78%, possibly indicating that residents were motivated to purchase homes before rates climbed further.
Renter percentages in zip code 60189 have shown a corresponding decline, from 23% in 2013 to 20% in 2022. Interestingly, this decrease in the rental population has been accompanied by a steady increase in average rent prices. The average rent rose from $1,393 in 2013 to $1,766 in 2022, a 26.8% increase. This trend suggests that while fewer residents are renting, those who do are facing higher costs, possibly due to increased demand for higher-quality rental properties or limited rental inventory in the area.
In 2023 and 2024, the housing market in zip code 60189 continued its upward trajectory. The average home price reached $437,298 in 2023 and further increased to $466,074 in 2024, representing a 11.8% 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. These higher interest rates would typically be expected to cool the housing market, but the continued price appreciation suggests strong underlying demand in this area.
Looking ahead, predictive models forecast a continued upward trend in both average home prices and rent prices over the next five years. Average home prices are projected to potentially reach around $550,000 by 2029, assuming a similar growth rate to recent years. Average rent prices could approach $2,200 per month in the same timeframe, based on historical trends.
In summary, zip code 60189 has demonstrated a resilient housing market characterized by increasing homeownership rates and rising property values. The area has maintained its attractiveness to homeowners despite significant price appreciation and recent interest rate hikes. The rental market, while shrinking in terms of percentage of residents, has seen consistent increases in average rents. These trends point to a community with strong demand for housing and a preference for homeownership, likely driven by factors such as local amenities, quality of life, and economic opportunities in the Wheaton area.
