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Zip Code 60192: High Homeownership and Rising Home Values in Hoffman Estates, 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
Hoffman Estates, located in zip code 60192 in Illinois, presents an intriguing case study of homeownership and rental trends. This suburban community has experienced fluctuations in its ownership rates and housing prices over the past decade, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 60192 has remained relatively stable, with a slight decrease from 91% in 2013 to 89% in 2022. During this same period, average home prices have shown a consistent upward trend, rising from $282,796 in 2013 to $412,697 in 2022, representing a substantial increase of 46%. This trend suggests that despite rising home values, the area has maintained a strong base of homeowners.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. As interest rates remained low between 2013 and 2021, ranging from 0.08% to 0.4%, the homeownership rate experienced only minor fluctuations, staying above 87%. However, the slight decrease in homeownership from 91% in 2013 to 89% in 2022 occurred despite these low interest rates, indicating that other factors may have influenced homeownership decisions in the area.
Renter percentages in zip code 60192 have shown a modest increase from 8% in 2013 to 11% in 2022. Correspondingly, average rent prices have risen from $1,954 in 2013 to $2,124 in 2022, an increase of approximately 8.7%. This growth in both renter percentage and rent prices suggests a gradual shift towards more rental properties in the area, possibly due to increasing home prices making homeownership less accessible for some residents.
In 2023 and 2024, average home prices in zip code 60192 continued their upward trajectory, reaching $430,182 in 2023 and $452,149 in 2024. This represents a further increase of 9.6% from 2022 to 2024. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in zip code 60192 are likely to continue their upward trend over the next five years, potentially reaching around $500,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $2,300 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 60192 in Hoffman Estates has maintained a high rate of homeownership despite rising home prices. The area has seen a gradual increase in renters and rent prices, reflecting changing market dynamics. With continued growth in both home values and rent prices expected, the community may face challenges in maintaining its current homeownership levels, especially in light of rising interest rates.
