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Zip Code 60302: Rising Home Values and Stable Ownership in Oak Park's Historic Suburban Area
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
Oak Park, located in zip code 60302 in Illinois, is a vibrant community known for its architectural heritage, including several Frank Lloyd Wright-designed homes. This area has experienced fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increasing average home prices and stabilizing ownership percentages.
The homeownership rate in zip code 60302 has remained relatively stable, hovering around 60% from 2013 to 2022. During this period, average home prices have shown an overall upward trend. In 2013, the average home price was $284,526, which increased to $377,289 by 2022, representing a substantial 32.6% increase over nine years. This rise in home prices, despite the stability in homeownership rates, suggests a strong demand for housing in the area and potentially increasing property values.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate in the area declined slightly from 60% to 57%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), the homeownership rate actually increased back to 59%. This counter-intuitive trend might be attributed to other local factors or buyer behavior in anticipation of further rate increases.
Regarding rental trends, the percentage of renters in zip code 60302 has remained relatively stable, fluctuating between 40% and 43% from 2013 to 2022. Average rent prices have shown a consistent upward trend during this period. In 2013, the average rent was $1,138, which increased to $1,304 by 2022, representing a 14.6% increase. This rise in rent prices, coupled with the stable renter population, indicates a steady demand for rental properties in the area.
In 2023 and 2024, the average home prices in zip code 60302 continued to rise. The average home price reached $379,354 in 2023 and further increased to $391,680 in 2024. This represents a 3.8% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 60302 may continue to rise over the next five years, potentially reaching around $450,000 by 2029. Average rent prices could also see a continued increase, potentially surpassing $1,500 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 60302 has demonstrated resilience in its housing market, with stable homeownership rates amidst rising home prices. The rental market has also shown steady growth in prices while maintaining a consistent renter population. The recent significant increases in interest rates, coupled with continuing rises in home prices, may present new challenges and opportunities for both homeowners and renters in this area in the coming years.
