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Zip Code 60408: Rising Home Values and Strong Ownership Trends in Braidwood, 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 60408, located in Braidwood, Illinois, has experienced fluctuating homeownership rates and housing prices over the past decade. This area, known for its small-town charm and proximity to the Braidwood Nuclear Generating Station, has seen a general trend of increasing average home prices, while homeownership rates have remained relatively stable with some minor fluctuations.
The homeownership rate in zip code 60408 has shown resilience, maintaining a range between 73% and 80% from 2013 to 2022. As average home prices increased from $128,596 in 2013 to $210,077 in 2022, a substantial 63.4% rise, the homeownership rate actually increased slightly from 80% to 80% during this period. This suggests that despite rising home prices, residents in this area have continued to prioritize homeownership.
Federal interest rates have played a significant role in homeownership trends. In 2013, when interest rates were at a low 0.11%, homeownership stood at 80%. As interest rates gradually increased to 1.68% by 2022, homeownership remained stable at 80%. This resilience in homeownership, despite rising interest rates and home prices, indicates a strong preference for owning rather than renting in this community.
The renter population in zip code 60408 has shown some variability, with the percentage of renters fluctuating between 20% and 27% from 2013 to 2022. Average rent prices have also seen ups and downs, starting at $1,053 in 2013, peaking at $1,188 in 2016, and then settling at $1,068 in 2022. The population decreased slightly from 6,337 in 2013 to 6,139 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, the housing market in zip code 60408 continued its upward trajectory. The average home price rose to $225,590 in 2023 and further increased to $241,722 in 2024, representing a 15.1% increase over two years. This growth occurred despite federal interest rates climbing to 5.02% in 2023 and 5.33% in 2024, suggesting strong demand for housing in the area even in a higher interest rate environment.
Looking ahead, based on historical trends and current market conditions, we can forecast continued growth in both home prices and rent in zip code 60408. Average home prices are projected to reach approximately $275,000 by 2029, assuming a steady annual increase of about 2.5-3%. Average rent prices are expected to follow a similar upward trend, potentially reaching around $1,200 per month by 2029, factoring in an annual increase of about 2-2.5%.
In summary, zip code 60408 has demonstrated a robust housing market characterized by stable homeownership rates despite rising home prices. The area has shown resilience to increasing interest rates, maintaining a strong preference for homeownership. While the rental market has experienced some fluctuations, both home prices and rents are expected to continue their upward trajectory in the coming years, reflecting the ongoing demand for housing in this Illinois community.
