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Zip Code 60429: Average Home Values and Ownership Trends in Hazel Crest, 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 60429, located in Hazel Crest, Illinois, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of decreasing homeownership, coupled with fluctuating average home prices and steadily increasing average rent prices.
The homeownership rate in zip code 60429 has shown a notable decline from 2013 to 2020, dropping from 69% to 61%. This downward trend coincided with a substantial increase in average home prices, which rose from $49,718 in 2013 to $114,905 in 2020, representing a 131% increase. However, there was a reversal in this trend starting in 2021, with homeownership rates rising to 67% by 2022, despite average home prices continuing to climb to $165,755 in 2022.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 60429. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%, which likely contributed to the initial stability in homeownership rates. As interest rates began to rise from 2016 onwards, reaching 2.16% in 2019, we observed a corresponding decline in homeownership. The sharp drop in interest rates to 0.08% in 2021 coincided with a rebound in homeownership rates, suggesting that lower financing costs may have encouraged more residents to purchase homes.
Renter percentages in zip code 60429 generally mirrored the inverse of homeownership trends, increasing from 31% in 2013 to 39% in 2020, before decreasing to 33% in 2022. Average rent prices showed a steady upward trajectory, rising from $1,488 in 2013 to $1,739 in 2020, representing a 17% increase. It's worth noting that despite the recent decrease in renter percentages, average rent prices continued to rise, reaching $1,689 in 2022. This trend occurred alongside a population decrease from 16,579 in 2013 to 14,736 in 2022, suggesting that factors beyond simple supply and demand may be influencing rent prices in the area.
Looking at the most recent data, average home prices in zip code 60429 slightly decreased from $165,755 in 2022 to $165,690 in 2023, before showing a modest increase to $166,955 in 2024. This relative stability in home prices comes despite a significant increase in federal interest rates, which rose from 1.68% in 2022 to 5.02% in 2023 and further to 5.33% in 2024. This suggests that the local housing market has remained resilient in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 60429 will continue to show moderate growth, potentially reaching around $180,000 by 2029. Average rent prices are expected to maintain their upward trajectory, potentially surpassing $1,900 per month within the same timeframe. These projections assume relatively stable economic conditions and no major disruptions to the local housing market.
In summary, zip code 60429 has experienced a complex interplay between homeownership rates, housing prices, and rental markets over the past decade. The area has seen a recent rebound in homeownership despite rising home prices, while rental rates have fluctuated but generally trended upwards. The resilience of the housing market in the face of rising interest rates suggests a strong underlying demand for housing in this area. Moving forward, both the ownership and rental markets in zip code 60429 are poised for continued growth, albeit at a potentially more moderate pace than seen in recent years.
