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Zip Code 60430: Resilient Homeownership Amid Rising Home Values in Homewood, 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 60430, located in Homewood, Illinois, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This suburban area, situated approximately 25 miles south of Chicago, has seen fluctuations in its housing market that reflect both local and national economic trends.
The homeownership rate in zip code 60430 has shown a slight decline from 2013 to 2022, with some fluctuations in between. In 2013, the homeownership rate was 82%, which gradually decreased to 76% by 2019. However, there was a modest recovery in recent years, with the rate increasing to 79% in 2022. This trend correlates interestingly with the average home prices in the area. In 2013, the average home price was $113,933, which steadily increased to $229,586 by 2022, representing a substantial 101.5% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low from 2013 to 2016, hovering around 0.1% to 0.4%, the homeownership rate experienced a slight decline from 82% to 77%. However, as interest rates began to rise more significantly from 2017 to 2019, reaching 2.16% in 2019, the homeownership rate stabilized around 76-77%. Interestingly, when interest rates dropped dramatically in 2020 and 2021 to near-zero levels, there was a noticeable uptick in homeownership, reaching 79% by 2022.
The renter percentage in zip code 60430 has shown an inverse relationship to homeownership rates, naturally. From 2013 to 2019, the renter percentage increased from 18% to 24%, coinciding with the period of declining homeownership. However, from 2020 to 2022, the renter percentage decreased slightly to 21%. Average rent prices have fluctuated over this period, starting at $1,347 in 2013, peaking at $1,495 in 2017, and then settling at $1,421 in 2022. These fluctuations in rent prices don't show a strong correlation with the renter percentage, suggesting other factors like local economic conditions and housing supply may play a more significant role.
In 2023 and 2024, the housing market in zip code 60430 continued to evolve. The average home price in 2023 was $232,677, showing a modest increase from 2022. In 2024, the average home price further rose to $239,004, indicating a continued upward trend in property values. Concurrently, federal interest rates increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and property values in the area.
Looking ahead, based on the historical data and current trends, we can project potential scenarios for the next five years. If the current trajectory continues, average home prices in zip code 60430 could potentially reach around $275,000 to $300,000 by 2029. Average rent prices, which have shown more stability, might increase moderately to approximately $1,550 to $1,600 per month. However, these projections are subject to various factors including economic conditions, local development, and broader housing market trends.
In summary, zip code 60430 has experienced a gradual increase in average home prices over the past decade, with a recent acceleration in growth. Homeownership rates have fluctuated but shown resilience, especially in recent years. The rental market has remained relatively stable in terms of pricing, with slight fluctuations in the renter percentage. The interplay between interest rates, home prices, and ownership rates highlights the complex dynamics of the local housing market, which continues to evolve in response to broader economic factors.
