Loading Content...
Zip Code 60431: Rising Home Values and Shifting Ownership Patterns in Joliet, Illinois
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 60431, located in Joliet, Illinois, has experienced significant demographic and housing market changes over the past decade. This area has seen a gradual shift in homeownership rates and fluctuations in average home and rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 60431 has shown a slight decline from 2013 to 2022, with a minor rebound in recent years. In 2013, the homeownership rate stood at 89%, gradually decreasing to 82% by 2020. However, there was a slight increase to 84% in 2022. This trend coincides with changes in average home prices, which have shown substantial growth over the same period. In 2013, the average home price was $167,331, rising steadily to reach $296,858 by 2022, representing a 77.4% increase over nine years.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. From 2013 to 2020, when interest rates were historically low (ranging from 0.11% to 0.38%), homeownership rates slightly declined. This suggests that other factors, such as local economic conditions or housing supply, may have had a more significant impact on homeownership than interest rates alone in this zip code.
Renter percentages in zip code 60431 have shown a gradual increase from 11% in 2013 to 16% in 2022, with a peak of 18% in 2021. This trend corresponds with fluctuations in average rent prices. In 2013, the average rent was $1,655, which decreased to $1,495 in 2017 before rising again to $1,539 in 2022. The population growth from 19,126 in 2013 to 21,056 in 2022 may have contributed to the increased demand for rental properties, despite the slight decrease in average rent prices over this period.
In 2023 and 2024, the average home prices in zip code 60431 continued to rise, reaching $306,758 in 2023 and $318,102 in 2024. This represents a 3.4% increase from 2023 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 60431 will continue to rise, potentially reaching around $350,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices are expected to follow a similar trajectory, potentially increasing to approximately $1,700 per month by 2029, assuming the local economy remains stable and population growth continues.
In summary, zip code 60431 has demonstrated resilience in its housing market, with a slight shift towards renting and consistent growth in average home prices. The area has maintained a high homeownership rate despite increasing home prices and recent rises in interest rates. The coming years may see continued appreciation in both home values and rent prices, potentially influenced by broader economic factors and local market conditions.
