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Zip Code 60439: Rising Home Values and Ownership in Lemont's Suburban Oasis
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
Lemont, located in zip code 60439 in Illinois, has experienced notable shifts in homeownership rates and property values over the past decade. This suburban community, known for its historic downtown and proximity to nature preserves, has seen an overall trend of increasing home prices and fluctuating rental markets.
The homeownership rate in Lemont has shown resilience and growth in recent years. From 2013 to 2022, the percentage of owner-occupied homes increased from 87% to 88%. This rise in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $319,026, which steadily climbed to $474,535 by 2022, representing a substantial 48.7% increase over nine years.
Federal interest rates have played a crucial role in shaping homeownership trends in Lemont. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained stable at around 82-83%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership surprisingly increased to 88%. This suggests that other factors, such as local economic conditions or housing market dynamics, may have had a stronger influence on homeownership in Lemont than national interest rates alone.
The rental market in Lemont has shown interesting dynamics. The percentage of renters fluctuated between 12% and 17% from 2013 to 2022. Average rent prices increased from $1,166 in 2013 to $1,405 in 2022, a 20.5% rise. Notably, there was a peak in average rent at $1,411 in 2017, coinciding with the highest renter percentage of 17%. The population growth from 24,412 in 2013 to 25,408 in 2022 may have contributed to the overall increase in rental demand and prices.
In 2023 and 2024, Lemont continued to see growth in average home prices. The average home price reached $492,674 in 2023 and further increased to $510,425 in 2024, representing a 3.8% year-over-year growth. This occurred despite the Federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, suggesting strong local demand for housing in the area.
Looking ahead, predictive models suggest that average home prices in Lemont will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $550,000 to $575,000 by 2029. Rent prices are also expected to increase, potentially reaching an average of $1,550 to $1,600 per month in the same timeframe, driven by population growth and housing demand.
In summary, Lemont has demonstrated a robust housing market with increasing homeownership rates and rising property values. The community has shown resilience in the face of fluctuating interest rates, with home prices consistently appreciating. The rental market, while smaller, has also seen growth in both demand and prices. These trends suggest that Lemont remains an attractive location for both homeowners and investors, with potential for continued growth in the real estate market.
