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Zip Code 60444: Rising Home Values and Ownership Rates in Mazon, 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 60444, located in Mazon, Illinois, presents an interesting case study of homeownership and rental trends. This area has experienced significant fluctuations in its housing market over the past decade, with notable shifts in ownership percentages, average home prices, and average rent prices.
The homeownership rate in zip code 60444 has shown a remarkable increase from 2013 to 2022. In 2013, the ownership rate stood at 77%, and by 2022, it had risen to 82%. This 5 percentage point increase indicates a growing preference for homeownership in the area. Concurrently, average home prices have demonstrated a consistent upward trend. In 2013, the average home price was $164,972, and by 2022, it had risen to $232,691, representing a substantial 41% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code is noteworthy. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership actually decreased from 77% to 68%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates paradoxically increased to 82%. This trend suggests that factors other than interest rates, such as local economic conditions or housing supply, may have played a more significant role in driving homeownership in this area.
Renter percentages and average rent prices in zip code 60444 have shown an inverse relationship to homeownership trends. The percentage of renters decreased from 23% in 2013 to 17% in 2022. Despite this decrease in renter population, average rent prices have generally increased. In 2013, the average rent was $926, and by 2022, it had risen to $930, showing a modest increase of 0.4%. It's worth noting that rent prices peaked in 2021 at $1,012 before slightly decreasing in 2022.
In 2023 and 2024, the housing market in zip code 60444 continued its upward trajectory. The average home price in 2023 reached $242,661, a 4.3% increase from 2022. In 2024, it further climbed to $253,172, representing a 4.3% year-over-year increase. These price increases occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024.
Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are expected to stabilize or show modest increases, influenced by the high homeownership rate and limited rental inventory in the area.
In summary, zip code 60444 has experienced a significant increase in homeownership rates and average home prices over the past decade, defying typical correlations with interest rates. The rental market has seen a decrease in the percentage of renters, with relatively stable average rent prices. The continued rise in home prices, even in the face of higher interest rates, suggests a robust local housing market with strong demand for homeownership.
