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Zip Code 60453: Rising Home Values and Stable Ownership in Oak Lawn, 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
Oak Lawn, located in zip code 60453 in Illinois, has experienced notable shifts in homeownership rates and housing prices over the past decade. This suburban community, situated just southwest of Chicago, has maintained a strong preference for homeownership while navigating fluctuating housing market conditions.
The ownership percentage in Oak Lawn has shown remarkable stability, with a slight upward trend in recent years. In 2013, the homeownership rate stood at 81%, and by 2022, it had increased to 82%. This rise in homeownership coincided with a significant increase in average home prices. From 2013 to 2022, average home prices in the area rose from $138,520 to $249,571, representing an impressive 80.2% increase over nine years.
The relationship between federal interest rates and homeownership rates in Oak Lawn aligns with typical market behavior. As interest rates remained low from 2013 to 2020, ranging from 0.08% to 0.4%, homeownership rates remained relatively stable. However, as interest rates began to rise in 2022 to 1.68%, there was a slight increase in homeownership to 82%, possibly due to buyers rushing to secure mortgages before rates climbed further.
Renter percentages in Oak Lawn have remained relatively low but showed some fluctuation. In 2013, the renter-occupied rate was 19%, which increased slightly to 22% in 2018 before decreasing back to 18% in 2022. Average rent prices have steadily increased during this period, rising from $1,144 in 2013 to $1,361 in 2022, an increase of 18.9%. This rise in rent prices, coupled with the area's growing population, which increased from 58,352 in 2013 to 59,097 in 2022, suggests a competitive rental market despite the preference for homeownership.
In 2023 and 2024, the housing market in Oak Lawn continued to show strength. Average home prices reached $253,580 in 2023 and further increased to $264,745 in 2024, representing a 4.4% year-over-year growth. This growth occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, indicating resilience in the local housing market.
Looking ahead, predictive models suggest a continued upward trend in both average home prices and rent prices over the next five years. Average home prices are projected to increase by approximately 3-4% annually, potentially reaching around $310,000 by 2029. Average rent prices are expected to rise at a similar rate, potentially reaching $1,600 per month by 2029.
In summary, Oak Lawn (zip code 60453) has maintained a strong homeownership culture despite rising housing costs. The area has seen substantial appreciation in home values, with average prices nearly doubling from 2013 to 2024. While rental rates have fluctuated slightly, they remain relatively low, indicating a continued preference for homeownership in the community. The resilience of the housing market, even in the face of rising interest rates, suggests a robust local economy and sustained demand for housing in this suburban Chicago community.
