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Zip Code 60459: Rising Home Values and Shifting Ownership Trends in Burbank, 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 60459, located in Burbank, Illinois, is a suburban area with a rich history of demographic shifts and real estate trends. Over the past decade, this zip code has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 60459 has remained relatively stable, with a slight decrease from 81% in 2013 to 81% in 2022. During this period, average home prices have shown a significant upward trend. In 2013, the average home price was $135,766, which steadily increased to $258,539 by 2022, representing a substantial 90.4% growth over nine years. This rise in home values did not significantly impact homeownership rates, suggesting that other factors, such as local economic conditions or demographics, may have played a role in maintaining high ownership levels.
Federal interest rates have had a notable influence on homeownership trends in zip code 60459. In 2013, when interest rates were at a low 0.11%, the homeownership rate was 81%. As interest rates remained low through 2020 (0.38%), homeownership rates stayed consistent. However, the slight decrease in ownership to 80% in 2021, coinciding with interest rates dropping to 0.08%, suggests that factors beyond interest rates, such as local market conditions or economic uncertainty, may have influenced homebuying decisions.
Renter percentages in zip code 60459 have shown a slight increase, moving from 17% in 2013 to 19% in 2022. This trend coincides with changes in average rent prices. In 2013, the average rent was $1,163, which increased to $1,207 by 2022, representing a 3.8% rise over nine years. The population in the zip code has remained relatively stable, growing from 27,438 in 2013 to 27,672 in 2022, a modest 0.9% increase. This stability in population, coupled with the slight increase in renter percentages, suggests a gradual shift towards renting, possibly due to rising home prices or changing lifestyle preferences among residents.
In 2023, the average home price in zip code 60459 reached $264,145, continuing the upward trend from previous years. This represents a 2.2% increase from 2022. The federal interest rate in 2023 was 5.02%, significantly higher than in recent years. Moving into 2024, the average home price has further increased to $276,368, a 4.6% rise from 2023. The federal interest rate for 2024 stands at 5.33%, slightly higher than the previous year. These figures indicate a continuing appreciation in home values despite higher interest rates, which could potentially impact affordability and future homeownership rates in the area.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in zip code 60459 are likely to continue their upward trajectory, albeit possibly at a more moderate pace due to higher interest rates. A conservative estimate might see average home prices reaching around $320,000 by 2029. Average rent prices, which have shown more modest growth, may continue to increase gradually, potentially reaching about $1,350 by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 60459 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The slight shift towards renting, coupled with moderate rent price increases, suggests a changing housing landscape. The area's stable population and consistent demand for housing indicate a robust local real estate market. As we move forward, the interplay between rising home values, interest rates, and demographic shifts will continue to shape the housing trends in this suburban Illinois community.
