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Zip Code 60472: Rising Home Values and Ownership in Robbins, 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 60472, located in Robbins, Illinois, has experienced significant shifts in homeownership rates and property values over the past decade. This area has seen a notable increase in owner-occupied housing, coupled with substantial growth in average home prices, particularly in recent years. The ownership percentage in zip code 60472 has shown a clear upward trend, rising from 48% in 2015 to 60% in 2022. This increase in homeownership coincides with a dramatic rise in average home prices. In 2015, the average home price was $28,814, but by 2022, it had nearly tripled to $85,356. This strong positive correlation between homeownership rates and average home prices suggests that as property values increased, more residents were motivated or able to purchase homes in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 60472. From 2015 to 2020, interest rates remained relatively low, ranging from 0.13% to 2.16%. This period of low interest rates coincided with the steady increase in homeownership rates, from 48% in 2015 to 57% in 2020. The accessibility of affordable financing options likely contributed to this growth in homeownership.
Conversely, the renter percentage in zip code 60472 has decreased from 52% in 2015 to 40% in 2022. Despite this decline in the renter population, average rent prices have shown some fluctuation. In 2015, the average rent was $963, rising to $991 in 2016 before gradually decreasing to $907 in 2020. However, there was a significant jump to $1,065 in 2021, followed by a return to $907 in 2022. These fluctuations in rent prices, despite the decreasing renter population, may be influenced by broader economic factors and housing market conditions in the area.
Looking at the most recent data, the average home price in zip code 60472 continued to rise, reaching $88,056 in 2023 and $95,890 in 2024. This represents a 3.16% increase from 2022 to 2023 and an 8.9% increase from 2023 to 2024. Notably, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the continued rise in home prices suggests strong demand in the local housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 60472 will continue to increase, potentially reaching around $120,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a more modest increase, potentially reaching an average of $1,200 per month by 2029, assuming the local economy remains stable and demand for rental properties continues.
In summary, zip code 60472 has experienced a significant shift towards homeownership, with a 12 percentage point increase from 2015 to 2022. This trend has been accompanied by a substantial rise in average home prices, which have more than tripled since 2015. Despite fluctuations in average rent prices, the overall trend points towards a strengthening housing market in this area. The continued rise in home prices, even in the face of increasing interest rates, suggests a robust local real estate market with potential for further growth in the coming years.
