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Zip Code 60478: Average Home Values and Ownership Trends in Country Club Hills, 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 60478, located in Country Club Hills, Illinois, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. This suburban area has seen a general trend of decreasing homeownership, coupled with rising average home prices and rent costs.
The homeownership rate in zip code 60478 has shown a gradual decline from 2013 to 2022. In 2013, the area boasted a high 83% homeownership rate. However, this figure decreased to 75% by 2022, representing a significant 8 percentage point drop over nine years. Interestingly, this decline in homeownership coincided with a substantial increase in average home prices. The average home price in the area rose from $80,995 in 2013 to $193,314 in 2022, marking a remarkable 138.7% increase.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 60478. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, homeownership rates remained relatively stable, hovering around 73-78%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, we observed a slight decline in homeownership rates to 75%. This trend aligns with the general understanding that higher interest rates can make homeownership less attainable due to increased borrowing costs.
As homeownership rates declined, the percentage of renters in zip code 60478 naturally increased. The renter population grew from 17% in 2013 to 25% in 2022. This shift was accompanied by fluctuations in average rent prices. In 2013, the average rent was $1,392, which increased to $1,505 in 2014. However, rent prices then experienced some volatility, ultimately settling at $1,346 in 2022. It's worth noting that despite the increase in the renter population, the overall population of the zip code decreased from 13,790 in 2013 to 13,589 in 2022, which may have influenced the rental market dynamics.
Looking at the most recent data, the average home price in zip code 60478 reached $189,925 in 2023 and slightly decreased to $188,633 in 2024. This represents a minor 0.68% decline from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and further increased to 5.33% in 2024, reaching levels not seen since before the 2008 financial crisis.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 60478 may continue to experience moderate growth, albeit at a slower pace than observed in recent years. The high interest rates could potentially dampen demand, leading to a more stable price trajectory. Average rent prices are expected to follow a similar pattern, with modest increases likely driven by the growing renter population and overall inflation trends.
In summary, zip code 60478 has witnessed a shift towards a higher proportion of renters, coupled with significant appreciation in average home values over the past decade. The interplay between federal interest rates, homeownership rates, and housing prices highlights the complex dynamics of the local real estate market. As we move forward, the area is likely to see continued evolution in its housing landscape, influenced by broader economic factors and local demographic shifts.
