Loading Content...
Zip Code 60484: Rising Home Values and Ownership Rates in University Park, Illinois
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
University Park, located in zip code 60484 in Illinois, has experienced notable shifts in homeownership rates and property values over the past decade. This area has seen a significant increase in homeownership, coupled with fluctuating average home prices and average rent costs.
The homeownership rate in zip code 60484 has shown a strong upward trend, rising from 62% in 2013 to 71% in 2022. This 9 percentage point increase indicates a growing preference for homeownership in the area. Concurrently, average home prices have experienced substantial growth, climbing from $69,272 in 2013 to $165,488 in 2022, representing a remarkable 138.9% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite the general trend of lower interest rates encouraging homeownership, the area saw its most significant increases in homeownership during periods of rising interest rates. For instance, from 2016 to 2022, as interest rates climbed from 0.4% to 1.68%, homeownership rates increased from 60% to 71%. This suggests that local factors may have had a stronger influence on homeownership trends than national interest rates in this particular area.
Renter percentages in zip code 60484 have inversely mirrored the homeownership trend, decreasing from 37% in 2013 to 29% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend, albeit with some fluctuations. Average rent increased from $1,090 in 2013 to $1,015 in 2022, peaking at $1,141 in 2018. The population growth from 7,649 in 2013 to 8,049 in 2022 may have contributed to maintaining demand for rental properties, even as the percentage of renters decreased.
In 2023 and 2024, average home prices in zip code 60484 continued their upward trajectory, reaching $172,499 in 2023 and $175,877 in 2024. This represents a 4.2% increase from 2022 to 2023 and a further 2% increase from 2023 to 2024. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, marking the highest rates since 2007.
Looking ahead, predictive models suggest that average home prices in zip code 60484 are likely to continue their upward trend over the next five years, albeit at a potentially slower rate due to the current high interest rate environment. Average rent prices are expected to stabilize or show moderate growth, influenced by the area's increasing homeownership rates and population growth.
In summary, zip code 60484 has demonstrated a strong shift towards homeownership, with significant appreciation in average home values. The area has shown resilience in its housing market, with increasing homeownership rates even during periods of rising interest rates. The rental market, while shrinking in terms of percentage, has maintained relatively stable average rent prices. These trends suggest a robust and evolving housing market in University Park, with potential for continued growth in property values and a sustained preference for homeownership among residents.
