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Zip Code 60513: Rising Home Values and Stable Ownership in Brookfield, 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
Brookfield, located in zip code 60513 in Illinois, is a suburban community that has experienced notable shifts in homeownership rates and property values over the past decade. The homeownership rate in Brookfield has shown an upward trend, increasing from 75% in 2013 to 79% in 2022. This rise in homeownership coincided with a significant increase in average home prices, which rose from $181,695 in 2013 to $298,389 in 2022, representing a 64% increase over nine years.
Federal interest rates have played a crucial role in shaping homeownership trends in Brookfield. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the increase in homeownership rates. However, as interest rates began to rise sharply in 2022 (1.68%) and 2023 (5.02%), it will be interesting to observe how this affects future homeownership rates in the area.
The rental market in Brookfield has experienced some fluctuations over the years. The percentage of renters decreased from 24% in 2013 to 21% in 2022. Despite this decrease in the renter population, average rent prices have remained relatively stable, slightly decreasing from $1,247 in 2013 to $1,166 in 2022. This stability in rent prices, coupled with rising home values, may have contributed to the shift towards homeownership in the area.
As of 2024, the average home price in Brookfield has reached $322,485, showing a continued upward trend from previous years. This represents a 7.9% increase from the 2022 average of $298,389. The federal interest rate for 2024 stands at 5.33%, which is slightly higher than the 2023 rate of 5.02%. These figures indicate a continuing trend of rising home values, even in the face of higher interest rates.
Looking ahead, based on the historical data and current trends, we can project some potential scenarios for the next five years. If the current trajectory continues, average home prices in Brookfield could potentially reach around $380,000 by 2029, assuming a consistent annual growth rate similar to recent years. Rent prices, which have been relatively stable, might see a modest increase to approximately $1,250 per month by 2029 if they start to align more closely with rising property values.
In summary, Brookfield (60513) has experienced a notable increase in homeownership rates and significant growth in average home prices over the past decade. The stability of rent prices, combined with rising property values, has likely contributed to the shift towards homeownership. As interest rates continue to rise, it will be crucial to monitor how this affects both the housing market and homeownership trends in the area. The community appears to be in a phase of steady growth and increasing property values, making it an area of interest for both current residents and potential homebuyers.
