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Zip Code 60517: Average Home Values and Ownership Trends in Woodridge, 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 60517, located in Woodridge, Illinois, has experienced notable shifts in homeownership, average home prices, and average rent prices over the past decade. This area has maintained a relatively stable population, with a slight increase from 29,859 in 2010 to 30,865 in 2022.
The homeownership rate in zip code 60517 has shown a gradual decline from 70% in 2013 to 67% in 2022. During this period, average home prices have demonstrated a significant upward trend. In 2013, the average home price was $218,765, which increased to $343,656 by 2022, representing a 57% growth over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, coinciding with a period of relatively stable homeownership rates around 69-70%. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, homeownership rates started to decline slightly. The sharp drop in interest rates to 0.08% in 2021 did not immediately reverse this trend, possibly due to the lagged effect of economic factors and the substantial increase in home prices.
Renter percentages have shown a corresponding increase from 29% in 2013 to 33% in 2022. Average rent prices have also risen during this period, from $1,370 in 2013 to $1,574 in 2022, an increase of about 15%. The growth in both renter percentages and average rent prices suggests a shift towards renting, possibly driven by the increasing cost of homeownership and changing demographic preferences.
In 2023, the average home price in zip code 60517 reached $355,278, with federal interest rates climbing to 5.02%. The trend continued into 2024, with average home prices further increasing to $374,881 and interest rates rising to 5.33%. These figures indicate a continued upward trajectory in both home values and borrowing costs, potentially impacting affordability and homeownership rates.
Looking ahead, predictive models suggest that average home prices in zip code 60517 may continue to rise over the next five years, potentially reaching around $425,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,800 per month within the same timeframe. These projections are based on historical trends and current economic indicators but may be subject to change depending on various factors.
In summary, zip code 60517 has experienced a gradual shift from homeownership to renting, accompanied by significant increases in both average home prices and average rent prices. The interplay between federal interest rates, property values, and housing affordability has shaped these trends. As the area moves forward, it's likely to see continued growth in property values and rental costs, potentially influencing the community's demographic composition and housing preferences.
