Loading Content...
Zip Code 60531: Rising Home Values and Shifting Ownership in Leland, 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
Zip code 60531, located in Leland, Illinois, presents an interesting case study of housing trends over the past decade. This rural area has seen significant fluctuations in homeownership rates and property values, reflecting broader economic shifts and local demographic changes. The homeownership rate in zip code 60531 has experienced a notable decline from 2013 to 2022. In 2013, 82% of residents owned their homes, but by 2022, this figure had dropped to 75%. Despite this decline, average home prices have shown a consistent upward trend. In 2013, the average home price was $144,309, which steadily increased to $233,227 by 2022, representing a substantial 61.6% increase over nine years. Federal interest rates appear to have played a role in homeownership trends in the area. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%, which coincided with the highest homeownership rates in the dataset (81-83%). As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates declined. This trend aligns with the general economic principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
Renter percentages in zip code 60531 have inversely mirrored the homeownership trend, increasing from 18% in 2013 to 25% in 2022. Interestingly, average rent prices have not shown a consistent upward trend despite the increase in renters. Average rent fluctuated between $885 and $961 from 2013 to 2019, before jumping significantly to $1,193 in 2020 and reaching $1,167 in 2022. This 31.9% increase in average rent from 2019 to 2022 coincided with a population increase from 2,897 to 3,327 during the same period, suggesting that growing demand for rental properties may have driven up prices.
Looking at the most recent data, the average home price in zip code 60531 reached $236,296 in 2023 and further increased to $252,432 in 2024. This represents a 7.8% year-over-year increase, indicating a continuation of the strong upward trend in property values. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and property demand.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 60531 will continue to rise, potentially reaching around $300,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the recent acceleration in price growth. Average rent prices are also expected to increase, potentially surpassing $1,500 per month within the next five years, driven by the growing renter population and overall housing demand in the area.
In summary, zip code 60531 has experienced a shift towards more renters and fewer homeowners over the past decade, likely influenced by rising property values and fluctuating interest rates. Despite this trend, both average home prices and rent have shown significant increases, particularly in recent years. The area's growing population and the continued upward trajectory of property values suggest that Leland may be becoming an increasingly attractive location for both residents and investors.
