As homeownership increased, the percentage of renters in zip code 60549 decreased correspondingly, falling from 32% in 2016 to 15% in 2022. Despite this decline in the renter population, average rent prices have shown a general upward trend, rising from $764 in 2016 to $787 in 2022. This increase in rent prices, despite a shrinking renter pool, may be attributed to overall housing market pressures and limited rental inventory in the area.

In 2023 and 2024, the housing market in zip code 60549 continued to evolve. The average home price reached $270,802 in 2023 and further increased to $285,207 in 2024, representing a 5.3% year-over-year growth. This price appreciation occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying activity and price growth in the area.

Looking ahead, predictive models suggest that average home prices in zip code 60549 will continue to rise over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase moderately, reflecting the overall trend in the housing market. However, the rate of increase may be tempered by the area's strong preference for homeownership.

In summary, zip code 60549 has demonstrated a robust trend towards homeownership, with a significant increase in the percentage of owner-occupied homes and rising average home prices. The interplay between federal interest rates, homeownership rates, and housing prices has been evident, with low interest rates correlating with increased homeownership. As the area moves into a higher interest rate environment, it will be crucial to monitor how these trends evolve and impact both the ownership and rental markets in this Illinois community.