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Zip Code 60555: Warrenville's Stable Homeownership Amidst Rising Home Values
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
Warrenville, located in zip code 60555 in Illinois, has experienced fluctuating trends in homeownership and housing prices over the past decade. This suburban area, known for its mix of residential neighborhoods and business parks, has seen relatively stable homeownership rates with slight variations in average home and rent prices.
The homeownership rate in Warrenville has remained fairly consistent, hovering around 75% from 2013 to 2022. During this period, average home prices have shown a general upward trend. In 2013, the average home price was $175,079, which increased to $287,824 by 2022, representing a significant 64% growth over nine years. This rise in home prices did not seem to significantly impact homeownership rates, suggesting a strong desire for homeownership in the area despite increasing costs.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained stable at around 75%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), there was a slight fluctuation in homeownership rates, but they generally stayed within the 74-76% range. This stability in homeownership despite rising interest rates and home prices indicates a resilient housing market in Warrenville.
Renter percentages in Warrenville have consistently been around 24-26% from 2013 to 2022. Average rent prices have shown an overall upward trend during this period. In 2013, the average rent was $1,403, which increased to $1,639 by 2022, representing a 16.8% increase. The population of Warrenville has remained relatively stable, with 16,484 residents in 2013 and 16,426 in 2022. This stability in population, coupled with the moderate increase in rent prices, suggests a balanced rental market that has kept pace with overall economic growth without experiencing dramatic shifts.
In 2023 and 2024, the housing market in Warrenville continued its upward trajectory. The average home price reached $300,598 in 2023 and further increased to $318,540 in 2024, representing a 6% year-over-year growth. This rise occurred despite a significant increase in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make mortgages more expensive, yet the continued rise in home prices suggests strong demand and potentially limited housing supply in the area.
Looking ahead, based on the trends observed, we can predict that average home prices in Warrenville are likely to continue rising over the next five years, albeit potentially at a slower rate due to higher interest rates. If the current trajectory continues, average home prices could reach approximately $360,000 to $380,000 by 2029. Rent prices are also expected to increase, potentially reaching around $1,900 to $2,000 per month in the same timeframe, assuming a similar growth rate to recent years.
In summary, Warrenville's housing market has demonstrated resilience and steady growth. The area has maintained a high rate of homeownership despite rising home prices and fluctuating interest rates. The rental market has shown moderate growth, keeping pace with overall economic trends. The recent sharp increase in interest rates has not significantly dampened the housing market, indicating strong underlying demand in the area. These trends suggest a stable and attractive housing market in Warrenville for both homeowners and renters in the coming years.
