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Zip Code 60559: Rising Home Values and Ownership Trends in Westmont, 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
The zip code 60559 represents Westmont in Illinois, a suburban community located about 22 miles west of Chicago. This area has experienced fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increased homeownership and rising property values.
From 2013 to 2022, the percentage of owner-occupied homes in Westmont increased from 56% to 60%. This upward trend in homeownership coincided with a significant rise in average home prices. In 2013, the average home price in the area was $226,265, which steadily increased to $333,183 by 2022, representing a 47% increase over this period. The most substantial year-over-year growth occurred between 2020 and 2021, with average home prices jumping from $291,100 to $314,451, a 8% increase in just one year.
The relationship between federal interest rates and homeownership rates in Westmont shows an interesting pattern. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.4%, homeownership rates increased only moderately from 56% to 59%. However, as interest rates began to rise more sharply in 2022 to 1.68%, homeownership still increased to 60%. This suggests that factors beyond just interest rates, such as local economic conditions and housing supply, may have played a significant role in driving homeownership trends in this area.
Regarding rental trends, the percentage of renter-occupied homes in Westmont decreased from 44% in 2013 to 40% in 2022. Despite this decrease in the renter population, average rent prices showed an overall upward trend. In 2013, the average rent was $1,159, which increased to $1,314 by 2022, representing a 13.4% increase over this period. The highest average rent was recorded in 2021 at $1,375, before slightly decreasing in 2022. This trend suggests that even with a smaller proportion of renters, demand for rental properties remained strong enough to support rising prices.
Looking at the most recent data, average home prices in Westmont continued to rise, reaching $342,230 in 2023 and $360,274 in 2024. This represents a significant 8.1% increase from 2023 to 2024. Concurrently, federal interest rates have also increased substantially, rising from 5.02% in 2023 to 5.33% in 2024. Despite these higher interest rates, which typically make mortgages more expensive, home prices in the area have continued to appreciate, indicating strong demand for housing in this zip code.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Westmont to continue their upward trajectory, potentially reaching around $425,000 by 2029. This projection is based on the consistent growth pattern observed over the past decade. For average rent prices, the forecast suggests a more moderate increase, potentially reaching approximately $1,500 by 2029, assuming the trend of gradual increases continues.
In summary, Westmont (zip code 60559) has experienced a notable increase in homeownership rates and substantial growth in average home prices over the past decade. Despite fluctuations in federal interest rates, the local housing market has remained robust, with both home prices and rent costs showing an overall upward trend. The area's proximity to Chicago and its suburban character likely contribute to its attractiveness for both homeowners and renters, driving continued demand and price appreciation in the housing market.
