Loading Content...
Zip Code 60561: Rising Home Values and Shifting Ownership Trends in Darien, 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 60561, located in Darien, Illinois, represents a suburban area with a unique blend of residential stability and evolving housing dynamics. Over the past decade, this area has experienced notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 60561 has shown a gradual decline from 83% in 2013 to 79% in 2022. This trend coincides with a significant increase in average home prices, which rose from $279,872 in 2010 to $375,374 in 2022, representing a 34% increase over 12 years. The inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%, which typically encourages homeownership. However, the gradual increase in interest rates from 2016 onwards, reaching 1.68% in 2022, coincided with the decline in homeownership rates. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging home purchases.
As homeownership rates decreased, the percentage of renters in zip code 60561 increased from 16% in 2013 to 21% in 2022. This shift was accompanied by a rise in average rent prices, which grew from $1,424 in 2013 to $1,689 in 2022, an increase of 18.6% over nine years. The population remained relatively stable during this period, suggesting that the increase in renters and rent prices was not primarily driven by population growth but rather by changing housing preferences or affordability issues.
In 2023 and 2024, the housing market in zip code 60561 continued to evolve. The average home price reached $389,054 in 2023 and further increased to $410,682 in 2024, representing a substantial 9.4% growth over two years. This price surge occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These high interest rates typically discourage home buying, yet the continued rise in home prices suggests strong demand or limited housing supply in the area.
Looking ahead, predictive models forecast a continued upward trend in both average home prices and rent prices over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $475,000 by 2029. Average rent prices are expected to rise at a similar rate, potentially reaching $1,900-$2,000 per month by 2029. These projections assume relatively stable economic conditions and continued demand for housing in the area.
In summary, zip code 60561 has experienced a gradual shift from homeownership to renting, driven by rising home prices and changing interest rates. The area has seen substantial appreciation in property values and rent prices, outpacing national averages. The recent surge in home prices, despite high interest rates, indicates strong market resilience. As the housing landscape continues to evolve, both homeowners and renters in this zip code can anticipate a dynamic and potentially more expensive housing market in the coming years.
