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Zip Code 60564: Rising Home Values and Ownership Trends in Naperville, 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
Zip code 60564, located in Naperville, Illinois, has experienced significant changes in homeownership, average home prices, and average rent prices over the past decade. This area has seen a gradual shift in the balance between owners and renters, coupled with notable fluctuations in housing costs.
The homeownership rate in zip code 60564 has shown a slight downward trend from 2013 to 2022. In 2013, 90% of residents were homeowners, but by 2022, this figure had decreased to 86%. Conversely, the percentage of renters increased from 10% to 14% during the same period. This shift coincided with a substantial increase in average home prices. In 2013, the average home price was $370,327, which rose steadily to reach $554,562 by 2022, representing a 49.7% increase over nine years.
Federal interest rates have played a role in homeownership trends. From 2013 to 2015, interest rates remained low (0.11% to 0.13%), corresponding with high homeownership rates of 89-90%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates gradually declined to 86%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter population in zip code 60564 has grown alongside rising average rent prices. In 2013, the average rent was $1,946, increasing to $2,174 by 2022, an 11.7% increase. This rise in rent prices coincided with a population increase from 39,974 in 2013 to 45,655 in 2022, suggesting growing demand for rental properties in the area.
In 2023 and 2024, the upward trend in average home prices continued, reaching $592,952 in 2023 and $633,489 in 2024. This represents a significant 14.2% increase from 2022 to 2024. Interestingly, federal interest rates also saw a sharp increase, rising to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates in the area.
Looking ahead, predictive models suggest that average home prices in zip code 60564 could continue to rise over the next five years, potentially reaching around $750,000 by 2029 if current trends persist. Average rent prices are also expected to increase, possibly surpassing $2,400 by 2029. However, these projections are subject to various economic factors and market conditions.
In summary, zip code 60564 has experienced a gradual shift towards more renters, coinciding with substantial increases in both average home prices and average rent prices. The area has shown resilience in its housing market, with consistent growth in property values despite fluctuations in interest rates. The coming years may see continued growth in both home prices and rent, potentially affecting the balance between homeowners and renters in this Naperville community.
