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Zip Code 60714: Average Home Values and Ownership Trends in Niles, 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 60714, located in Niles, Illinois, is a dynamic area that has experienced notable shifts in homeownership rates and housing prices over the past decade. This analysis will explore the trends in ownership percentages, average home prices, and average rent prices, providing insights into the local real estate market.
The homeownership rate in zip code 60714 has shown a slight decline from 2013 to 2022, with some fluctuations. In 2013, the ownership rate stood at 76%, dropping to 72% by 2019, and then rebounding to 74% in 2022. During this period, average home prices in the area have demonstrated a consistent upward trend. In 2013, the average home price was $204,625, which increased to $337,056 by 2022, representing a substantial 64.7% growth over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. From 2013 to 2016, as interest rates remained low (below 0.5%), homeownership rates declined slightly from 76% to 72%. However, as interest rates began to rise from 2017 onwards, homeownership rates stabilized around 72-74%. This suggests that while lower interest rates typically encourage homeownership, other local factors may have influenced the housing market in this area.
Renter percentages in zip code 60714 have shown a modest increase, moving from 24% in 2013 to 26% in 2022. This change corresponds with fluctuations in average rent prices. The average rent increased from $1,242 in 2013 to $1,383 in 2018, before slightly decreasing to $1,290 in 2022. The population in the zip code has also seen changes, growing from 32,817 in 2013 to 34,667 in 2022, which may have contributed to the rental market dynamics.
In 2023 and 2024, the average home prices in zip code 60714 continued their upward trajectory. The average home price reached $346,847 in 2023 and further increased to $362,055 in 2024. This represents a 4.7% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the historical data and current trends, we can project potential scenarios for the next five years. If the current trajectory continues, average home prices in zip code 60714 could potentially reach around $425,000 by 2029. This projection assumes a consistent annual growth rate similar to recent years. For average rent prices, if the trend of modest fluctuations persists, we might see prices hovering between $1,300 and $1,450 by 2029, depending on local economic conditions and housing supply.
In summary, zip code 60714 has experienced a slight decrease in homeownership rates over the past decade, coupled with a significant increase in average home prices. The rental market has seen modest growth in both percentage of renters and average rent prices. The recent sharp rise in interest rates, combined with steadily increasing home prices, may present challenges for potential homebuyers in the coming years. However, the stability in homeownership rates despite these factors suggests a resilient local housing market.
