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Zip Code 60913: Rising Home Values and High Ownership Rates in Rural Bonfield, 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 60913, located in Bonfield, Illinois, has experienced notable fluctuations in population and housing dynamics over the past decade. This rural area has maintained a strong preference for homeownership, with average home prices showing a consistent upward trend.
The homeownership rate in zip code 60913 has remained high, ranging from 83% to 93% between 2013 and 2022. This strong ownership trend coincides with a steady increase in average home prices. In 2013, the average home price was $176,102, which rose to $256,074 by 2022, representing a 45.4% increase over nine years. The peak homeownership rate of 93% in 2019 corresponded with an average home price of $198,395, suggesting a positive correlation between rising home values and homeownership rates.
Federal interest rates have played a significant role in homeownership trends. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the high homeownership rates observed during this time. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight fluctuation in homeownership rates, but they remained above 87%. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a stabilization of homeownership at 89%, possibly encouraging homebuyers to enter the market.
Renter percentages in zip code 60913 have been relatively low, fluctuating between 7% and 17% from 2013 to 2022. Interestingly, average rent prices have shown significant volatility. In 2013, the average rent was $1,064, which decreased to $638 by 2020, a 40% drop. However, there was a sharp increase to $1,152 in 2021, followed by another decrease to $662 in 2022. This volatility in rent prices doesn't appear to have a clear correlation with the renter percentage, which remained relatively stable during this period. The population fluctuations, ranging from 1,330 to 1,801 residents between 2015 and 2022, may have influenced the rental market more than homeownership trends.
In 2023, the average home price in zip code 60913 reached $268,304, with federal interest rates rising to 5.02%. This trend continued into 2024, with average home prices further increasing to $277,012 and interest rates climbing to 5.33%. Despite the higher interest rates, home prices have continued to appreciate, indicating strong demand in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 60913 are likely to continue their upward trajectory over the next five years. Assuming a similar growth rate to recent years, we might expect average home prices to reach approximately $320,000 to $340,000 by 2029. Rent prices, given their historical volatility, are more challenging to predict. However, if the trend towards homeownership persists, we might see a stabilization or modest increase in rent prices, potentially ranging from $700 to $1,200 per month, depending on economic conditions and housing supply.
In summary, zip code 60913 demonstrates a strong preference for homeownership, with consistently high rates over the past decade. Average home prices have shown steady appreciation, even in the face of rising interest rates. The rental market, while smaller, has experienced significant price fluctuations. The area's continued population growth and the persistent upward trend in home values suggest a robust and desirable housing market in this Illinois community.
