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Zip Code 60914: Rising Home Values and Stable Ownership in Bourbonnais, 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 60914, located in Bourbonnais, Illinois, is a dynamic area that has experienced notable shifts in housing trends over the past decade. This analysis will explore the interplay between homeownership rates, average home prices, and average rent prices in this suburban community.
The homeownership rate in zip code 60914 has remained relatively stable, with a slight decrease from 74% in 2015 to 71% in 2022. During this same period, average home prices have shown a steady upward trend. In 2015, the average home price was $168,965, which increased to $243,552 by 2022, representing a significant 44% growth over seven years. This rise in home prices, despite a slight dip in homeownership rates, suggests a strong housing market in the area.
Federal interest rates have played a crucial role in shaping homeownership trends. In 2015, when interest rates were at a low 0.13%, homeownership in the zip code reached its peak at 74%. As interest rates began to rise, reaching 1.68% in 2022, there was a slight decline in homeownership to 71%. This inverse relationship demonstrates how lower interest rates tend to encourage homeownership by making mortgages more affordable.
Regarding rental trends, the percentage of renters in zip code 60914 increased from 24% in 2015 to 28% in 2022. Concurrently, average rent prices rose from $1,017 in 2015 to $1,077 in 2022, a modest 5.9% increase over seven years. This growth in both renter population and average rent prices indicates a steady demand for rental properties in the area, possibly driven by factors such as job market changes or shifts in housing preferences.
The years 2023 and 2024 have seen continued growth in the housing market of zip code 60914. Average home prices reached $254,243 in 2023 and further increased to $269,027 in 2024, representing a 5.8% year-over-year growth. This upward trajectory has occurred despite rising interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, suggesting strong underlying demand in the local real estate market.
Looking ahead, predictive models forecast a continued upward trend in both average home prices and average rent prices over the next five years. Average home prices are expected to surpass $300,000 by 2029, while average rent prices could reach $1,300 per month. These projections are based on historical trends and assume relatively stable economic conditions.
In summary, zip code 60914 has demonstrated resilience in its housing market, with rising home values despite fluctuations in homeownership rates. The rental market has shown steady growth, both in terms of renter population and average rent prices. The area's ability to maintain strong housing demand, even in the face of rising interest rates, suggests a robust local economy and continued attractiveness as a residential location.
