Loading Content...
Zip Code 60917: Rising Home Values and Ownership in Buckingham, 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 60917, located in Buckingham, Illinois, is a small rural area characterized by a strong preference for homeownership. This community has experienced fluctuations in population and housing trends over the past decade, with a general trend towards increased homeownership and rising average home prices.
The ownership percentage in zip code 60917 has shown a steady increase from 85% in 2013 to 91% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices. In 2017, the average home price was $150,177, which steadily increased to $197,134 by 2022, representing a 31.3% growth over five years. This correlation suggests that despite rising home prices, residents in this area have maintained a strong preference for homeownership.
Federal interest rates have played a role in homeownership trends in zip code 60917. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, ranging from 83% to 88%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates surprisingly continued to increase, reaching 91% in 2022. This suggests that other local factors may have a stronger influence on homeownership in this area than national interest rate trends.
The renter percentage in zip code 60917 has correspondingly decreased from 15% in 2013 to 8% in 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $826, which peaked at $1,039 in 2015 before gradually decreasing to $890 in 2022. The declining renter population, from 93 renters in 2013 to approximately 41 renters in 2022, may have contributed to the moderation in rent prices despite the overall increase in property values.
In 2023, the average home price in zip code 60917 reached $199,597, with federal interest rates at 5.02%. The trend continued into 2024, with average home prices rising to $203,550 and interest rates further increasing to 5.33%. These figures indicate a continued upward trajectory in both home values and borrowing costs in the area.
Looking ahead, based on the observed trends, we can forecast that average home prices in zip code 60917 are likely to continue their upward trajectory over the next five years. Assuming a similar growth rate to recent years, average home prices could potentially reach around $235,000 to $245,000 by 2029. Average rent prices, which have shown more variability, may stabilize or see modest increases, potentially reaching $950 to $1,000 per month by 2029, influenced by the strong homeownership preference in the area.
In summary, zip code 60917 demonstrates a robust trend towards homeownership, with ownership rates increasing despite rising home prices. The area has shown resilience to national interest rate fluctuations, maintaining high homeownership levels even as rates have increased. The rental market has contracted, with decreasing renter percentages and stabilizing rent prices. As the community continues to favor homeownership, it is likely to see further appreciation in home values and a relatively stable rental market in the coming years.
