Loading Content...
Zip Code 60935: High Homeownership and Rising Home Values in Essex, 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 60935, located in Essex, Illinois, presents an interesting case study in homeownership and housing market trends. This area has maintained a consistently high rate of owner-occupied housing, with a slight fluctuation in recent years. The average home prices have shown a steady increase over time, while average rent prices have experienced some variability.
The homeownership rate in zip code 60935 has remained remarkably stable, hovering around 90% throughout the observed period. In 2013, the owner-occupied rate was 90%, and it reached its peak of 93% in 2018 and 2019. This high rate of homeownership coincided with a period of steadily increasing average home prices. From 2013 to 2022, average home prices rose from $153,607 to $229,101, representing a significant 49% increase over this period. The consistency in homeownership rates despite rising prices suggests a strong local preference for owning rather than renting.
Federal interest rates have played a role in shaping homeownership trends in this area. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates in zip code 60935 remained high and stable, likely due to the favorable borrowing conditions. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight increase in homeownership rates, possibly as residents sought to secure mortgages before further rate increases.
The renter population in zip code 60935 has remained relatively small, fluctuating between 6% and 11% from 2013 to 2022. Interestingly, average rent prices have shown some volatility during this period. In 2013, the average rent was $1,184, which increased to $1,201 in 2014 and 2015. However, there was a notable decrease to $1,083 in 2018, followed by a gradual increase to $1,106 by 2022. This fluctuation in rent prices doesn't appear to have significantly impacted the overall low percentage of renters in the area, suggesting that other factors, such as local employment opportunities or community characteristics, may play a more significant role in housing choices.
Looking at the most recent data, average home prices in zip code 60935 continued their upward trajectory, reaching $243,457 in 2023 and $254,575 in 2024. This represents a substantial increase of 11.1% from 2022 to 2024. Concurrently, federal interest rates have risen dramatically, from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. Despite these higher interest rates, which typically make mortgages more expensive, the continued rise in home prices suggests ongoing demand in this area.
Applying predictive models to forecast the next five years, we anticipate that average home prices in zip code 60935 will continue to rise, albeit potentially at a more moderate pace due to the higher interest rate environment. We project average home prices could reach approximately $290,000 to $310,000 by 2029. Average rent prices are expected to follow a similar upward trend, potentially reaching $1,250 to $1,350 per month by 2029, assuming continued low vacancy rates and steady demand for rental properties.
In summary, zip code 60935 demonstrates a strong preference for homeownership, with consistently high owner-occupied rates despite rising home prices. The area has shown resilience to interest rate fluctuations, maintaining high homeownership levels even as rates have increased significantly in recent years. The rental market, while small, has experienced some price volatility but remains a minor component of the local housing landscape. Moving forward, the area is likely to see continued appreciation in both home values and rental prices, reflecting its enduring appeal as a predominantly owner-occupied community.
