Loading Content...
Zip Code 60940: Grant Park's Resilient Home Values and Ownership Trends
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 60940, encompassing Grant Park in Illinois, presents an interesting case study in homeownership and rental trends. This rural area has experienced fluctuations in both population and housing dynamics over the past decade, with homeownership rates generally remaining high but showing some variability.
Homeownership in zip code 60940 has maintained a strong presence, albeit with some fluctuations. In 2013, the area boasted an 83% homeownership rate. This rate dipped to its lowest point of 77% in 2017 before rebounding to 83% again in 2022. Concurrently, average home prices have shown a steady upward trend. In 2013, the average home price was $173,439, which increased to $246,480 by 2022, representing a substantial 42% growth over this period. This trend suggests that despite rising home prices, the area has managed to maintain high levels of homeownership.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 60940. 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 79% to 83%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.83% in 2018, there was a slight dip in homeownership to 77% in 2017. However, the community showed resilience, with ownership rates bouncing back to 81-83% in subsequent years despite further interest rate increases.
Renter percentages in zip code 60940 have shown an inverse relationship to homeownership rates, naturally. The renter population peaked at 23% in 2017, coinciding with the lowest point of homeownership. Average rent prices have exhibited considerable volatility. In 2013, the average rent was $792, which spiked to $1,405 in 2017 before decreasing to $892 in 2022. This fluctuation in rent prices doesn't appear to have a clear correlation with the percentage of renters, suggesting other factors, such as local economic conditions or housing supply, may have greater influence on rental dynamics in this area.
Moving to more recent data, the average home price in zip code 60940 continued its upward trajectory, reaching $255,993 in 2023 and further increasing to $265,050 in 2024. This represents a 7.5% increase from 2022 to 2024, indicating sustained growth in the local housing market. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis. Despite these higher interest rates, the housing market in this zip code appears to remain robust.
Looking ahead, based on historical trends and current conditions, we can project continued growth in average home prices for zip code 60940. Applying a conservative linear growth model, we might expect average home prices to reach approximately $290,000 to $300,000 by 2029. Rent prices, given their historical volatility, are more challenging to predict. However, if the trend of the past few years continues, we might see average rents stabilize in the $900 to $1,000 range over the next five years, barring any significant economic shifts.
In summary, zip code 60940 demonstrates a strong preference for homeownership, maintaining high rates despite fluctuations in home prices and interest rates. The area has shown resilience in its housing market, with steadily increasing home values and a recent rebound in homeownership rates. While rental prices have been volatile, they seem to have less impact on the overall housing dynamics of the community. The coming years are likely to see continued growth in home values, potentially challenging affordability but also indicating a robust local housing market.
