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Zip Code 60941: Rising Home Values and Stable Ownership in Herscher, 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 60941, located in Herscher, Illinois, presents an intriguing case study of homeownership and housing market dynamics. Over the past decade, this area has seen significant fluctuations in its ownership rates and housing prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 60941 has shown a general upward trend from 2013 to 2022. In 2013, the ownership rate stood at 78%, and by 2022, it had increased to 81%. This rise in homeownership coincided with a steady increase in average home prices. In 2013, the average home price was $151,946, and by 2022, it had risen to $207,745, representing a substantial 36.7% increase over this period. The peak of homeownership was observed in 2018 at 84%, corresponding with an average home price of $153,353.
Federal interest rates have played a significant role in shaping homeownership trends in this area. From 2013 to 2016, interest rates remained historically low, hovering around 0.1-0.4%. During this period, homeownership rates fluctuated between 75% and 79%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates paradoxically increased, peaking at 84% in 2018 before settling at 81% in 2022. This suggests that other local factors may have influenced homeownership decisions more strongly than national interest rate trends.
Renter percentages in zip code 60941 have generally decreased as homeownership rates increased. In 2013, renters made up 22% of the population, but by 2022, this had decreased to 19%. Interestingly, average rent prices have shown an overall upward trend despite the declining renter population. The average rent price rose from $601 in 2013 to $693 in 2022, a 15.3% increase. The highest average rent was recorded in 2019 at $715, coinciding with one of the lowest renter percentages of 17%.
In 2023 and 2024, the housing market in zip code 60941 continued its upward trajectory. The average home price reached $219,242 in 2023 and further increased to $225,441 in 2024. This represents a significant 8.5% increase from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the 1.68% rate in 2022.
Looking ahead, based on the observed trends, we can predict that average home prices in zip code 60941 will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. We might expect average home prices to reach around $250,000 by 2029. Average rent prices are also likely to continue their upward trend, potentially reaching $750-$800 by 2029, assuming consistent growth patterns.
In summary, zip code 60941 has experienced a notable increase in homeownership rates and average home prices over the past decade. Despite rising interest rates, the area has maintained a strong homeownership market. The rental market, while shrinking in terms of population percentage, has seen steady increases in average rent prices. These trends suggest a robust and growing housing market in this Illinois village, with potential for continued growth in both home values and rental prices in the coming years.
