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Zip Code 60942: Resilient Homeownership and Rising Values in Hoopeston, 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 60942, located in Hoopeston, Illinois, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its small-town charm and agricultural heritage, has seen interesting trends in its real estate market, with fluctuations in both ownership percentages and average home prices.
The homeownership rate in zip code 60942 has shown some variability over the years, with a general trend towards increased owner-occupancy. In 2013, the homeownership rate stood at 69%, and after some fluctuations, it reached 68% in 2022. During this period, average home prices in the area have seen significant growth. In 2013, the average home price was $51,002, and by 2022, it had increased to $65,226, representing a substantial 27.9% increase over nine years.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2022 saw historically low interest rates, particularly from 2013 to 2016 when rates were below 0.5%. This low-interest environment likely contributed to the relatively stable homeownership rates observed during this time. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, we see some fluctuations in homeownership rates, but they remained relatively resilient, suggesting other factors were also influencing local housing decisions.
Renter percentages and average rent prices in zip code 60942 have shown interesting trends as well. The renter-occupied percentage fluctuated between 26% and 39% from 2013 to 2022. Notably, average rent prices increased substantially during this period. In 2013, the average rent was $443, and by 2022, it had risen to $676, marking a 52.6% increase. This significant rise in rent prices occurred despite some fluctuations in the renter population, suggesting strong demand for rental properties in the area.
Looking at the most recent data, the average home price in zip code 60942 reached $71,816 in 2023, showing continued growth in the housing market. However, in 2024, there was a slight decrease to $71,169. This minor downturn coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be influencing home buying decisions and potentially cooling the market slightly.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in both average home prices and rent prices in zip code 60942, albeit at a potentially slower rate than observed in recent years. The high interest rate environment may moderate home price increases, while continued demand for housing in the area is likely to support gradual appreciation. Rent prices are expected to continue their upward trajectory, driven by ongoing demand for rental properties and the overall increase in housing costs.
In summary, zip code 60942 has demonstrated resilience in its homeownership rates despite fluctuations in the housing market. The area has seen significant increases in both average home prices and rent prices over the past decade, reflecting strong demand for housing. Recent interest rate hikes may introduce some moderation to the market, but the overall trend suggests continued growth in property values and rental costs in the coming years.
