Loading Content...
Zip Code 60955: Rising Homeownership and Fluctuating Home Values in Rural 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 60955, located in Onarga, Illinois, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has shown a trend towards increased homeownership and fluctuating property values, reflecting the dynamic nature of its real estate market. The ownership percentage in zip code 60955 has seen a significant upward trend, rising from 73% in 2013 to 85% in 2022. This increase in homeownership coincided with changes in average home prices. In 2016, the average home price was $92,200, which then rose to $132,950 by 2022, representing a substantial 44% increase over six years. This trend suggests a growing preference for homeownership in the area, possibly driven by the perceived value and investment potential of local properties.
Federal interest rates have played a role in shaping homeownership trends in zip code 60955. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates remained relatively stable at around 72%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates paradoxically increased to 85%. This unusual trend might be attributed to local economic factors or a desire to secure property before further rate increases.
Renter percentages in zip code 60955 have correspondingly decreased, dropping from 27% in 2013 to 15% in 2022. Interestingly, this decline in renter occupancy has been accompanied by a decrease in average rent prices. The average rent peaked at $762 in 2014 and has since decreased to $607 in 2022, a 20% reduction. This trend could be influenced by the declining renter population, which fell from a high of 759 renters in 2014 to about 349 renters in 2022, potentially leading to reduced demand for rental properties.
Looking at the most recent data, the average home price in zip code 60955 decreased to $124,582 in 2023 and further to $120,191 in 2024. This represents a 9.6% decrease from the 2022 peak. Concurrently, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, which may be contributing to the cooling of home prices.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 60955 may continue to experience modest fluctuations. The recent price correction could stabilize, potentially followed by a gradual appreciation as the market adjusts to higher interest rates. Rent prices might see a slight increase if the trend of decreasing rental supply continues, although this could be moderated by the strong preference for homeownership in the area.
In summary, zip code 60955 has demonstrated a clear shift towards increased homeownership, with a corresponding decrease in the renter population. Average home prices have shown overall growth since 2016, despite recent corrections. The area's real estate market appears resilient, with homeownership rates increasing even in the face of rising interest rates. These trends suggest a strong local preference for homeownership and indicate potential for continued, albeit more moderate, growth in the housing market of this Illinois community.
