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Zip Code 60961: Rising Home Values and High Ownership Rates in Reddick, 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 60961, located in Reddick, Illinois, presents an intriguing case study of housing market dynamics in a small rural community. Over the past decade, this area has experienced notable fluctuations in homeownership rates and property values, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 60961 has remained consistently high, ranging from 86% to 90% between 2013 and 2022. This strong preference for homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $131,010, which rose to $193,221 by 2022, representing a substantial 47.5% increase over nine years. This upward trend in home values suggests a growing demand for property ownership in the area, despite minor fluctuations in the homeownership rate.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 60961. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%, which likely contributed to the sustained high levels of homeownership. As interest rates began to rise in 2022 to 1.68%, the homeownership rate in the zip code reached 90%, its highest level in the observed period. This suggests that local factors may have outweighed the impact of rising interest rates on homeownership decisions in this particular community.
Renter percentages in zip code 60961 have remained relatively low, fluctuating between 10% and 14% from 2013 to 2022. Interestingly, average rent prices have shown more volatility than homeownership rates. In 2013, the average rent was $967, which increased to $1,057 by 2015, before declining to $981 in 2019. By 2022, average rent had risen again to $1,078, representing an 11.5% increase from 2013 to 2022. These fluctuations in rent prices occurred against a backdrop of varying population levels, with the population peaking at 1,366 in 2014 and decreasing to 1,196 by 2022.
In 2023 and 2024, average home prices in zip code 60961 continued their upward trajectory, reaching $198,435 in 2023 and $201,563 in 2024. This represents a 4.3% increase from 2022 to 2024, indicating ongoing appreciation in the local housing market. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from previous years.
Looking ahead, predictive models suggest that average home prices in zip code 60961 are likely to continue their upward trend over the next five years, potentially reaching around $225,000 by 2029. This projection is based on the historical growth rate and assumes relatively stable economic conditions. Average rent prices are also expected to increase, potentially reaching approximately $1,200 by 2029, reflecting ongoing demand for rental properties in the area.
In summary, zip code 60961 demonstrates a strong preference for homeownership, with consistently high rates despite fluctuations in home prices and interest rates. The area has experienced significant appreciation in home values over the past decade, a trend that is expected to continue. Rent prices, while more volatile, have also shown an overall upward trend. These patterns suggest a resilient local housing market that has maintained its appeal to both homeowners and investors, even in the face of changing economic conditions.
