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Zip Code 61001: Rising Home Values and Stable Ownership in Apple Canyon Lake, 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
Apple Canyon Lake, located in zip code 61001 in Illinois, is a small community that has experienced notable changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, revealing interesting patterns and potential future directions for the local real estate market.
The homeownership rate in Apple Canyon Lake has remained relatively stable, fluctuating between 80% and 85% from 2013 to 2022. This high rate of homeownership suggests a strong preference for property ownership in the area. During this period, average home prices have shown a significant upward trend. In 2013, the average home price was $173,052, which increased to $288,460 by 2022, representing a substantial 66.7% increase over nine years.
Examining the relationship between federal interest rates and homeownership rates reveals some interesting patterns. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 1.83%), the homeownership rate remained relatively stable. This suggests that other factors, such as local market conditions or community preferences, may have a stronger influence on homeownership in this area than national interest rates.
The rental market in Apple Canyon Lake has also seen notable changes. The percentage of renters fluctuated between 15% and 20% from 2013 to 2022. Average rent prices have shown an overall upward trend, increasing from $585 in 2013 to $786 in 2022, a 34.4% increase. This rise in rent prices occurred despite some population fluctuations, with the population growing from 1,353 in 2013 to 1,567 in 2022, a 15.8% increase.
Looking at the most recent data, the average home price in Apple Canyon Lake reached $303,898 in 2023 and further increased to $306,221 in 2024. This represents a 5.3% increase from 2022 to 2023 and a modest 0.8% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Apple Canyon Lake will continue to rise, potentially reaching around $350,000 by 2029. This projection is based on the historical growth rate and assumes relative stability in economic conditions. For average rent prices, the model suggests a continued upward trend, potentially reaching approximately $900 per month by 2029, assuming similar growth patterns and economic factors remain consistent.
In summary, Apple Canyon Lake has maintained a high rate of homeownership despite fluctuations in the housing market. The area has seen significant increases in both average home prices and rent prices over the past decade. While federal interest rates have risen sharply in recent years, the impact on local homeownership rates remains to be seen. The projected continued growth in both home prices and rents suggests that Apple Canyon Lake will likely remain an attractive area for both homeowners and investors in the coming years.
