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Zip Code 61019: Lake Summerset's Remarkable 90% Homeownership Rate and Rising Home Values
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
Lake Summerset, located in zip code 61019 in Illinois, is a small community that has experienced notable shifts in homeownership and housing prices over the past decade. This area has maintained a consistently high rate of owner-occupied housing, with average home prices showing a steady upward trend. The community's dynamics offer an interesting case study in real estate trends for small, suburban areas.
The ownership percentage in Lake Summerset has remained remarkably stable, hovering around 90% throughout the 2013-2022 period. In 2013, the owner-occupied rate was 88%, which increased slightly to 93% by 2020, before settling at 90% in 2022. This high rate of homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $132,923, which steadily rose to $214,585 by 2022, representing a substantial 61.4% increase over this period. The most dramatic rise occurred between 2020 and 2022, with average home prices jumping from $163,343 to $214,585, a 31.4% increase in just two years.
Federal interest rates appear to have influenced homeownership rates in Lake Summerset, albeit to a limited extent given the already high ownership percentages. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership reached its peak at 93% in 2020. However, as interest rates began to rise in 2022 to 1.68%, there was a slight decrease in homeownership to 90%, suggesting a minor impact of rising interest rates on homeownership decisions.
The renter population in Lake Summerset has remained relatively small, fluctuating between 7% and 11% from 2013 to 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $894, which dropped to a low of $672 in 2016 before climbing back up to $993 in 2020. By 2022, the average rent stood at $884, representing a slight decrease from its peak but still maintaining a higher level compared to earlier years. This fluctuation in rent prices doesn't seem to correlate strongly with the percentage of renters, which has remained relatively stable.
Looking at the most recent data, average home prices in Lake Summerset continued their upward trajectory, reaching $224,431 in 2023 and $233,166 in 2024. This represents a 4.6% increase from 2022 to 2023 and a further 3.9% increase from 2023 to 2024. Notably, federal interest rates also saw a significant rise, jumping to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Lake Summerset will likely continue to rise, albeit at a potentially slower rate due to higher interest rates. If the current trend continues, average home prices could reach approximately $270,000 to $280,000 by 2029. Average rent prices, which have shown more volatility, are harder to predict but may stabilize around $950 to $1,000 per month, assuming economic conditions remain relatively stable.
In summary, Lake Summerset in zip code 61019 has maintained a consistently high rate of homeownership despite significant increases in average home prices. The community has shown resilience in its real estate market, with home values appreciating considerably over the past decade. While rent prices have fluctuated, they have generally trended upward. The area's ability to maintain high homeownership rates in the face of rising prices and interest rates suggests a strong local housing market and community stability.
