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Zip Code 61061: Rising Home Values and Stable Ownership in Oregon, 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 61061, located in Oregon, Illinois, presents an interesting case study of housing trends over the past decade. This area, spanning 111.23 square miles, has experienced fluctuations in homeownership rates and housing prices, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 61061 has remained relatively stable, hovering around 75% throughout the observed period. In 2013, the homeownership rate stood at 75%, and by 2022, it maintained the same level. During this period, average home prices in the area saw significant changes. In 2013, the average home price was $127,288, which increased to $185,599 by 2022, representing a 45.8% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some interesting patterns. From 2013 to 2015, when interest rates were historically low (0.11% to 0.13%), homeownership rates slightly decreased from 75% to 74%. However, as interest rates began to rise more significantly from 2016 onwards, homeownership rates remained relatively stable, even showing a slight increase to 76% in 2017 when the federal interest rate reached 1%.
Renter percentages and average rent prices in zip code 61061 have shown some volatility. In 2013, the renter-occupied percentage was 25%, with an average rent of $777. By 2022, the renter percentage remained at 25%, but the average rent had decreased to $699, a 10% reduction. The population during this period decreased from 7,405 in 2013 to 7,502 in 2022, which might have influenced the rental market dynamics.
Looking at the most recent data, the average home price in zip code 61061 for 2023 was $189,731, showing a continued upward trend. In 2024, the average home price further increased to $198,171, representing a 4.4% year-over-year growth. This rise in home prices coincides with higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024.
Applying predictive models to forecast 5-year trends, we anticipate a continued moderate increase in average home prices for zip code 61061. Based on the historical data and current economic conditions, average home prices could potentially reach around $230,000 by 2029. For rent prices, the forecast suggests a potential stabilization or slight increase, possibly reaching an average of $750-$800 per month in the next five years.
In summary, zip code 61061 has demonstrated resilience in its housing market. Despite fluctuations in the economy and interest rates, homeownership rates have remained steady. The area has seen substantial growth in average home prices, particularly in recent years, while rental prices have shown more variability. These trends suggest a robust local housing market with potential for continued growth in property values, balanced by relatively stable rental conditions.
