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Zip Code 61070: Rising Home Values and Strong Ownership in Rock City, 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
Rock City, located in zip code 61070 in Illinois, presents an interesting case study in homeownership and rental trends. This small community has experienced notable shifts in its housing market over the past decade, with a strong tendency towards homeownership and fluctuating property values. The homeownership rate in Rock City has shown a steady increase from 2013 to 2022. In 2013, 84% of residents owned their homes, and this figure rose to 89% by 2022. This upward trend in homeownership coincided with a significant increase in average home prices. From 2021 to 2022, the average home price in the area jumped from $156,641 to $177,396, representing a 13.3% increase in just one year. The relationship between federal interest rates and homeownership rates in Rock City appears to follow established trends. As interest rates remained low between 2013 and 2021, ranging from 0.08% to 1.83%, homeownership rates increased from 84% to 88%. This aligns with the general principle that lower interest rates make mortgages more affordable, encouraging homeownership.
Conversely, the percentage of renters in Rock City has decreased over time. In 2013, 16% of residents were renters, but by 2022, this figure had dropped to 11%. Despite this decline in the renter population, average rent prices have shown a significant upward trend. The average rent increased from $484 in 2013 to $831 in 2022, representing a 71.7% increase over nine years. This substantial rise in rent prices occurred even as the overall population of the zip code decreased slightly from 1,332 in 2013 to 1,259 in 2022.
In 2023 and 2024, the housing market in Rock City continued to evolve. The average home price reached $186,022 in 2023 and further increased to $189,608 in 2024, showing a steady appreciation in property values. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in Rock City may continue to rise over the next five years, potentially reaching around $210,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,000 per month within the same timeframe, assuming current trends persist.
In summary, Rock City has demonstrated a strong preference for homeownership, with rates increasing despite rising property values. The rental market, while shrinking in terms of occupancy, has seen substantial increases in average rent prices. These trends, coupled with recent changes in interest rates and continued property value appreciation, suggest a dynamic housing market in this Illinois community for the foreseeable future.
