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Zip Code 61072: Rising Home Values and Stable Ownership in Rockton, 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 61072, encompassing Rockton in Illinois, presents an interesting case study of homeownership and housing market trends. This area has maintained a consistently high rate of owner-occupied housing, with a slight fluctuation in recent years, while experiencing significant changes in average home prices and rent costs.
The homeownership rate in zip code 61072 has remained remarkably stable, hovering around 80% from 2013 to 2022. This high rate of owner-occupied housing indicates a strong preference for homeownership in the area. Concurrently, average home prices have shown a notable upward trend. In 2013, the average home price was $137,182, which steadily increased to $231,755 by 2022, representing a substantial 69% increase over this period. This rise in home values occurred despite minor fluctuations in the homeownership rate, suggesting that other factors, such as local economic conditions or housing supply constraints, may have played a significant role in driving up prices.
Federal interest rates have had a notable impact on homeownership trends in the area. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), the homeownership rate in zip code 61072 experienced a slight decline from 79% to 77%. However, as interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), the homeownership rate actually increased back to 80%. This counter-intuitive trend suggests that local factors may have outweighed the influence of national interest rates on homeownership decisions in this specific zip code.
Regarding rental trends, the percentage of renters in zip code 61072 has remained relatively low, fluctuating between 20% and 23% from 2013 to 2022. Despite this stability, average rent prices have shown some volatility. In 2013, the average rent was $1,131, which peaked at $1,166 in 2015 before gradually declining to $1,066 by 2022. This represents a modest overall decrease of about 5.7% in average rent prices over the decade. The population of the zip code has remained relatively stable during this period, with only minor fluctuations, suggesting that changes in rental prices were not primarily driven by population shifts.
Looking at more recent data, the average home price in zip code 61072 continued its upward trajectory, reaching $245,556 in 2023 and further increasing to $258,570 in 2024. This represents a significant 11.6% increase from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the previous years. Despite these higher interest rates, which typically make mortgages more expensive, home prices in the area have continued to appreciate, indicating strong local demand or limited housing supply.
Applying predictive models to forecast future trends, we anticipate that average home prices in zip code 61072 will continue to rise over the next five years, albeit potentially at a slower rate due to the higher interest rate environment. We project average home prices could reach approximately $290,000 to $310,000 by 2029. For rent prices, the forecast suggests a potential stabilization or modest increase, with average rents potentially ranging from $1,100 to $1,200 by 2029, assuming economic conditions and local factors remain relatively stable.
In summary, zip code 61072 demonstrates a strong preference for homeownership, with consistently high owner-occupancy rates. The area has experienced significant appreciation in average home values over the past decade, a trend that has continued even in the face of rising interest rates. Rental markets have shown more stability in terms of occupancy rates, with some fluctuation in average rent prices. The resilience of the housing market in this zip code, particularly in terms of home value appreciation, suggests a robust local economy and sustained demand for housing in the area.
