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Zip Code 61073: Rising Home Values and High Ownership Rates in Roscoe, 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 61073, located in Roscoe, Illinois, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown a strong preference for homeownership, with rates consistently above 80% throughout the observed period. The homeownership rate in zip code 61073 has shown a general upward trend, increasing from 84% in 2013 to a peak of 88% in 2019. This rise in homeownership coincided with a steady increase in average home prices, which grew from $147,299 in 2013 to $185,785 in 2019, representing a 26% increase over six years. However, there was a slight decrease in homeownership to 85% by 2022, despite continued growth in average home prices, which reached $243,644 in the same year.
Federal interest rates have played a significant role in homeownership trends. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the increase in homeownership during this time. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we observed a slight decline in homeownership rates, dropping from 88% in 2019 to 85% in 2022.
The renter population in zip code 61073 has remained relatively small, fluctuating between 12% and 16% from 2013 to 2022. Average rent prices have shown a general upward trend, increasing from $1,041 in 2013 to $1,153 in 2022, representing a 10.8% increase over nine years. Interestingly, the highest average rent of $1,174 was recorded in 2021, coinciding with a slight increase in the renter population to 14%, up from 12% in 2019.
In 2023 and 2024, average home prices in zip code 61073 continued to rise, reaching $256,767 in 2023 and $269,672 in 2024. This represents a significant increase of 10.7% from 2022 to 2024. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics in the area.
Looking ahead, based on the observed trends, we can predict that average home prices in zip code 61073 will continue to rise over the next five years, potentially reaching around $300,000 by 2029. Average rent prices are also expected to increase, albeit at a slower rate, potentially reaching approximately $1,300 per month by 2029. However, these projections may be influenced by various factors, including economic conditions, local development, and changes in federal interest rates.
In summary, zip code 61073 has maintained a strong preference for homeownership, with rates consistently above 80%. The area has experienced steady growth in both average home prices and average rent prices over the past decade. The relationship between federal interest rates and homeownership rates has been evident, with lower rates generally corresponding to higher homeownership. As we move forward, the continued rise in home prices and interest rates may present challenges for potential homebuyers, potentially leading to shifts in the balance between homeownership and renting in this Illinois community.
