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Zip Code 61075: Rising Home Values and High Ownership Rates in Scales Mound
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 61075, encompassing Scales Mound in Illinois, presents an intriguing case study of homeownership and rental trends in a small rural community. Over the past decade, this area has maintained a consistently high rate of homeownership, hovering around 88-90%, while experiencing fluctuations in average home prices and rent.
The homeownership rate in zip code 61075 has remained remarkably stable, with only minor fluctuations between 88% and 90% from 2013 to 2022. This high rate of homeownership suggests a strong preference for property ownership in the community. Interestingly, while homeownership rates remained steady, average home prices saw a significant increase. In 2022, the average home price was $165,135, rising to $167,354 in 2023, representing a 1.3% increase year-over-year.
The relationship between federal interest rates and homeownership rates in this zip code appears to diverge from typical trends. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 1.83%, the homeownership rate remained relatively constant. This suggests that other factors, such as local economic conditions or community preferences, may have a stronger influence on homeownership in this area than national interest rates.
Renter percentages in zip code 61075 have shown a slight upward trend, increasing from 10% in 2013 to 12% in 2022. This modest rise in renters coincided with fluctuations in average rent prices. The average rent peaked at $853 in 2019, before declining to $810 in 2022. The population has also seen minor fluctuations, ranging from 1,332 in 2013 to 1,454 in 2022, which may have influenced rental demand and pricing.
Looking at the most recent data, the average home price in zip code 61075 increased to $171,652 in 2024, representing a 2.6% rise from 2023. This growth occurred despite a significant increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024. This suggests a robust local housing market that has maintained growth even in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate a continued modest increase in average home prices in zip code 61075. Based on the recent growth rate, average home prices could potentially reach around $195,000 by 2029. For rent prices, the trend suggests a possible stabilization or slight increase, potentially reaching an average of $850-$900 per month by 2029. However, these predictions are subject to various economic factors and local market conditions.
In summary, zip code 61075 demonstrates a strong and stable homeownership market with gradually increasing property values. The area has maintained high homeownership rates despite fluctuations in interest rates and modest increases in the renter population. The recent upward trend in home prices, even amidst rising interest rates, indicates a resilient local housing market. As the community continues to evolve, it will be interesting to observe how these housing trends develop in response to broader economic conditions and local demographic shifts.
