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Zip Code 61088: Rising Home Values and Ownership in Winnebago, 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 61088, located in Winnebago, Illinois, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, while the rental market has shown some fluctuations.
The homeownership rate in zip code 61088 has shown a steady increase from 2013 to 2022. In 2013, the percentage of owner-occupied homes was 82%, which rose to 88% by 2022. This 6% increase in homeownership coincided with a significant rise in average home prices. In 2013, the average home price was $131,257, which grew to $221,556 by 2022, representing a substantial 68.8% increase over this period.
The trend of increasing homeownership rates appears to have been influenced by federal interest rates. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), the homeownership rate increased from 82% to 84%. As interest rates began to rise more significantly from 2017 onwards, the homeownership rate continued to climb, reaching 88% by 2020 and maintaining that level through 2022. This suggests that while low interest rates initially encouraged homeownership, other factors such as local economic conditions or housing market dynamics may have sustained the trend even as rates increased.
Conversely, the percentage of renters in zip code 61088 decreased from 18% in 2013 to 12% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend. In 2013, the average rent was $945, which increased to $1,022 by 2022, a 8.1% rise. It's worth noting that there were some fluctuations in rent prices during this period, with a peak of $1,001 in 2018 before a slight decline and subsequent recovery.
In 2023 and 2024, the housing market in zip code 61088 continued to show strong growth. The average home price reached $234,759 in 2023 and further increased to $249,977 in 2024, representing a 5.9% and 6.5% year-over-year growth respectively. This growth occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, suggesting a robust local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, based on the historical data and current trends, we can project continued growth in both average home prices and rent prices over the next five years. Average home prices could potentially reach around $300,000 by 2029, assuming a similar growth rate. Average rent prices might increase to approximately $1,150 per month in the same timeframe, factoring in the historical growth rate and potential market adjustments.
In summary, zip code 61088 has demonstrated a clear trend towards increased homeownership and rising property values over the past decade. Despite higher interest rates in recent years, the housing market has shown resilience and continued appreciation. The rental market, while shrinking in terms of population, has seen moderate increases in average rent prices. These trends suggest a strong local housing market with potential for continued growth in both home values and rental rates in the coming years.
