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Zip Code 61103: Rising Home Values and Steady Ownership in Rockford, 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 61103, located in Rockford, Illinois, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen fluctuations in its population and housing market, reflecting broader economic trends and local dynamics.
The homeownership rate in zip code 61103 has shown some variability from 2013 to 2022. In 2013, the ownership rate stood at 55%, and by 2022, it remained relatively stable at 54%. However, there were fluctuations in between, with the lowest point of 52% observed in 2016 and 2017. Interestingly, these changes in homeownership rates coincided with trends in average home prices. In 2013, the average home price was $55,011, and it decreased to $50,073 in 2014. This decline in prices corresponded with a slight drop in homeownership to 54% in 2014. As average home prices began to rise from 2015 onwards, reaching $103,656 in 2022, the homeownership rate stabilized around 54-55%.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2015 (0.11% to 0.13%), homeownership rates remained relatively stable at 54-55%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates showed slight fluctuations but generally remained within the 52-56% range.
Renter percentages in zip code 61103 have shown a corresponding inverse relationship to homeownership rates. In 2013, the renter percentage was 45%, and it increased to 48% in 2016 and 2017 when homeownership rates dipped to their lowest. By 2022, the renter percentage settled at 46%. Average rent prices have generally increased over this period, starting at $851 in 2013 and reaching $937 in 2022. However, there were some fluctuations, with a peak of $973 in 2021 before a slight decrease in 2022. These changes in rent prices and renter percentages occurred against a backdrop of declining population, from 23,177 in 2013 to 22,169 in 2022, which may have influenced the rental market dynamics.
Looking at the most recent data, the average home price in zip code 61103 rose significantly to $111,872 in 2023 and further increased to $125,541 in 2024. This substantial growth in home values occurred despite the federal interest rate climbing to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to dampen home buying activity.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home prices and rent prices in zip code 61103. Based on the historical data and recent trends, average home prices could potentially reach around $150,000 to $160,000 by 2029. Average rent prices may increase to approximately $1,100 to $1,200 per month over the same period. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 61103 has demonstrated resilience in its housing market despite population decline. The area has maintained a relatively stable homeownership rate while experiencing significant growth in average home prices, particularly in recent years. The rental market has also seen gradual increases in prices, reflecting a balanced demand between owning and renting. The coming years are likely to see continued appreciation in both home values and rental rates, making this zip code an area of interest for both potential homeowners and investors.
