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Zip Code 61230: Albany's Resilient Housing Market Sees Rising Home Values and Ownership Rates
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 61230, located in Albany, Illinois, presents an interesting case study in homeownership and housing market trends. This area has experienced significant fluctuations in both ownership rates and housing prices over the past decade, reflecting broader economic shifts and local demographic changes. The homeownership rate in zip code 61230 has shown a notable increase in recent years. In 2013, the area had an 89% homeownership rate, which dipped to 79% in 2017. However, by 2022, it had rebounded strongly to 91%. This upward trend in homeownership coincides with changes in average home prices. The average home price in the area rose from $110,642 in 2013 to $143,438 in 2022, representing a 29.6% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite historically low interest rates between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates actually decreased during this period, falling from 89% to 82%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates in the area increased significantly, reaching 91% by 2022. This trend suggests that local factors may have played a more significant role in homeownership decisions than national interest rates in this particular zip code.
Renter percentages and average rent prices in zip code 61230 have shown some volatility. The percentage of renters increased from 11% in 2013 to a peak of 20% in 2017, before declining to 9% by 2022. Average rent prices fluctuated considerably during this period, starting at $1,036 in 2013, dropping to $683 in 2017, and then rising to $712 in 2022. These changes in rental trends appear to be inversely related to homeownership rates, suggesting a shift in local housing preferences or availability.
Looking at the most recent data, the average home price in zip code 61230 reached $147,408 in 2023, showing continued growth from previous years. However, in 2024, there was a slight decrease to $146,448. This minor dip coincides with a significant increase in federal interest rates, which rose to 5.33% in 2024, potentially impacting home affordability and buyer demand in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 61230 will continue to show moderate growth, potentially reaching around $160,000 by 2029. This projection is based on the historical trend of steady increases, with occasional minor fluctuations. For rent prices, the forecast suggests a potential stabilization around $750-$800 per month, considering the historical volatility and recent trends in the area.
In summary, zip code 61230 has demonstrated resilience in its housing market, with a strong trend towards homeownership in recent years despite national economic fluctuations. The area has seen consistent growth in average home prices, while rental markets have shown more variability. The interplay between homeownership rates, housing prices, and broader economic factors presents a complex but generally positive outlook for this Illinois community's housing market in the coming years.
