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Zip Code 61254: Rising Home Values and Stable Ownership in Geneseo, Illinois
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 61254, located in Geneseo, Illinois, has shown interesting trends in homeownership and housing prices over the past decade. This area has maintained a relatively high rate of homeownership, with average home prices steadily increasing and average rent prices fluctuating over time.
The homeownership rate in zip code 61254 has remained consistently high, ranging from 81% to 84% between 2013 and 2022. This stability in homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $154,820, which rose to $210,829 by 2022, representing a 36.2% increase over nine years. This trend suggests a strong correlation between sustained homeownership rates and rising property values in the area.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.4%), homeownership rates in the zip code remained stable at around 82-83%. As interest rates began to rise in 2017 (1%) and 2018 (1.83%), there was a slight dip in homeownership to 81% in 2019. However, when interest rates dropped sharply in 2020 (0.38%) and 2021 (0.08%), homeownership rebounded to 84% in 2021, the highest level in the observed period.
Renter percentages in zip code 61254 have fluctuated between 16% and 19% from 2013 to 2022. Interestingly, average rent prices have shown significant variability during this period. In 2013, the average rent was $957, which decreased to $734 by 2015. Rent prices then remained relatively stable until 2020, ranging between $717 and $734. However, there was a notable increase to $791 in 2021, followed by a decrease to $745 in 2022. This fluctuation in rent prices doesn't show a clear correlation with the percentage of renters, suggesting that other factors, such as local economic conditions or housing supply, may have a more significant impact on rent prices in this area.
As of 2024, the average home price in zip code 61254 has reached $221,067, continuing the upward trend observed in previous years. This represents a 2.5% increase from the 2023 average of $215,730. Concurrently, the federal interest rate has risen to 5.33% in 2024, up from 5.02% in 2023, indicating a tightening monetary policy environment.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 61254 will likely continue to appreciate over the next five years, albeit potentially at a more moderate pace due to higher interest rates. We might expect average home prices to reach around $240,000 to $250,000 by 2029. Average rent prices, which have shown more volatility, are harder to predict but may stabilize or show modest increases, potentially reaching $800 to $850 per month by 2029, assuming economic conditions remain stable and housing demand in the area continues to grow.
In summary, zip code 61254 has demonstrated a robust and stable housing market characterized by high homeownership rates and steadily increasing average home prices. The area has shown resilience to interest rate fluctuations, maintaining strong homeownership levels even as rates have varied. While rent prices have been more volatile, they have generally remained within a manageable range for the local population. The continued rise in home values, coupled with the area's consistent appeal to homeowners, suggests a positive outlook for the real estate market in this zip code over the coming years.
