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Zip Code 61256: Average Home Values and Ownership Trends in Hampton, 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
Hampton, Illinois, located in zip code 61256, is a small community with a population of 1,777 as of 2022. This area has experienced notable shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in Hampton has shown a gradual decline from 2013 to 2022. In 2013, 89% of residents were homeowners, but by 2022, this figure had decreased to 82%. Despite this decline, the average home prices in the area have steadily increased. In 2013, the average home price was $134,525, and by 2022, it had risen to $177,137, representing a 31.7% increase over nine years.
The trend of decreasing homeownership rates can be partially attributed to fluctuations in federal interest rates. From 2013 to 2016, interest rates remained very low, ranging from 0.11% to 0.40%, which typically encourages homeownership. However, as rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we see a corresponding drop in homeownership percentages from 88% in 2017 to 84% in 2019. This trend suggests that rising interest rates may have made homeownership less attainable for some residents.
Conversely, as homeownership rates declined, the percentage of renters in Hampton increased from 11% in 2013 to 18% in 2022. This shift coincided with a general upward trend in average rent prices. In 2013, the average rent was $874, which increased to $1,001 by 2022, representing a 14.5% increase. The rise in rent prices, coupled with the increase in the renter population, suggests a growing demand for rental properties in the area.
Looking at the most recent data, the average home price in Hampton continued to rise, reaching $181,457 in 2023 and $189,238 in 2024. This represents a 6.8% increase from 2022 to 2024. Notably, federal interest rates also saw a significant increase, jumping from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. These higher interest rates may continue to impact homeownership trends in the coming years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Hampton will continue to rise, potentially reaching around $220,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $1,100 to $1,200 per month by 2029, assuming the current trends persist.
In summary, Hampton has experienced a gradual shift from homeownership to renting over the past decade, with a corresponding increase in both home values and rent prices. The recent sharp rise in interest rates may further impact these trends, potentially slowing the rate of homeownership and continuing to drive up rental demand. As the community evolves, these housing market dynamics will play a crucial role in shaping the local economy and residential landscape of Hampton.
