Loading Content...
Zip Code 61257: Steady Home Values and High Ownership Rates in Joslin, Illinois
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 61257, located in Joslin, Illinois, presents an interesting case study in homeownership and housing market trends. This area has maintained a consistently high rate of owner-occupied housing, with average home prices showing a generally upward trajectory over the past decade.
The ownership percentage in zip code 61257 has remained remarkably stable, hovering around 87-90% from 2013 to 2022. This high rate of homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $119,491, which rose to $158,169 by 2022, representing a 32.4% increase over this period. The most significant jump occurred between 2020 and 2021, when average home prices increased from $138,368 to $150,749, a 9% rise in a single year.
Federal interest rates appear to have had a nuanced impact on homeownership rates in this zip code. Despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%), the homeownership rate remained relatively constant. However, the slight dip in homeownership from 90% in 2018 to 87% in 2022 coincided with a period of rising interest rates, which reached 1.68% in 2022.
Renter percentages in zip code 61257 have remained low, fluctuating between 10% and 13% from 2013 to 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $755, which decreased to $668 in 2015 before rising again to $775 in 2017. The most recent data shows a significant drop to $578 in 2021, followed by a rebound to $710 in 2022. This volatility in rent prices doesn't seem to correlate strongly with the relatively stable renter percentage, suggesting other factors may be influencing rent prices in this area.
Looking at the most recent data, the average home price in zip code 61257 slightly decreased from $158,169 in 2022 to $157,501 in 2023, representing a marginal 0.4% decline. However, in 2024, the average home price has increased again to $158,498, surpassing the 2022 level. This recent uptick occurs despite the federal interest rate rising to 5.33% in 2024, which is significantly higher than the 1.68% rate in 2022.
Applying predictive models to forecast 5-year trends, we anticipate a continued modest increase in average home prices for zip code 61257. Based on the historical data and current economic conditions, average home prices could potentially reach around $170,000 to $175,000 by 2029. Rent prices, given their historical volatility, are more challenging to predict accurately. However, if the trend of the last few years continues, we might see average rent prices stabilize in the $700 to $750 range over the next five years.
In summary, zip code 61257 demonstrates a robust homeownership market with consistently high owner-occupancy rates and steadily increasing average home prices. The area has shown resilience to interest rate fluctuations, maintaining strong homeownership levels even as rates have risen. The rental market, while smaller, shows more price volatility, which could present both challenges and opportunities for renters and landlords in the coming years.
