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Zip Code 61326: Rising Home Values and Stable Ownership in Rural Granville, 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 61326, corresponding to Granville in Illinois, presents an interesting case study of homeownership and housing market trends in a small Midwestern community. Over the past decade, this area has experienced fluctuations in homeownership rates while seeing a significant increase in average home prices, particularly in recent years.
The homeownership rate in zip code 61326 has remained relatively stable, with slight variations over the years. In 2013, the homeownership rate stood at 78%, and by 2022, it had maintained a similar level at 78%. However, there were some fluctuations in between, with the rate reaching a peak of 81% in 2019 and 2020. During this period, average home prices in the area saw a substantial increase. From 2015 to 2022, average home prices rose from $78,550 to $136,586, representing a 73.9% increase over seven years.
The relationship between federal interest rates and homeownership rates in this zip code shows some interesting patterns. Despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable. However, as interest rates began to rise from 2017 to 2019 (1% to 2.16%), homeownership rates actually increased slightly, reaching 81% by 2019. This suggests that other local factors may have played a more significant role in homeownership decisions than national interest rates in this particular area.
Renter percentages in zip code 61326 have shown a complementary trend to homeownership rates, fluctuating between 19% and 23% from 2013 to 2022. Interestingly, average rent prices have not shown a consistent upward trend despite the increase in home prices. In 2013, the average rent was $572, and it peaked at $702 in 2016 before declining to $645 in 2022. This relative stability in rent prices, despite rising home values, may have contributed to maintaining a steady renter population in the area.
Looking at the most recent data, average home prices in zip code 61326 continued to rise in 2023 and 2024, reaching $146,364 and $152,309 respectively. This represents a 11.5% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and home price appreciation in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 61326 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $180,000 to $190,000, assuming a more moderate annual appreciation rate of 3-4%. Average rent prices are expected to increase modestly, potentially reaching $700-$750 by 2029, reflecting a balance between housing demand and local economic factors.
In summary, zip code 61326 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The area has maintained a relatively stable rental market, with average rent prices showing less volatility than home prices. The recent surge in interest rates, coupled with continued home price appreciation, may present new challenges for potential homebuyers in the coming years. However, the consistent demand for housing in this area suggests a robust local market that has thus far weathered various economic conditions.
