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Zip Code 61327: Rising Home Values and Ownership Rates in Hennepin, 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 61327, located in Hennepin, Illinois, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, particularly in recent years. The homeownership rate in zip code 61327 has shown a significant upward trend, especially from 2017 to 2022. In 2017, the area had a homeownership rate of 67%, which steadily increased to reach 86% by 2022. This substantial rise in homeownership coincided with an overall increase in average home prices. In 2017, the average home price was $110,468, and it consistently rose each year, reaching $163,021 by 2022. This represents a 47.6% increase in average home prices over this five-year period.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite fluctuating interest rates, the homeownership rate continued to climb. For instance, in 2017, when the federal interest rate was 1%, the homeownership rate was 67%. By 2022, with interest rates at 1.68%, the homeownership rate had increased to 86%. This suggests that other local factors may have had a stronger influence on homeownership than interest rates in this particular area.
Renter percentages in zip code 61327 have shown an inverse relationship to homeownership rates, naturally decreasing as homeownership increased. In 2017, the renter percentage was 33%, which decreased to 14% by 2022. Interestingly, despite this decrease in renters, average rent prices showed an overall upward trend. The average rent price increased from $782 in 2017 to $828 in 2022, a 5.9% increase. This rise in rent prices occurred even as the population fluctuated, dropping from 1,249 in 2017 to 1,195 in 2022.
Looking at the most recent data, in 2023, the average home price in zip code 61327 increased to $179,344, with the federal interest rate rising to 5.02%. In 2024, the average home price further increased to $196,506, while the federal interest rate slightly rose to 5.33%. These figures indicate a continuing trend of rising home prices despite higher interest rates.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in zip code 61327 to continue their upward trajectory. Based on the historical data and current trends, average home prices could potentially reach around $240,000 to $260,000 by 2029. Average rent prices, following their current trend, might increase to approximately $900 to $950 per month in the same timeframe.
In summary, zip code 61327 has demonstrated a strong trend towards increased homeownership, with rates rising from 67% to 86% between 2017 and 2022. This shift has been accompanied by significant growth in average home prices, which increased by 47.6% during the same period. Despite rising federal interest rates, the area has maintained its trend of increasing homeownership. While the renter population has decreased, average rent prices have continued to rise, albeit at a slower rate than home prices. The most recent data from 2023 and 2024 shows a continuation of these trends, with both home prices and interest rates increasing.
