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Zip Code 61342: Steady Home Values and Ownership Rates in Mendota, 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 61342, located in Mendota, Illinois, presents an intriguing case study of homeownership and rental trends over the past decade. This area has experienced fluctuations in both ownership percentages and housing prices, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 61342 has shown resilience, with some variations over the years. In 2013, the homeownership rate stood at 73%, and by 2022, it had slightly increased to 74%. During this period, average home prices demonstrated a consistent upward trend. In 2013, the average home price was $92,245, and by 2022, it had risen significantly to $139,797, representing a substantial increase of 51.6% over nine years.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable, hovering around 70-74%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in the area actually increased slightly to 74%, suggesting local factors may have played a more significant role than national interest rate trends in this particular zip code.
Renter percentages and average rent prices in zip code 61342 have shown some interesting patterns. In 2013, the renter-occupied percentage was 27%, with an average rent of $704. By 2022, the renter percentage had decreased slightly to 26%, while the average rent had decreased to $681. This slight decrease in both renter percentage and average rent over the period is somewhat atypical and may reflect local economic conditions or changes in housing supply.
Looking at the most recent data, in 2023, the average home price in zip code 61342 reached $144,553, continuing the upward trend seen in previous years. As of 2024, the average home price has further increased to $151,927, representing a 5.1% increase from the previous year. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 61342 will continue to rise, albeit potentially at a slower rate due to higher interest rates. Based on historical data and current trends, we project average home prices could reach approximately $175,000 to $185,000 by 2029. Average rent prices, which have shown some volatility in recent years, are predicted to stabilize and potentially increase moderately, possibly reaching around $750 to $800 per month in the next five years.
In summary, zip code 61342 has demonstrated a robust housing market with increasing home values and stable homeownership rates, despite fluctuations in federal interest rates. The area has shown resilience in maintaining a high percentage of owner-occupied homes, even as average home prices have risen substantially. The rental market, while showing some unique trends with slight decreases in both renter percentages and average rents, suggests a complex local housing ecosystem. As we look to the future, the interplay between rising home prices, higher interest rates, and local economic factors will likely continue to shape the housing landscape in this Illinois community.
