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Zip Code 61353: Rising Home Values and Strong Ownership Rates in Rural 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 61353, located in Paw Paw, Illinois, presents an intriguing case study of housing market dynamics in a small rural community. This area has experienced fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 61353 has shown some variability but has generally remained high, ranging from 72% to 81% between 2013 and 2022. Average home prices in the area have demonstrated a notable upward trend, particularly in recent years. In 2013, the average home price was $98,756, which increased significantly to $183,498 by 2022, representing an impressive 85.8% growth over this period.
Examining the relationship between federal interest rates and homeownership rates reveals some interesting patterns. In 2013, when interest rates were at a low 0.11%, the homeownership rate was at its peak of 81%. As interest rates gradually increased to 1.68% by 2022, there was a slight decline in homeownership to 76%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
The rental market in zip code 61353 has also shown some fluctuations. The percentage of renters increased from 19% in 2013 to 24% in 2022. Interestingly, average rent prices have not shown a consistent upward trend during this period. In 2013, the average rent was $718, which peaked at $896 in 2014 and 2015, before settling at $969 in 2022. This represents a 35% increase in average rent from 2013 to 2022, despite some intermediate fluctuations.
Looking at the most recent data, the average home price in zip code 61353 was $179,659 in 2023 and increased to $192,664 in 2024. This represents a 7.2% increase in just one year. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, potentially influencing home buying decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 61353 will continue to rise, potentially reaching around $225,000 by 2029. This projection is based on the strong growth observed in recent years and assumes relatively stable economic conditions. For average rent prices, we expect a more moderate increase, potentially reaching approximately $1,100 per month by 2029, considering the historical fluctuations and current trends.
In summary, zip code 61353 has demonstrated resilience in its housing market, with consistently high homeownership rates and significant growth in average home prices over the past decade. The rental market, while smaller, has shown steady demand with gradually increasing average rents. The area's ability to maintain high homeownership rates despite rising home prices and interest rates suggests a strong local housing market and community stability.
