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Zip Code 61360: Rising Home Values and Stable Ownership in Seneca, 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 61360, located in Seneca, Illinois, has experienced notable shifts in homeownership rates and property values over the past decade. This area has maintained a relatively high rate of owner-occupied housing, with a general trend towards increased homeownership and rising average home prices.
The ownership percentage in zip code 61360 has shown a gradual increase from 80% in 2013 to 83% in 2020, before slightly decreasing to 80% in 2022. This trend correlates with the steady rise in average home prices, which increased from $129,193 in 2013 to $204,628 in 2022, representing a substantial 58.4% growth over this period. The relationship between homeownership rates and average home prices suggests that despite rising property values, the area has remained attractive to potential homeowners.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 61360. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the increase in homeownership from 80% to 81% during this time. As interest rates began to rise more sharply from 2017 (1.00%) to 2019 (2.16%), homeownership continued to increase, reaching 83% by 2019, indicating strong local demand for housing despite higher borrowing costs.
Renter percentages in zip code 61360 have fluctuated inversely to homeownership rates, decreasing from 20% in 2013 to 16% in 2019, before rising slightly to 20% in 2022. Average rent prices have shown a general downward trend, declining from $1,157 in 2013 to $883 in 2022, a 23.7% decrease. This trend is noteworthy, as it diverges from the rising home prices and suggests that the rental market in this area may be influenced by factors such as local economic conditions or changes in housing supply.
In 2023 and 2024, the average home prices in zip code 61360 showed a slight dip followed by an increase. The average home price in 2023 was $202,397, a minor decrease from 2022, but it rebounded to $212,323 in 2024. This represents a 4.9% increase from 2023 to 2024. Notably, federal interest rates have risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership trends.
Looking ahead, predictive models suggest that average home prices in zip code 61360 may continue to rise over the next five years, potentially reaching around $240,000 by 2029 if current trends persist. Average rent prices, which have been declining, may stabilize or show a slight increase, possibly reaching around $950 per month by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 61360 has demonstrated resilience in its housing market, with increasing homeownership rates and rising average home prices over the past decade. The area has maintained a high proportion of owner-occupied housing despite fluctuations in federal interest rates. The rental market has shown a contrasting trend with declining average rents, suggesting a complex interplay of local economic factors. As we move forward, the housing market in this zip code appears poised for continued growth, with potential for further increases in both homeownership rates and property values.
