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Zip Code 61421: Home Values and Ownership Trends in Bradford, 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
Bradford, located in zip code 61421 in Illinois, is a small community that has experienced notable shifts in its housing dynamics over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices, revealing interesting patterns in the local real estate market.
The homeownership rate in Bradford has shown a gradual decline from 2013 to 2022. In 2013, the percentage of owner-occupied homes was 85%, which decreased to 77% by 2022. This 8% drop in homeownership coincided with an increase in average home prices. The average home price in the area rose from $72,359 in 2016 to $89,873 in 2022, representing a significant 24.2% increase over six years.
The relationship between federal interest rates and homeownership rates in Bradford appears to follow the general trend observed nationally. As interest rates remained low between 2013 and 2021 (ranging from 0.08% to 2.16%), the homeownership rate experienced a relatively gradual decline. However, the sharp increase in interest rates to 1.68% in 2022 coincided with a continued decrease in homeownership, suggesting that other local factors may also be influencing this trend.
As the percentage of renters increased from 15% in 2013 to 23% in 2022, the average rent prices showed some fluctuation. The average rent rose from $642 in 2013 to a peak of $699 in 2021, before slightly decreasing to $687 in 2022. This represents a 7% increase in average rent over the nine-year period. The population of Bradford has been relatively stable during this time, with 1,273 residents in 2013 and 1,230 in 2022, suggesting that changes in housing demand are likely driven by factors other than population growth.
In 2023 and 2024, the average home prices in Bradford continued to show strength. The average home price increased to $91,535 in 2023, representing a 1.8% rise from 2022. However, there was a slight decrease to $89,467 in 2024, a 2.3% decline from the previous year. This recent dip coincides with a further increase in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability.
Looking ahead, predictive models suggest that average home prices in Bradford may experience moderate growth over the next five years. Based on historical trends and current economic factors, average home prices could potentially reach around $95,000 to $100,000 by 2029. Average rent prices are also expected to continue their upward trajectory, potentially reaching $750 to $800 per month in the same timeframe.
In summary, Bradford has witnessed a gradual shift towards renting, with homeownership rates declining despite relatively low interest rates for much of the past decade. Average home prices have shown resilience and growth, while rent prices have increased moderately. The recent uptick in interest rates may influence future housing market dynamics, potentially affecting both homeownership rates and property values in this small Illinois community.
