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Zip Code 61523: Rising Home Values and Ownership Rates in Chillicothe, 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 61523, located in Chillicothe, Illinois, has shown interesting demographic and housing trends over the past decade. This area, spanning 60.17 square miles, has experienced fluctuations in homeownership rates and housing prices, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 61523 has seen a notable increase from 76% in 2016 to 84% in 2022, indicating a strong preference for homeownership in recent years. This trend coincides with changes in average home prices, which have shown significant growth. In 2016, the average home price was $125,051, and by 2022, it had risen to $144,382, representing a 15.5% increase over six years. This upward trend in both homeownership rates and home prices suggests a robust demand for housing in the area.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting pattern. Despite low interest rates from 2016 to 2020 (ranging from 0.4% to 0.38%), homeownership rates continued to climb. This trend accelerated even as interest rates began to rise, with the rate reaching 1.68% in 2022. The continued increase in homeownership despite rising interest rates may indicate strong local economic factors or a desire for stability among residents.
Conversely, the renter population in zip code 61523 has decreased from 24% in 2016 to 16% in 2022. Despite this decline, average rent prices have shown an overall upward trend. In 2016, the average rent was $855, and by 2022, it had increased to $904, representing a 5.7% rise. This increase in rent prices, coupled with a decreasing renter population, might suggest a tightening rental market with potentially higher-quality or more desirable rental properties commanding premium prices.
Looking at more recent data, the average home price in zip code 61523 continued its upward trajectory, reaching $148,702 in 2023 and further climbing to $157,876 in 2024. This represents a significant 9.2% increase from 2022 to 2024. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the continued rise in home prices suggests strong demand and possibly limited housing supply in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 61523 will continue to rise, potentially reaching around $180,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the recent acceleration in price growth. For rent prices, we expect a more moderate increase, potentially reaching an average of $950-$1,000 per month by 2029, assuming the current trends in population and housing demand continue.
In summary, zip code 61523 has demonstrated a strong shift towards homeownership, with rising home prices and a decreasing renter population. The area has shown resilience in its housing market, with home prices continuing to climb even in the face of rising interest rates. These trends suggest a desirable living environment with potential for continued growth in property values, making it an area of interest for both residents and investors in the coming years.
