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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 61530, located in Eureka, Illinois, has experienced notable fluctuations in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a general trend of increasing average home prices, while homeownership rates have shown some variability.
The homeownership rate in zip code 61530 has fluctuated over the years, with a peak of 77% in 2017 and a low of 64% in 2020. Interestingly, as the homeownership rate declined from 77% in 2017 to 68% in 2021, the average home prices increased from $146,266 to $165,058 during the same period. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a significant role in homeownership trends. For instance, when interest rates were at historic lows of 0.08% in 2021, the homeownership rate was 68%. As interest rates rose to 1.68% in 2022, the homeownership rate increased slightly to 70%, possibly due to residents rushing to secure mortgages before rates climbed further.
Renter percentages have shown an inverse relationship to homeownership rates, naturally. The percentage of renters increased from 23% in 2017 to 36% in 2020, coinciding with a period of rising average rent prices. Average rent prices in the area have been volatile, ranging from a low of $575 in 2017 to a high of $776 in 2021. Interestingly, the population peaked at 7,749 in 2018, which may have contributed to the increase in rental demand and prices in subsequent years.
In 2023, the average home price in zip code 61530 reached $178,727, while the federal interest rate was at 5.02%. Moving into 2024, the average home price has continued to rise to $183,192, with the interest rate further increasing to 5.33%. These figures indicate a continued upward trend in both home prices and interest rates, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that average home prices in zip code 61530 are likely to continue their upward trajectory over the next five years. Based on historical trends, we can expect average home prices to potentially reach around $200,000 by 2029. Average rent prices may also see a moderate increase, potentially reaching $800-$850 per month in the same timeframe, assuming current economic conditions persist.
In summary, zip code 61530 has experienced a complex interplay between homeownership rates, average home prices, and rental markets. The area has seen generally increasing home values despite fluctuations in homeownership rates. The recent rise in interest rates, coupled with increasing home prices, may present challenges for potential homebuyers in the coming years. Meanwhile, the rental market has shown volatility, with potential for continued growth in both demand and prices.