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Zip Code 61536: Rising Home Values and Steady Ownership in Hanna City, 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 61536, located in Hanna City, Illinois, presents an interesting case study of homeownership and rental trends in a small, rural community. Over the past decade, this area has maintained a consistently high rate of homeownership while experiencing fluctuations in average home prices and rental costs. The homeownership rate in zip code 61536 has remained relatively stable, hovering around 87-88% from 2013 to 2022. This high rate of owner-occupied housing reflects a strong preference for homeownership in the area. During this period, average home prices have shown a general upward trend. In 2013, the average home price was $135,857, which increased to $183,596 by 2022, representing a 35% growth over nine years. This steady appreciation in home values may have contributed to the sustained high homeownership rates, as residents likely viewed property ownership as a sound investment.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 61536. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely supported the high homeownership rates observed during this time. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate remained resilient, suggesting that other factors such as local economic conditions and housing preferences continued to favor homeownership in this area.
The rental market in zip code 61536, while smaller, has also experienced notable changes. The percentage of renters fluctuated slightly between 12% and 14% from 2013 to 2022. Average rent prices showed considerable variation during this period. In 2013, the average rent was $700, which increased to $930 by 2020, representing a 32.9% increase. However, there was a slight decrease to $916 in 2022. These changes in rental costs occurred against a backdrop of declining population, from 3,986 in 2013 to 3,562 in 2022, which may have influenced the rental market dynamics.
Looking at the most recent data, the average home price in zip code 61536 reached $185,555 in 2023 and further increased to $194,988 in 2024. This represents a significant 6.2% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from previous years. Despite these higher interest rates, the continued rise in home prices suggests ongoing demand for housing in this area.
Applying predictive models to forecast trends for the next five years, we anticipate that average home prices in zip code 61536 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $220,000 to $230,000 by 2029. For rental prices, considering the historical fluctuations and current trends, we estimate average rents could stabilize around $950 to $1,000 per month over the next five years, assuming no significant changes in local economic conditions or housing supply.
In summary, zip code 61536 demonstrates a strong and persistent preference for homeownership, with average home prices showing consistent appreciation over time. The rental market, while smaller, has experienced more volatility in pricing. Recent data indicates continued growth in home values despite rising interest rates, suggesting robust demand for housing in this area. These trends point to a stable and potentially growing housing market in zip code 61536 for the foreseeable future.
