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Zip Code 61550: Rising Home Values and Ownership Rates in Morton, 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 61550, located in Morton, Illinois, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a consistently high rate of owner-occupied housing, with a slight increase in recent years, while average home prices have shown steady growth.
The ownership percentage in zip code 61550 has remained relatively stable, with a slight upward trend from 75% in 2017 to 79% in 2022. During this same period, average home prices have shown consistent growth. In 2017, the average home price was $195,342, which increased to $241,842 by 2022, representing a 23.8% increase over five years. This positive correlation between homeownership rates and average home prices suggests a strong and desirable housing market in the area.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. During this period, homeownership rates in zip code 61550 remained stable, hovering around 75-77%. As interest rates began to rise more significantly in 2022 to 1.68%, we observed an increase in homeownership to 79%, possibly due to buyers rushing to secure mortgages before rates climbed further.
Renter percentages in zip code 61550 have shown a slight decline, from 25% in 2017 to 21% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2017, the average rent was $987, which decreased to $798 by 2022, a 19.1% reduction. This decline in rent prices, coupled with the decrease in renter percentages, might indicate a shift towards homeownership in the area, possibly due to favorable buying conditions or changes in local economic factors.
Looking at the most recent data, the average home price in zip code 61550 rose to $243,232 in 2023 and further increased to $254,159 in 2024, showing a continued upward trend. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the continued rise in home prices suggests a robust demand for housing in this area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 61550 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $290,000 to $310,000, assuming a moderate annual growth rate of 3-4%. For rent prices, we expect a gradual increase over the next five years, potentially reaching an average of $850 to $900 per month by 2029, factoring in historical fluctuations and the current housing market dynamics.
In summary, zip code 61550 demonstrates a strong preference for homeownership, with a recent increase to 79% owner-occupied housing. Average home prices have shown consistent growth, even in the face of rising interest rates, indicating a resilient and attractive housing market. The decline in both renter percentages and average rent prices suggests a shift towards homeownership, possibly driven by the area's economic conditions and housing market dynamics. As we look to the future, the housing market in this zip code appears poised for continued growth, with steady increases in home values expected over the next five years.
