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Zip Code 61561: Home Values and Ownership Trends in Roanoke, 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 61561, located in Roanoke, Illinois, presents an intriguing case study of homeownership and housing market trends. This rural area has experienced notable fluctuations in its ownership rates and housing prices over the past decade, reflecting broader economic shifts and local dynamics.
The homeownership rate in zip code 61561 has shown a general upward trend from 2013 to 2022, with some minor fluctuations. In 2013, the ownership rate stood at 79%, increasing to 82% by 2022. This rise in homeownership coincided with a steady increase in average home prices. In 2013, the average home price was $114,869, which grew to $138,940 by 2022, representing a 21% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code reveals an interesting pattern. Despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%), homeownership rates remained relatively stable, hovering around 80%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased slightly, reaching 83% in 2019. This suggests that local factors may have played a more significant role in homeownership decisions than national interest rate trends during this period.
Renter percentages in zip code 61561 have generally decreased as average rent prices fluctuated. In 2013, 21% of residents were renters, with an average rent of $689. By 2022, the renter percentage had decreased to 18%, while the average rent had increased to $726. Interestingly, there was a spike in average rent to $897 in 2021, coinciding with a slight increase in the renter population to 20%. This could be attributed to temporary economic factors or changes in the local housing market.
Looking at the most recent data, the average home price in zip code 61561 continued its upward trajectory, reaching $142,916 in 2023 and $146,073 in 2024. This represents a 5.1% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 61561 will continue to rise, albeit at a more moderate pace. Based on historical data and current economic conditions, we project average home prices could reach approximately $160,000 to $165,000 by 2029. For rent prices, the forecast suggests a potential increase to around $780 to $800 per month over the next five years, assuming consistent economic growth and housing demand in the area.
In summary, zip code 61561 has demonstrated a robust trend towards homeownership, with rates increasing from 79% to 82% between 2013 and 2022. This trend has been accompanied by steady growth in average home prices, which have risen by 21% during the same period. The area has shown resilience in maintaining high homeownership rates despite fluctuations in federal interest rates. The rental market has seen a general decrease in the percentage of renters, with some volatility in average rent prices. Looking ahead, both home prices and rent are expected to continue their upward trajectory, albeit at a more moderate pace.
