Renter percentages in zip code 61568 have inversely mirrored the homeownership trends, increasing from 15% in 2013 to 23% in 2022. This shift has been accompanied by fluctuations in average rent prices. In 2013, the average rent was $663, which peaked at $810 in 2021 before slightly decreasing to $748 in 2022. The population has remained relatively stable during this period, hovering around 4,800-5,000 residents, suggesting that changes in rent prices may be more influenced by local economic factors than population pressure.

Looking at the most recent data, average home prices in zip code 61568 continued to rise, reaching $218,994 in 2023 and $226,278 in 2024. This represents a 6.3% increase from 2022 to 2024. Concurrently, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may potentially impact future homeownership rates and housing affordability in the area.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 61568 will continue to rise, albeit at a more moderate pace. By 2029, average home prices could reach approximately $250,000 to $260,000, assuming current economic conditions persist. Average rent prices are also expected to increase, potentially reaching $850 to $900 per month by 2029.

In summary, zip code 61568 has experienced a gradual shift towards more renters and higher housing costs over the past decade. The area has seen a 10% decrease in homeownership rates since 2013, coupled with a significant 27.7% increase in average home prices. Recent years have shown accelerated growth in housing prices, which, combined with rising interest rates, may continue to shape the local real estate landscape in the coming years. These trends suggest a changing demographic and economic profile for Tremont, with potential implications for community development and housing policies.