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Zip Code 61572: Rising Home Values and Ownership Trends in Yates 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 61572, located in Yates City, Illinois, presents an intriguing case study of homeownership and housing market dynamics in a small rural community. Over the past decade, this area has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local factors.
The homeownership rate in zip code 61572 has shown notable variations between 2013 and 2022. In 2013, the homeownership rate stood at 78%. It reached its peak of 83% in 2015 before experiencing a gradual decline to 72% in 2020. However, there was a significant rebound to 82% by 2022. This upward trend in homeownership coincided with changes in average home prices. The average home price in the area increased from $81,609 in 2013 to $108,178 in 2022, representing a 32.6% increase over this period.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 61572. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. This likely contributed to the high homeownership rates observed during this time, peaking at 83% in 2015. As interest rates began to rise from 2017 onwards, reaching 1.83% in 2018 and 2.16% in 2019, we see a corresponding decline in homeownership rates, dropping to 72% by 2019 and 2020. The subsequent drop in interest rates to 0.08% in 2021 may have contributed to the rebound in homeownership to 79% that year and 82% in 2022.
Renter percentages in zip code 61572 have inversely mirrored homeownership trends. The rental rate increased from 17% in 2015 to a peak of 28% in 2019 and 2020, before declining to 18% in 2022. Interestingly, average rent prices have not consistently followed this pattern. The average rent peaked at $734 in 2013, then declined to $611 in 2017 before rising again to $658 in 2022. This suggests that factors beyond simple supply and demand, such as local economic conditions or housing quality, may be influencing rent prices in this area.
In 2023 and 2024, we see some interesting developments in the housing market of zip code 61572. The average home price decreased slightly from $108,178 in 2022 to $101,795 in 2023, marking a 5.9% decline. However, it rebounded to $108,497 in 2024, surpassing the 2022 level. This recovery occurred despite a significant increase in federal interest rates, which rose from 1.68% in 2022 to 5.02% in 2023 and further to 5.33% in 2024. This resilience in home prices despite higher borrowing costs suggests strong underlying demand in the local housing market.
Looking ahead, our predictive models forecast a continued upward trend in average home prices for zip code 61572 over the next five years. We anticipate average home prices could reach approximately $120,000 by 2029, representing a potential increase of about 10.6% from 2024 levels. For average rent prices, our models suggest a more modest increase, potentially reaching around $700 by 2029, an increase of about 6.4% from 2022 levels.
In summary, zip code 61572 has demonstrated a resilient housing market with generally increasing homeownership rates and home prices over the past decade, despite fluctuations in federal interest rates. The area has shown the ability to rebound from short-term declines, as evidenced by the 2023-2024 home price recovery. While rental rates have varied, they appear to be stabilizing at lower levels in recent years. The forecast suggests continued growth in both home prices and rents, indicating ongoing demand for housing in this rural Illinois community.
