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Zip Code 61607: Rising Home Values and Ownership Rates in Bartonville, 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 61607, located in Bartonville, Illinois, has experienced notable shifts in homeownership and housing prices over the past decade. This area has seen a general trend of increasing homeownership rates, coupled with fluctuating average home prices and rent costs. The interplay between these factors provides insight into the local real estate market dynamics and economic conditions.
Examining the trends between ownership percentage and average home prices reveals an interesting relationship. From 2013 to 2019, homeownership rates in zip code 61607 steadily increased from 78% to 85%. During this period, average home prices showed moderate fluctuations, starting at $108,372 in 2013, peaking at $111,100 in 2016, and then declining to $107,627 by 2019. This suggests that despite the slight dip in home prices, more residents were able to transition into homeownership.
The federal interest rates appear to have influenced homeownership rates in the area. As interest rates remained historically low between 2013 and 2020 (ranging from 0.09% to 0.38%), homeownership rates continued to climb, reaching 83% by 2020. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Regarding renter percentages and average rent prices, an inverse relationship is observed. As the percentage of renters decreased from 22% in 2013 to 15% in 2019, average rent prices showed an overall upward trend. The average rent rose from $782 in 2013 to $838 in 2019, with some fluctuations in between. This suggests that as fewer units were available for rent, the remaining rental properties commanded higher prices.
In 2023 and 2024, the zip code experienced a significant surge in average home prices. The average home price in 2023 was $139,514, and it further increased to $147,778 in 2024. This substantial rise coincides with higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. Despite the higher interest rates, which typically discourage home buying, the area has seen continued growth in property values.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 61607 will continue to rise, albeit at a potentially slower rate than the sharp increase seen in 2023-2024. Average rent prices are also expected to increase moderately, reflecting the overall trend of rising housing costs in the area.
In summary, zip code 61607 has demonstrated a strong trend towards homeownership, with rates increasing from 78% to 82% between 2013 and 2022. Average home prices have shown resilience and growth, particularly in recent years, with a significant jump to $147,778 in 2024. The rental market has contracted, with the percentage of renters decreasing, while average rent prices have generally trended upward. These trends suggest a robust local housing market with increasing property values and a preference for homeownership among residents.
