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Zip Code 61740: Average Home Values and Ownership Trends in Flanagan, 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 61740, located in Flanagan, Illinois, presents an interesting case study of homeownership and housing market trends. This rural area has maintained a consistently high rate of homeownership over the past decade, with average home prices showing steady growth despite population fluctuations.
The ownership percentage in zip code 61740 has remained remarkably stable, hovering around 80% from 2013 to 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $94,446, which gradually increased to $128,874 by 2022, representing a 36.5% increase over nine years. This trend suggests a strong correlation between the stable homeownership rate and the steady appreciation of property values in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 61740. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%, which likely contributed to maintaining the high homeownership rate. Even as interest rates began to rise in 2022 to 1.68%, the ownership percentage remained steady at 80%, indicating a resilient local housing market.
Renter percentages in zip code 61740 have correspondingly remained low, fluctuating between 19% and 23% from 2013 to 2022. Average rent prices have shown some variability but with an overall upward trend. In 2013, the average rent was $759, which decreased slightly to $711 in 2015 before rising again to $763 in 2022. This represents a modest 0.5% increase over the nine-year period. The relatively stable rent prices, combined with the area's declining population from 1,134 in 2013 to 1,039 in 2022, suggest a balanced rental market despite the strong preference for homeownership.
Moving to more recent data, 2023 saw average home prices in zip code 61740 reach $135,271, a 5% increase from 2022. This growth continued into 2024, with average home prices rising to $142,729, marking an additional 5.5% increase. Notably, federal interest rates also saw significant increases, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in this zip code has continued to appreciate, indicating strong local demand and resilience.
Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue over the next five years, albeit potentially at a more moderate pace due to the higher interest rate environment. Average rent prices are expected to follow a similar trajectory, with gradual increases reflecting the overall appreciation of the local real estate market. However, the rate of increase may be tempered by the area's population trends and the high proportion of owner-occupied housing.
In summary, zip code 61740 demonstrates a robust and stable housing market characterized by high homeownership rates and steadily appreciating property values. The area has shown resilience in the face of population declines and rising interest rates, maintaining its attractiveness to homeowners. As we move forward, the interplay between interest rates, population dynamics, and housing demand will continue to shape the local real estate landscape, with a likelihood of sustained, moderate growth in both home values and rental prices.
