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Zip Code 61741: Rising Home Values and Strong Ownership in Rural Forrest, 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 61741, located in Forrest, Illinois, presents an intriguing case study of homeownership and housing market dynamics in a small rural community. This area has experienced fluctuations in both population and housing trends over the past decade, with a generally high rate of homeownership and relatively affordable housing prices.
The ownership percentage in zip code 61741 has shown resilience over the years, maintaining a high level despite some fluctuations. In 2013, the homeownership rate stood at 78%, and by 2022, it had increased slightly to 83%. This trend coincides with changes in average home prices, which have seen significant growth. In 2013, the average home price was $86,728, and it steadily increased to reach $119,044 by 2022, representing a 37.3% increase over this period. The most substantial jump occurred between 2020 and 2021, with average home prices rising from $95,589 to $105,907, a 10.8% increase in just one year.
Federal interest rates have played a role in shaping homeownership trends in this area. From 2013 to 2020, interest rates remained historically low, hovering between 0.09% and 0.38%. This period of low-interest rates coincided with the relatively stable and high homeownership rates in zip code 61741, as low financing costs made homeownership more accessible. However, the sharp increase in interest rates in 2022 to 1.68% did not immediately impact the homeownership rate, which actually increased from 77% in 2020 to 83% in 2022, suggesting other local factors may have influenced this trend.
Renter percentages and average rent prices in zip code 61741 have shown some interesting patterns. The percentage of renters decreased from 23% in 2020 to 17% in 2022, while average rent prices fluctuated. In 2013, the average rent was $611, rising to $688 in 2020, but then decreasing to $672 in 2022. This trend does not directly correlate with the population changes, as the population decreased from 1,501 in 2020 to 1,460 in 2022, suggesting that factors beyond population growth are influencing rental markets in this area.
In 2023 and 2024, the housing market in zip code 61741 continued its upward trajectory. The average home price reached $126,573 in 2023 and further increased to $133,293 in 2024, representing a 12% growth over these two years. This increase occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, predictive models suggest that average home prices in zip code 61741 are likely to continue their upward trend over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices may also see modest increases, driven by overall housing market appreciation and potential shifts in housing preferences.
In summary, zip code 61741 has maintained a strong homeownership rate despite fluctuations in population and housing prices. The area has seen significant appreciation in average home values, particularly in recent years, while rental markets have remained relatively stable. The resilience of homeownership rates in the face of rising interest rates and home prices suggests a strong local preference for homeownership, which may continue to shape the housing market in this rural Illinois community in the coming years.
