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Zip Code 61752: Le Roy's Rising Home Values and Resilient Ownership Rates
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
Le Roy, located in zip code 61752 in Illinois, is a small community that has experienced fluctuations in homeownership rates and housing prices over the past decade. This analysis explores the trends in ownership percentages, average home prices, and average rent prices in the area. The homeownership rate in Le Roy has shown some variability but has generally remained high. In 2013, the homeownership rate stood at 87%, gradually decreasing to 78% in 2017 before rebounding to 85% in 2022. This trend coincides with changes in average home prices, which have seen steady growth over the years. In 2010, the average home price was $137,680, and by 2022, it had increased to $168,258, representing a 22.2% increase over 12 years. The relationship between federal interest rates and homeownership rates in Le Roy shows some correlation. As interest rates remained low from 2010 to 2015, hovering between 0.1% and 0.18%, homeownership rates stayed relatively high. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, there was a slight dip in homeownership rates before they recovered. This suggests that while lower interest rates generally encourage homeownership due to more affordable financing options, other local factors also play a role in this market.
Renter percentages and average rent prices in Le Roy have shown interesting trends. The percentage of renters increased from 12% in 2013 to a peak of 22% in 2017 before declining to 15% in 2022. Average rent prices have been volatile during this period. In 2013, the average rent was $574, rising to $771 in 2015, then fluctuating before reaching $695 in 2022. This represents a 21% increase in average rent from 2013 to 2022, despite the population remaining relatively stable around 3,900 residents.
Looking at the most recent data, average home prices in Le Roy continued to rise, reaching $180,539 in 2023 and $188,457 in 2024. This represents a significant 12% increase from 2022 to 2024. Concurrently, federal interest rates have also increased substantially, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Le Roy will continue to rise, potentially reaching around $220,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the recent acceleration in price growth. For average rent prices, the forecast suggests a more moderate increase, potentially reaching approximately $800 per month by 2029, assuming the current trends and local economic conditions persist.
In summary, Le Roy has maintained a high homeownership rate despite fluctuations in the housing market. Average home prices have shown steady growth, with a notable acceleration in recent years. Rent prices, while volatile, have also trended upward. The interplay between federal interest rates, local economic conditions, and housing market dynamics will continue to shape the real estate landscape in this Illinois community.
