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Zip Code 61759: Minier's Resilient Homeownership and Rising Home Values
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 61759, located in Minier, Illinois, has experienced fluctuating trends in homeownership, average home prices, and average rent prices over the past decade. This small community has shown resilience in maintaining a high rate of homeownership while navigating changing economic conditions.
The ownership percentage in zip code 61759 has remained relatively stable, with a slight upward trend in recent years. In 2013, the homeownership rate was 81%, and by 2022, it had increased to 87%. This rise in homeownership coincides with an overall increase in average home prices. In 2013, the average home price was $116,260, which steadily climbed to $143,905 by 2022, representing a 23.8% increase over nine years. This trend suggests that despite rising home prices, residents in this area have maintained a strong preference for homeownership.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 61759. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates remained high, fluctuating between 80% and 83%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate actually increased to 87%. This suggests that other local factors may have counteracted the typical negative impact of rising interest rates on homeownership.
Renter percentages and average rent prices in zip code 61759 have shown some volatility. The renter-occupied percentage decreased from 19% in 2013 to 13% in 2022. Average rent prices, however, have not followed a consistent pattern. In 2013, the average rent was $649, which increased to $783 in 2016, representing a significant 20.6% jump. Subsequently, rent prices fluctuated, dropping to $647 in 2018 before rising again to $692 in 2022. These variations in rent prices, coupled with the decreasing renter population, suggest a complex rental market influenced by local economic factors and housing availability.
In 2023 and 2024, average home prices in zip code 61759 continued their upward trajectory. The average home price reached $147,815 in 2023 and further increased to $156,462 in 2024, representing a 5.8% year-over-year growth. This rise occurred despite the Federal interest rate climbing to 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing that outweighed the potential dampening effect of higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 61759 may continue to rise over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are expected to stabilize or increase moderately, influenced by the area's low renter population and overall housing demand. However, these projections are subject to change based on broader economic conditions and local market factors.
In summary, zip code 61759 has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing average home prices. The area has shown resilience in maintaining these trends even in the face of rising interest rates. The rental market, while smaller, has experienced more volatility in both occupancy rates and prices. As the community moves forward, it will likely continue to see a strong preference for homeownership, with potential for further growth in property values.
