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Zip Code 61760: Rising Home Values and Shifting Ownership in Minonk, 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 61760, located in Minonk, Illinois, presents an interesting case study in homeownership and rental trends. This area has experienced fluctuations in its housing market over the past decade, with notable shifts in ownership percentages, average home prices, and average rent prices.
The homeownership rate in zip code 61760 has shown a gradual decline over the years. In 2013, the area boasted a high 83% homeownership rate. However, by 2022, this figure had dropped to 74%, indicating a significant shift in the local housing landscape. Concurrently, average home prices have demonstrated an overall upward trend. In 2013, the average home price was $96,195, which increased to $119,556 by 2022, representing a 24.3% rise over this period.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable at around 81-83%. However, as interest rates began to climb from 2017 onwards, reaching 1.68% in 2022, we observed a corresponding decline in homeownership rates to 74%. This inverse relationship underscores the impact of financing costs on homebuying decisions.
The rental market in zip code 61760 has shown interesting dynamics. As homeownership rates declined, the percentage of renters naturally increased, from 17% in 2013 to 26% in 2022. Average rent prices have fluctuated over this period. In 2013, the average rent was $779, which rose to $862 by 2021, representing a 10.7% increase. However, 2022 saw a slight decrease to $798, possibly due to economic factors or changes in local housing supply.
Looking at more recent data, the average home price in 2023 was $121,686, showing a slight increase from 2022. Interestingly, 2024 saw a minor dip to $121,200. This coincides with a significant jump in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be contributing to a cooling effect on home prices.
Applying predictive models to forecast 5-year trends, we anticipate a moderate growth in average home prices for zip code 61760. Based on historical patterns and current economic indicators, average home prices could potentially reach around $130,000 to $135,000 by 2029. For average rent prices, the forecast suggests a possible increase to the $850-$900 range over the next five years, assuming steady economic growth and continued demand for rental properties in the area.
In summary, zip code 61760 has experienced a gradual shift from homeownership to renting over the past decade, influenced by rising home prices and fluctuating interest rates. The recent spike in interest rates appears to be moderating home price growth, while the rental market continues to show resilience. These trends reflect broader economic patterns and local market dynamics, painting a picture of a housing market in transition.
