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Zip Code 61771: Rising Home Values and High Ownership Rates in Secor, 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 61771, located in Secor, Illinois, presents an interesting case study in homeownership and housing market trends. This rural area has maintained consistently high homeownership rates over the past decade, with average home prices showing steady growth despite fluctuations in population.
The ownership percentage in zip code 61771 has remained remarkably stable, hovering around 92-95% between 2013 and 2022. This high rate of homeownership coincides with a general upward trend in average home prices. In 2013, the average home price was $132,935, which increased to $185,279 by 2022, representing a 39.4% growth over this period. Notably, the most significant jump occurred between 2019 and 2020, with average home prices rising from $149,079 to $162,546, a 9% increase in just one year.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the sustained high homeownership rates. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, the homeownership rate remained stable, suggesting a strong preference for homeownership in this community regardless of financing costs.
The rental market in zip code 61771 has been characterized by volatility in both renter percentages and average rent prices. Renter-occupied housing units have fluctuated between 5% and 9% of total occupied units from 2013 to 2022. Average rent prices have shown significant variations, ranging from a low of $664 in 2013 to a peak of $1,300 in 2015, before settling at $1,007 in 2022. These fluctuations may be attributed to the small rental market size, where minor changes can lead to large percentage swings.
In 2023 and 2024, average home prices in zip code 61771 showed a slight decline, dropping from $185,279 in 2022 to $184,572 in 2023 and further to $184,172 in 2024. This represents a modest decrease of 0.6% over two years. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may have contributed to the cooling of home prices.
Looking ahead, predictive models suggest that average home prices in zip code 61771 may continue to experience moderate growth over the next five years, potentially reaching around $195,000 by 2029. Average rent prices are projected to stabilize and potentially increase slightly, possibly reaching $1,100-$1,200 per month by 2029, assuming economic conditions remain relatively stable.
In summary, zip code 61771 demonstrates a strong preference for homeownership, with consistently high rates despite fluctuations in average home prices and federal interest rates. The area has seen substantial growth in property values over the past decade, with a recent slight cooling trend. The rental market, while small, has shown volatility in both occupancy rates and prices. These trends suggest a stable, homeowner-focused community with a resilient housing market.
