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Zip Code 61772: Evolving Home Values and Ownership in Rural 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 61772, located in Shirley, Illinois, is a small community with a population of 719 as of 2022. This area has experienced notable shifts in homeownership rates and housing prices over recent years, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 61772 has shown a gradual decline from 2013 to 2022. In 2013, 90% of residents were homeowners, but by 2022, this figure had decreased to 83%. This shift coincides with changes in average home prices, which have seen significant growth in recent years. The average home price in 2022 was $208,544.
The relationship between federal interest rates and homeownership rates in this area is notable. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 88-90%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, we see a corresponding decline in homeownership rates to 83% by 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 61772 have inversely mirrored the homeownership trend, increasing from 9% in 2013 to 16% in 2022. This rise in renters has been accompanied by an overall increase in average rent prices. In 2013, the average rent was $972, which rose to $988 by 2022, representing a modest increase over the nine-year period. It's worth noting that despite the increase in renter percentage, the population of the area has fluctuated, with a slight overall decrease from 753 in 2013 to 719 in 2022, which may have influenced rental market dynamics.
Looking at the most recent data, the average home price in zip code 61772 increased to $217,792 in 2023 and further to $225,787 in 2024. This represents a significant jump from the 2022 average of $208,544, indicating a robust housing market in the area. Concurrently, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in average home prices, potentially reaching around $250,000 by 2029 if current trends persist. Average rent prices are also expected to increase, albeit more moderately, potentially approaching $1,100 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 61772 has experienced a gradual shift towards more renters and fewer homeowners over the past decade, alongside increases in both home prices and rents. The sharp rise in interest rates in recent years may continue to influence homeownership rates, while the steady increase in home values suggests a strong local real estate market. These trends indicate a changing housing landscape in Shirley, with potential implications for community demographics and local economic conditions in the coming years.
