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Zip Code 61776: Rising Home Values and Ownership Rates in Towanda, 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 61776, located in Towanda, Illinois, showcases an interesting demographic and real estate landscape. This area has experienced fluctuations in homeownership rates and average home prices over the past decade, with a general trend towards increased homeownership and rising property values.
The ownership percentage in zip code 61776 has shown a notable upward trend, increasing from 81% in 2013 to 89% in 2022. This significant rise in homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $174,880, and by 2022, it had risen to $220,873, representing a 26.3% increase over this period. This correlation suggests that despite rising home prices, more residents in the area have been able to achieve homeownership.
Federal interest rates have played a role in shaping homeownership trends in zip code 61776. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates in the area increased from 81% to 83%, likely due to more affordable financing options. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates in the area continued to climb, reaching 89% in 2022. This suggests that other local factors may have been influencing homeownership rates in addition to interest rates.
The renter percentage in zip code 61776 has experienced a downward trend, decreasing from 16% in 2019 to 11% in 2022. Interestingly, average rent prices have shown significant volatility during this period. In 2019, the average rent was $1,239, which increased to $1,352 in 2020 before decreasing to $1,181 in 2022. This fluctuation in rent prices, coupled with the decreasing renter percentage, suggests that more residents may be transitioning from renting to homeownership, possibly due to the relative affordability of homes in the area compared to rent prices.
In 2023 and 2024, the average home prices in zip code 61776 continued their upward trajectory, reaching $232,990 in 2023 and $240,268 in 2024. This represents a 5.5% increase from 2022 to 2023 and a further 3.1% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, based on the historical trends and current market conditions, we can predict that average home prices in zip code 61776 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach around $260,000 to $270,000 by 2029. Average rent prices, which have shown volatility, may stabilize and gradually increase, potentially reaching $1,300 to $1,400 per month by 2029.
In summary, zip code 61776 has demonstrated a strong trend towards homeownership, with ownership rates increasing from 81% to 89% between 2013 and 2022. This trend has occurred alongside rising average home prices, which have increased by over 26% during the same period. Despite recent increases in federal interest rates, the area continues to see growth in both homeownership rates and property values, suggesting a robust and desirable local real estate market.
