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Zip Code 61919: Resilient Home Values and Ownership in Rural Camargo, 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 61919, located in Camargo, Illinois, has experienced fluctuating trends in homeownership rates and housing prices over the past decade. This small rural community, with a population of 414 in 2022, has seen interesting shifts in its real estate landscape.
The homeownership rate in zip code 61919 has shown a general decline from 2013 to 2018, followed by a recovery in recent years. In 2013, the homeownership rate was 87%, which decreased to 77% by 2018. However, there has been a rebound since then, with the rate reaching 86% in 2022. Interestingly, this trend doesn't directly correlate with average home prices, which have shown a steady increase since 2019. The average home price in 2019 was $122,257, rising to $151,646 in 2022, representing a 24% increase over three years.
Federal interest rates have played a role in homeownership trends in the area. The period from 2013 to 2015 saw historically low interest rates, ranging from 0.11% to 0.13%, which coincided with high homeownership rates of 86-87%. As interest rates began to rise from 2016 onwards, reaching 2.16% in 2019, homeownership rates dipped to their lowest point of 77% in 2018. However, the subsequent drop in interest rates in 2020 and 2021 to near-zero levels appears to have stimulated a recovery in homeownership rates.
Renter percentages in zip code 61919 have inversely mirrored the homeownership trends, rising from 12% in 2013 to a peak of 22% in 2018, before declining to 14% in 2022. Average rent prices have shown significant volatility during this period. In 2013, the average rent was $1,703, which dramatically decreased to $601 by 2018. Since then, rent prices have rebounded somewhat, reaching $658 in 2022. This fluctuation in rent prices doesn't seem to directly correlate with the renter percentage, suggesting other factors such as local economic conditions or housing supply may be influencing these trends.
In 2023 and 2024, the average home prices in zip code 61919 continued their upward trajectory, reaching $157,407 in 2023 and $164,522 in 2024. This represents a 4.7% increase from 2023 to 2024. Interestingly, this price growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and increased further to 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, based on the observed trends, we can forecast that average home prices in zip code 61919 are likely to continue their upward trajectory over the next five years, albeit potentially at a slower pace due to higher interest rates. We might expect to see average home prices reach around $180,000 to $190,000 by 2029. Rent prices, which have been more volatile, are harder to predict but may stabilize or show modest increases, potentially reaching an average of $700 to $750 per month in the same timeframe.
In summary, zip code 61919 has demonstrated resilience in its housing market, with rebounding homeownership rates and steadily increasing home prices despite fluctuations in interest rates. The inverse relationship between homeownership and renter percentages highlights the dynamic nature of the local real estate market. The continued rise in home prices, even in the face of higher interest rates, suggests a strong underlying demand for housing in this area.
