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Zip Code 61924: Rural Illinois Housing Trends Reveal Shifting Homeownership and Rising Rents
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 61924, which covers Chrisman in Illinois, presents an interesting case study of housing trends in a small Midwestern community. Over the past decade, this area has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic shifts and local dynamics.
The homeownership rate in zip code 61924 has shown a gradual decline from 2013 to 2022. In 2013, 80% of residents were homeowners, but by 2022, this figure had decreased to 70%. This 10 percentage point drop coincided with changes in average home prices. The average home price in 2016 was $82,972, and after a period of decline, it rebounded to $82,496 in 2022, showing relative stability over this period despite the decrease in homeownership.
Federal interest rates appear to have influenced homeownership trends in this area. As interest rates remained low between 2013 and 2015 (around 0.1%), homeownership rates were stable at around 80-81%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates declined. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Conversely, the percentage of renters in zip code 61924 has increased from 20% in 2013 to 30% in 2022. This rise in renters coincided with an increase in average rent prices. In 2013, the average rent was $608, which rose to $675 by 2022, representing an 11% increase over nine years. The population fluctuated during this period, with 2,412 residents in 2013, dropping to 2,288 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, average home prices in zip code 61924 continued to show movement. The average home price rose to $86,412 in 2023, a significant increase from the previous year. However, in 2024, there was a slight decrease to $84,138. Notably, federal interest rates climbed substantially during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in zip code 61924 may continue to fluctuate but are likely to remain within the $80,000 to $90,000 range over the next five years. Average rent prices are expected to continue their upward trend, potentially reaching around $725-$750 by 2029, assuming current economic conditions persist.
In summary, zip code 61924 has experienced a shift towards renting over the past decade, with homeownership rates declining and rental rates increasing. Average home prices have shown resilience despite these changes, while average rent prices have steadily increased. The interplay between federal interest rates, local economic conditions, and population changes will likely continue to shape the housing market in this Illinois community in the coming years.
