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Zip Code 61928: Average Home Values and Ownership Trends in Rural Illinois Village of Gays
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 61928, located in Gays, Illinois, presents an interesting case study in real estate trends. This rural area has experienced fluctuations in homeownership rates and property values over the past decade. The overall trend shows a slight decrease in homeownership, coupled with a significant increase in average home prices and average rent prices.
The homeownership rate in zip code 61928 has seen a modest decline from 83% in 2013 to 79% in 2022. During this same period, average home prices have shown a substantial increase. In 2016, the average home price was $105,228, which rose steadily to $149,230 by 2022, representing a 41.8% increase over six years. This upward trend in home prices, despite a slight decrease in homeownership, suggests that the area has become more attractive to investors or that existing homeowners have benefited from appreciation in their property values.
Federal interest rates have played a significant role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 83%. However, as interest rates began to rise more notably from 2017 (1%) to 2019 (2.16%), we observed a gradual decline in homeownership rates, reaching 75% by 2019. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging home purchases.
The rental market in zip code 61928 has shown interesting dynamics. The percentage of renters increased from 16% in 2013 to 21% in 2022. Concurrently, average rent prices experienced significant growth. In 2013, the average rent was $697, which remained relatively stable until 2017. However, from 2018 onwards, there was a sharp increase, with average rent reaching $888 in 2022, marking a 27.4% increase from 2013. This rise in rent prices, coupled with the increase in the renter population, suggests a growing demand for rental properties in the area.
Looking at the most recent data, the average home price in 2023 was $143,277, showing a slight decrease from 2022. However, in 2024, the average home price has rebounded to $146,871. This recent uptick occurs despite the federal interest rate reaching 5.33% in 2024, which is significantly higher than previous years. This resilience in home prices, even with higher interest rates, indicates strong underlying demand in the local real estate market.
Applying predictive models to forecast 5-year trends, we anticipate a continued moderate increase in average home prices, potentially reaching around $160,000 by 2029. This projection is based on the historical growth rate and assumes relatively stable economic conditions. For rent prices, the forecast suggests a potential increase to approximately $1,100 per month by 2029, continuing the upward trend observed in recent years.
In summary, zip code 61928 has demonstrated resilience in its real estate market. Despite a slight decrease in homeownership rates, both average home prices and average rent prices have shown significant increases. The area has managed to maintain strong property values even in the face of rising interest rates, suggesting a robust local economy and continued demand for housing in this rural Illinois community.
