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Zip Code 62052: Stable Homeownership and Rising Home Values in Jerseyville, 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 62052, located in Jerseyville, Illinois, is a relatively stable area with a population of 11,629 as of 2022. This zip code covers an area of 135.54 square miles, resulting in a population density of 85.8 people per square mile. Over the past decade, Jerseyville has experienced minor fluctuations in homeownership rates and housing prices, with a general trend towards increasing average home values and slightly decreasing homeownership rates.
The homeownership rate in zip code 62052 has shown a slight downward trend over the years, with minor fluctuations. In 2013, the homeownership rate was 76%, which remained relatively stable until 2016 when it dropped to 73%. The rate rebounded to 77% in 2020 but declined again to 75% in 2022. Concurrently, average home prices have shown a general upward trend. In 2012, the average home price was $106,708, which increased to $137,790 by 2022, representing a 29% increase over this period.
Federal interest rates have played a role in homeownership trends in zip code 62052. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.40%), homeownership rates remained relatively stable at around 76%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership rates, settling at 75% in 2022. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 62052 have shown a corresponding inverse relationship to homeownership rates, increasing slightly from 24% in 2013 to 25% in 2022. Average rent prices have experienced some volatility but have generally trended upward. In 2013, the average rent was $697, which increased to $752 in 2021, representing a 7.9% increase. However, there was a decrease to $676 in 2022, possibly influenced by broader economic factors or local market conditions.
In 2023 and 2024, zip code 62052 experienced significant growth in average home prices. The average home price in 2023 was $150,505, a substantial increase from the previous year. This upward trend continued into 2024, with average home prices reaching $156,580. It's worth noting that federal interest rates also increased significantly during this period, rising to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically discourage home buying, the housing market in this area has shown resilience and continued appreciation.
Looking ahead, based on the observed trends and current market conditions, we can predict that average home prices in zip code 62052 will likely continue to increase over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices may also see moderate increases, driven by the overall appreciation of property values and potential shifts towards renting if high interest rates persist. However, these predictions are subject to change based on various economic factors and local market dynamics.
In summary, zip code 62052 has demonstrated a relatively stable housing market with a slight trend towards increasing property values and a minor shift from homeownership to renting. The area has shown resilience in the face of rising interest rates, with home prices continuing to appreciate. The interplay between homeownership rates, rental markets, and broader economic factors will continue to shape the housing landscape in this Jerseyville, Illinois zip code in the coming years.
