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Zip Code 62080: Rising Home Values and Strong Ownership in Rural Ramsey, 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 62080, located in Ramsey, Illinois, showcases an interesting mix of housing trends over the past decade. This rural area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting the dynamic nature of its real estate market.
The homeownership rate in zip code 62080 has remained relatively stable, hovering around 87-89% between 2013 and 2022. However, there has been a slight downward trend in recent years, with the ownership percentage decreasing from 89% in 2018 to 86% in 2022. Concurrently, average home prices have shown a significant upward trajectory. In 2012, the average home price was $71,222, and it steadily increased to $111,493 by 2022, representing a 56.5% increase over this period. This trend suggests that while home values have appreciated, it may have become slightly more challenging for some residents to enter the housing market as owners.
Federal interest rates have played a role in shaping homeownership trends in zip code 62080. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which coincided with a period of stable homeownership rates around 87-88%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a slight increase in homeownership to 89% in 2018, possibly due to buyers rushing to secure mortgages before rates climbed further. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) may have contributed to maintaining homeownership levels despite rising home prices.
Renter percentages in zip code 62080 have shown small fluctuations, ranging from 11% to 15% between 2013 and 2022. Interestingly, average rent prices have experienced more volatility than homeownership rates. In 2013, the average rent was $644, which remained relatively stable until 2016 at $632. However, there was a significant jump to $807 in 2017, followed by a slight decrease to $799 in 2018. By 2022, the average rent had risen to $841, representing a 30.6% increase from 2013. This trend in rent prices doesn't directly correlate with the percentage of renters, suggesting that other factors, such as local economic conditions or housing supply, may be influencing the rental market.
Looking at the most recent data, the average home price in zip code 62080 reached $124,116 in 2023 and further increased to $126,045 in 2024. This represents a substantial 13% increase from 2022 to 2024. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and home price appreciation in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 62080 will continue to rise, albeit at a potentially slower rate due to higher interest rates. Projections suggest that by 2029, average home prices could reach approximately $145,000 to $155,000. For rent prices, the forecast indicates a continued upward trend, with average rents potentially reaching $900 to $950 by 2029.
In summary, zip code 62080 has experienced steady growth in home values over the past decade, with a recent acceleration in price appreciation. While homeownership rates have remained relatively stable, there's a slight trend towards increased renting in recent years. The rental market has seen significant price increases, outpacing the growth in the percentage of renters. The interplay between rising home prices, increasing interest rates, and the local economy will likely shape the future of this housing market, potentially leading to a more balanced mix of owners and renters in the coming years.
