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Zip Code 62214: Rising Home Values and Ownership Trends in Addieville, 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 62214, located in Addieville, Illinois, presents an interesting case study of homeownership and housing market dynamics in a small rural community. Over the past decade, this area has experienced fluctuations in both homeownership rates and housing prices, reflecting broader economic trends and local factors.
The homeownership rate in zip code 62214 has shown significant variability from 2013 to 2022. In 2013, the area had a high homeownership rate of 90%. This rate decreased to 79% in 2019, the lowest point in the available data, before rebounding to 92% in 2022. Concurrently, average home prices have shown a steady upward trend. From 2019 to 2022, average home prices increased from $127,399 to $171,812, representing a substantial 34.9% increase over just three years.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow expected patterns. For instance, the period from 2019 to 2021 saw historically low interest rates (dropping from 2.16% to 0.08%), which coincided with an increase in homeownership from 79% to 88%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 62214 have inversely mirrored the homeownership trends. The highest percentage of renters was observed in 2019 at 21%, corresponding to the lowest homeownership rate. Average rent prices have fluctuated over the years, with the highest recorded average rent of $786 in 2013 and the lowest of $659 in 2016. Interestingly, despite the increase in homeownership rates, average rent prices increased from $706 in 2020 to $722 in 2022, possibly reflecting overall housing market pressures.
In 2023 and 2024, the housing market in zip code 62214 continued its upward trajectory. The average home price reached $172,710 in 2023 and further increased to $177,831 in 2024, representing a 2.9% year-over-year growth. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand or other favorable market conditions offsetting the impact of higher borrowing costs.
Looking ahead, based on the observed trends and current market conditions, we can project continued growth in average home prices for zip code 62214 over the next five years. Assuming a conservative annual growth rate of 3%, average home prices could reach approximately $206,000 by 2029. Rent prices may also see moderate increases, potentially reaching around $800 per month by 2029 if following a similar growth trajectory.
In summary, zip code 62214 has demonstrated resilience in its housing market, with a strong rebound in homeownership rates and consistent growth in home values. The area has maintained a high proportion of owner-occupied housing despite fluctuations in the broader economic environment. The recent increases in both home prices and interest rates suggest a robust local housing market that may continue to see appreciation in the coming years, albeit potentially at a more moderate pace.
