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Zip Code 62215: Rising Home Values and Ownership Trends in Damiansville, 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 62215, located in Damiansville, Illinois, presents an interesting case study of homeownership and rental trends. This small community, with a population of 706 in 2022, has experienced notable shifts in its housing market over the past decade. The area has seen a general trend of increasing average home prices, fluctuating average rent prices, and changes in the balance between owner-occupied and renter-occupied housing units.
The homeownership rate in zip code 62215 has shown some variability over the years. In 2013, the area had a high homeownership rate of 87%. This rate remained steady until 2016 when it began to decline, reaching a low of 77% in 2018. However, there has been a reversal of this trend in recent years, with homeownership increasing to 86% by 2022. Interestingly, this fluctuation in homeownership rates has occurred against a backdrop of steadily rising average home prices. From 2013 to 2022, average home prices in the area increased from $145,752 to $220,996, representing a significant 51.6% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. The period of low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%) coincided with high homeownership rates of 87%. As interest rates began to rise from 2017 onwards, there was a noticeable decline in homeownership percentages. However, despite continued increases in interest rates, homeownership rates have rebounded in recent years, suggesting that other local factors may be influencing this trend.
Regarding rental trends, the percentage of renters in zip code 62215 has fluctuated inversely to homeownership rates. The renter population peaked at 23% in 2018, coinciding with the lowest homeownership rate. Average rent prices have shown a general upward trend, increasing from $607 in 2013 to $1,268 in 2022, a substantial 108.9% increase. This rise in average rent prices has occurred despite fluctuations in the renter population, suggesting strong demand for rental properties in the area.
In 2023 and 2024, the housing market in zip code 62215 continued to evolve. The average home price reached $223,210 in 2023 and further increased to $228,045 in 2024, representing a steady growth trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, based on the historical data and current trends, we can anticipate continued growth in both average home prices and average rent prices over the next five years. Average home prices could potentially reach around $260,000 by 2029, while average rent prices might approach $1,800 per month. However, these projections may be influenced by various factors, including local economic conditions, population changes, and broader market trends.
In summary, zip code 62215 has demonstrated resilience in its housing market, with increasing average home prices and average rent prices over the past decade. The area has maintained a high rate of homeownership despite fluctuations, and has seen significant growth in property values. The recent rebound in homeownership rates, coupled with rising home prices and rents, suggests a strong local housing market. As we move forward, the interplay between interest rates, housing affordability, and local economic factors will likely continue to shape the housing landscape in this Illinois community.
