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Zip Code 62231: Rising Home Values and Stable Ownership in Carlyle, 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 62231, located in Carlyle, Illinois, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 9,650 in 2022, has seen a dynamic interplay between ownership percentages, average home prices, and average rent prices.
The homeownership rate in zip code 62231 has shown some fluctuation but has remained relatively stable over the years. In 2013, the homeownership rate stood at 82%, and by 2022, it was at 80%. During this period, average home prices in the area have shown a steady upward trend. In 2013, the average home price was $100,346, which increased to $148,837 by 2022, representing a significant 48.3% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow the general trend of lower interest rates encouraging homeownership. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.4%), the homeownership rate remained high, peaking at 86% in 2015. As interest rates began to rise from 2017 onwards, there was a slight decline in homeownership rates, dropping to 80% by 2022.
Renter percentages in zip code 62231 have shown an overall increasing trend, rising from 16% in 2013 to 20% in 2022. This increase in renter occupancy has been accompanied by a general upward trend in average rent prices. The average rent price rose from $736 in 2013 to $816 in 2022, an increase of 10.9% over the period. Notably, there was a peak in average rent prices in 2018 at $900, which may have been influenced by the population increase to 9,873 that year from 9,751 in 2017.
In 2023 and 2024, the housing market in zip code 62231 continued its upward trajectory. The average home price reached $150,717 in 2023 and further increased to $154,184 in 2024. This represents a 3.6% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability in the area.
Looking ahead, based on the observed trends, we can forecast continued growth in both average home prices and rent prices over the next five years. Average home prices are projected to increase by approximately 3-4% annually, potentially reaching around $180,000 by 2029. Average rent prices are expected to follow a similar trend, with an estimated increase of 2-3% per year, potentially reaching $900-$950 by 2029.
In summary, zip code 62231 has demonstrated resilience in homeownership rates despite rising home prices. The area has seen a gradual increase in renter occupancy, accompanied by fluctuating but generally increasing rent prices. The recent sharp rise in interest rates may pose challenges to homeownership affordability, potentially leading to a continued increase in renter percentages. However, the steady appreciation of home values suggests a strong local housing market that could continue to attract both homeowners and investors in the coming years.
