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Zip Code 62232: Steady Homeownership Amid Rising Home Values in Caseyville, 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 62232, located in Caseyville, Illinois, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen fluctuations in its population, with a significant increase in recent years, reaching 7,761 residents in 2022.
The homeownership rate in this zip code has remained relatively stable, with slight fluctuations over the years. In 2013, the homeownership rate was 78%, and it reached its peak at 82% in 2014. By 2022, it settled at 78%. Average home prices in the area have shown a general upward trend, despite some initial declines. In 2010, the average home price was $104,421, which decreased to $83,021 by 2013. However, from 2014 onwards, there has been a steady increase, with the average home price reaching $126,893 in 2022. This represents a 21.5% increase from 2010 to 2022.
Federal interest rates have played a role in homeownership trends. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%. During this time, homeownership rates in zip code 62232 remained relatively high, between 78% and 82%. As interest rates began to rise from 2016 onwards, there was a slight decrease in homeownership rates, settling at 76% in 2021 before increasing to 78% in 2022.
Renter percentages in zip code 62232 have shown some variability, ranging from 18% to 24% between 2013 and 2022. The average rent prices have generally increased over this period. In 2013, the average rent was $1,227, which decreased slightly to $1,126 in 2014. However, from 2015 onwards, there has been an overall upward trend in rent prices. By 2022, the average rent had risen to $1,237, representing a modest increase of 0.8% from 2013. It's worth noting that the population growth from 7,206 in 2013 to 7,761 in 2022 may have contributed to the increased demand for rental properties.
In 2023 and 2024, we see continued changes in the housing market for zip code 62232. The average home price rose to $131,723 in 2023, marking a 3.8% increase from 2022. However, in 2024, there was a slight decrease to $129,517, a 1.7% drop from the previous year. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may have influenced the slight dip in home prices.
Looking ahead, based on historical trends and current market conditions, we can predict some potential developments for the next five years. Average home prices in zip code 62232 are likely to continue their overall upward trajectory, albeit at a more moderate pace due to higher interest rates. We might expect average home prices to reach around $140,000 to $145,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,400 to $1,500 per month by 2029, driven by population growth and inflation.
In summary, zip code 62232 has demonstrated resilience in its housing market, with stable homeownership rates and generally increasing home values over the past decade. The area has weathered economic fluctuations and changes in interest rates while maintaining a balance between owner-occupied and rental properties. The recent population growth and the interplay between home prices, rent prices, and interest rates will likely continue to shape the housing landscape in this Illinois community in the coming years.
