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Zip Code 62258: Rising Home Values and Dynamic Ownership Trends in Mascoutah, 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 62258, located in Mascoutah, Illinois, has experienced significant demographic and housing market changes over the past decade. This area has seen a steady increase in population, growing from 9,341 residents in 2010 to 11,156 in 2022. The homeownership rate has fluctuated but remained relatively stable, while average home prices and average rent have shown notable trends.
The homeownership rate in zip code 62258 has experienced some variations over the years. In 2013, the homeownership rate was 72%, which increased to a peak of 78% in 2018 and 2019. However, by 2022, it had returned to 72%. During this period, average home prices in the area showed a general upward trend. In 2013, the average home price was $142,362, which increased to $170,779 by 2019, representing a 20% increase over six years. This trend suggests that despite rising home prices, homeownership remained attractive to residents in the area.
Federal interest rates have played a role in homeownership trends. From 2013 to 2015, interest rates remained very low, below 0.15%, coinciding with a slight increase in homeownership from 72% to 73%. As interest rates began to rise more significantly from 2016 onwards, reaching 2.16% by 2019, we saw homeownership rates peak at 78%. This trend might suggest that other local factors were influencing homeownership decisions more strongly than interest rates during this period.
Renter percentages in zip code 62258 have mirrored the homeownership trends, naturally decreasing as homeownership increased. The renter population decreased from 28% in 2013 to 22% in 2018 and 2019, before rising back to 28% by 2022. Average rent prices have shown a general upward trend, increasing from $967 in 2013 to $1,149 in 2021, a 19% increase. However, there was a slight decrease to $1,038 in 2022. This rent price trend, combined with the growing population (from 9,865 in 2013 to 11,156 in 2022), suggests a competitive rental market in the area.
In 2023 and 2024, we see a continuation of the upward trend in average home prices, reaching $221,303 in 2023 and $235,237 in 2024. This represents a significant 11.7% 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 could potentially impact homeownership rates and housing affordability in the coming years.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 62258 may continue to rise over the next five years, potentially reaching around $280,000 by 2029. Average rent prices, if following the same trend, could increase to approximately $1,300 by 2029. However, these projections assume a continuation of current economic conditions and local market factors.
In summary, zip code 62258 has demonstrated resilience in homeownership rates despite fluctuating home prices and interest rates. The area has seen steady population growth, which has likely contributed to the upward pressure on both home prices and rents. The recent sharp increase in interest rates, combined with rising home prices, may present challenges for potential homebuyers in the near future. However, the historical data suggests that this community has maintained a strong preference for homeownership, which could continue to shape the local housing market dynamics in the coming years.
