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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 62376, located in Ursa, Illinois, presents an interesting case study of housing dynamics in a small rural community. Over the past decade, this area has experienced fluctuations in homeownership rates and significant changes in both average home prices and average rent prices. The overall trend shows a slight decrease in homeownership, coupled with an increase in average home values and average rent prices.
From 2013 to 2022, the homeownership rate in zip code 62376 saw some variability. It started at 86% in 2013, dropped to a low of 67% in 2018, and then rebounded to 86% by 2022. This fluctuation coincided with changes in average home prices. Although data for average home prices is only available from 2016 onwards, it shows a steady increase from $126,171 in 2016 to $159,791 in 2022, representing a 26.6% growth over six years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low from 2013 to 2015 (around 0.1%), homeownership rates were relatively stable. However, as interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, homeownership rates initially declined. Interestingly, despite further increases in interest rates, homeownership rates rebounded strongly by 2022, suggesting other local factors may have influenced this trend.
Renter percentages in zip code 62376 generally mirrored the inverse of homeownership rates, starting at 14% in 2013, peaking at 33% in 2018, and then decreasing back to 14% by 2022. Average rent prices showed a consistent upward trend during this period, rising from $535 in 2013 to $752 in 2022, a 40.6% increase. This rise in average rent prices occurred despite fluctuations in the local population, which ranged from 817 to 874 residents between 2013 and 2022.
In 2023 and 2024, the housing market in zip code 62376 continued to show growth. The average home price increased to $169,511 in 2023 and further to $171,125 in 2024, representing a 7.1% increase from 2022 to 2024. 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 for housing.
Looking ahead, predictive models suggest that the upward trend in both average home prices and average rent prices is likely to continue over the next five years. Based on historical data and current economic conditions, average home prices in zip code 62376 could potentially reach around $190,000 by 2029. Similarly, average rent prices might increase to approximately $900 per month in the same timeframe, assuming the current growth rate persists.
In summary, zip code 62376 has demonstrated resilience in its housing market. Despite fluctuations in homeownership rates and increases in federal interest rates, both average home prices and average rent prices have shown consistent growth. The recent rebound in homeownership rates, coupled with rising property values, suggests a strong local housing market. However, the continued increase in average rent prices may present affordability challenges for renters in the coming years.