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Zip Code 62443: High Homeownership and Rising Home Values in Mason, 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 62443, located in Mason, Illinois, presents an interesting case study of homeownership and rental trends in a small Midwestern community. This area has maintained a consistently high rate of homeownership over the past decade, with average home prices showing a notable increase in recent years. Meanwhile, average rent prices have fluctuated, reflecting changes in the local housing market dynamics.
The homeownership rate in zip code 62443 has remained remarkably stable, hovering around 90% from 2013 to 2022. This high rate of owner-occupied housing suggests a strong preference for homeownership in the community. Interestingly, despite this stability in ownership rates, average home prices have seen a significant increase. In 2021, the average home price was $159,633, which rose to $178,296 in 2022, representing a substantial 11.7% increase in just one year.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2013 to 2021 saw historically low interest rates, ranging from 0.08% to 0.40%. These low rates likely contributed to maintaining the high homeownership rates in zip code 62443 by making mortgages more affordable. The slight dip in homeownership to 85% in 2019 coincided with a higher interest rate of 2.16% in that year, potentially making home purchases less attractive temporarily.
Renter percentages in zip code 62443 have remained relatively low, fluctuating between 10% and 15% from 2013 to 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $739, which decreased to $548 by 2015. There was a gradual increase to $647 by 2019, followed by a slight decline to $623 in 2022. These fluctuations in rent prices don't seem to correlate strongly with the minor changes in renter percentages, suggesting that other factors, such as local economic conditions or housing supply, may have a more significant impact on rent prices in this area.
Looking at the most recent data, the average home price in zip code 62443 reached $178,651 in 2023, showing a marginal increase from 2022. However, in 2024, there's a slight decrease to $175,937. This recent downturn coincides with a significant rise in federal interest rates, which jumped to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be cooling the housing market, potentially making homeownership less affordable for some buyers.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 62443 may experience moderate growth, albeit at a slower pace than the sharp increase seen from 2021 to 2022. This prediction is based on the area's consistent high homeownership rates and the recent trend in home values. For average rent prices, we expect a gradual increase over the next five years, potentially reaching levels closer to those seen in 2013, as the market adjusts to changes in demand and overall economic conditions.
In summary, zip code 62443 demonstrates a strong preference for homeownership, with average home prices showing significant growth in recent years. The interplay between federal interest rates, homeownership rates, and housing prices is evident, with recent increases in interest rates potentially tempering the housing market. Rent prices have fluctuated over the years but remain an important factor for the small percentage of renters in the area. Moving forward, we expect moderate growth in both home prices and rent, reflecting the area's stable housing market and consistent community preferences.
