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Zip Code 62642: Rising Home Values and High Ownership Rates in Rural 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 62642, located in Greenview, Illinois, has experienced fluctuating trends in homeownership rates and housing prices over the past decade. This rural area, with a population of 1,784 in 2022, has shown resilience in maintaining a high rate of homeownership despite economic changes.
The homeownership rate in zip code 62642 has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the homeownership rate was 81%, which increased slightly to 83% in 2014 and 2015. There was a slight dip to 78% in 2018, but it rebounded to 84% by 2022. This trend suggests a strong preference for homeownership in the area. Concurrently, average home prices have shown an upward trend. In 2016, the average home price was $111,566, which decreased to $105,101 in 2017 before steadily rising to $121,323 in 2022, representing an overall increase of 8.7% from 2016 to 2022.
The relationship between federal interest rates and homeownership rates in this zip code doesn't follow the typical inverse correlation often seen nationally. Despite interest rates rising from 0.4% in 2016 to 1.68% in 2022, the homeownership rate increased from 80% to 84% during the same period. This suggests that local factors may have a stronger influence on homeownership decisions in this area than national interest rate trends.
Renter percentages in zip code 62642 have shown slight variations, ranging from a low of 16% in 2022 to a high of 22% in 2018. Average rent prices have fluctuated over the years, with no clear long-term trend. In 2013, the average rent was $738, which decreased to $605 in 2016, then rose to $799 in 2018, before settling at $680 in 2022. These fluctuations in rent prices don't appear to have a strong correlation with the percentage of renters in the area, suggesting that other factors may be influencing rental decisions.
In 2023, the average home price in zip code 62642 slightly decreased to $118,874, while the federal interest rate rose significantly to 5.02%. Moving into 2024, we see a rebound in average home prices to $122,462, with the interest rate further increasing to 5.33%. This recent data shows resilience in the local housing market despite rising interest rates, which typically would be expected to dampen home prices.
Looking ahead, based on the historical data and recent trends, we can forecast that average home prices in zip code 62642 may continue to show moderate growth over the next five years, potentially reaching around $130,000 by 2029. Rent prices, given their historical volatility, are more challenging to predict but may stabilize around $750-$800 per month. However, these projections are subject to change based on various economic factors and local market conditions.
In summary, zip code 62642 demonstrates a strong preference for homeownership, with rates consistently above 78% over the past decade. The area has shown resilience in maintaining high homeownership rates and steadily increasing average home prices, even in the face of rising interest rates. The rental market, while smaller, shows more volatility in both occupancy rates and prices. The recent uptick in home prices despite high interest rates suggests a robust local housing market that may continue to perform well in the coming years.
