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Zip Code 62670: Rising Home Values and Ownership Rates in Curran, 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 62670, located in Curran, Illinois, presents an interesting case study of homeownership and housing market dynamics. This area has experienced notable shifts in its residential landscape over the past decade, with homeownership rates and property values showing distinct trends.
The ownership percentage in zip code 62670 has demonstrated a general upward trend, rising from 82% in 2015 to 85% in 2022. This increase in homeownership coincided with a steady climb in average home prices. In 2015, the average home price was $150,331, which grew to $191,158 by 2022, representing a 27% increase over seven years. This positive correlation suggests that rising property values have not deterred homeownership in the area, possibly indicating a strong local economy and desirable living conditions.
Federal interest rates have played a significant role in shaping homeownership trends. The period from 2015 to 2022 saw historically low interest rates, ranging from 0.13% to 1.68%. These low rates likely contributed to the increased homeownership in zip code 62670, as they made mortgages more affordable for potential buyers. For instance, the jump in homeownership from 82% in 2016 to 85% in 2017 coincided with interest rates rising from 0.4% to 1%, possibly prompting buyers to enter the market before rates increased further.
Renter percentages in zip code 62670 have fluctuated inversely to homeownership rates, decreasing from 18% in 2015 to 15% in 2022. Interestingly, average rent prices have shown volatility during this period. In 2015, the average rent was $883, which increased to $995 in 2021 before dropping to $932 in 2022. This fluctuation in rent prices, coupled with the decreasing renter population, suggests a complex rental market possibly influenced by factors such as local economic conditions and housing supply.
In 2023 and 2024, the housing market in zip code 62670 continued its upward trajectory. The average home price reached $204,124 in 2023 and further increased to $211,435 in 2024, representing a 10.6% rise over two years. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher rates typically make borrowing more expensive, yet the continued rise in home prices suggests strong demand in the area.
Looking ahead, predictive models forecast a continuation of the upward trend in average home prices for zip code 62670. Over the next five years, home values are expected to increase by approximately 3-4% annually, potentially reaching around $245,000 by 2029. Rent prices are projected to stabilize and show modest growth, potentially reaching an average of $1,050 per month in the same timeframe.
In summary, zip code 62670 has demonstrated a robust housing market characterized by increasing homeownership rates and rising property values. The area has shown resilience to interest rate fluctuations, maintaining strong home price growth even in the face of recent rate increases. The rental market, while smaller, has shown more volatility, reflecting the complex interplay of local economic factors and housing preferences.
