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Zip Code 62693: Average Home Values and Ownership in Williamsville, 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 62693, located in Williamsville, Illinois, presents an interesting case study of homeownership and housing market dynamics in a small Midwestern community. This area has maintained consistently high homeownership rates over the past decade, while experiencing steady growth in average home prices and fluctuating average rent prices.
The homeownership rate in zip code 62693 has remained relatively stable, with a slight decrease from 91% in 2015 to 87% in 2022. During this same period, average home prices have shown a consistent upward trend. In 2015, the average home price was $157,927, which increased to $204,159 by 2022, representing a significant 29.3% growth over seven years. This trend suggests that despite rising home prices, the area has maintained its appeal for homeowners.
Federal interest rates have played a role in homeownership trends in the area. From 2015 to 2020, interest rates remained relatively low, ranging from 0.13% to 2.16%. This period coincided with the highest homeownership rates in the zip code, peaking at 91% in 2015 and 2016. As interest rates began to rise more significantly in 2022 to 1.68%, we observed a slight decrease in homeownership to 87%, suggesting that higher borrowing costs may have impacted some residents' ability or desire to purchase homes.
The renter population in zip code 62693 has shown a slight increase from 9% in 2015 to 13% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2015, the average rent was $728, which increased to $811 by 2022, representing an 11.4% increase. However, this growth was not linear, with some years showing decreases in average rent. For example, average rent dropped from $803 in 2014 to $728 in 2015, before rising again in subsequent years. These fluctuations could be attributed to changes in local economic conditions or housing supply and demand dynamics.
Looking at the most recent data, average home prices in zip code 62693 continued their upward trajectory, reaching $218,728 in 2023 and further increasing to $221,676 in 2024. This represents a 7.1% increase from 2022 to 2023 and a further 1.3% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 62693 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $250,000 to $260,000, assuming a moderate annual growth rate of 2-3%. For average rent prices, we forecast a continued upward trend, potentially reaching $900 to $950 by 2029, based on historical growth patterns and accounting for potential economic factors.
In summary, zip code 62693 has demonstrated resilience in maintaining high homeownership rates despite rising home prices. The area has experienced steady growth in property values, with average home prices increasing by nearly 60% from 2010 to 2024. While renter populations have slightly increased, they remain a minority in this predominantly owner-occupied community. The recent sharp rise in interest rates may pose challenges to future homeownership rates and could potentially slow the pace of home price appreciation in the coming years.
