60016, Des Plaines, IL

Home Equity and Home Prices in Des Plaines, IL

In the 60016 zip code of Des Plaines, IL, home equity and home prices are both high. As of March 2017, the median home value in this area was $269,000. This is a significantly higher median home value than the Illinois average of $156,500. In addition to having a high median home value, Des Plaines also has a high rate of homeownership (89%). This means that a majority of homes in this area are owned by their occupants.

One reason for the high rate of homeownership in Des Plaines may be its low rate of unemployment. As of March 2017, the unemployment rate in this area was 3%. This is much lower than the Illinois average unemployment rate of 4.9%. In addition to having low rates of unemployment, Des Plaines also has a low poverty rate (10%). This means that a majority of residents do not live below the poverty line.

Despite these positive factors, there are some areas where Des Plaines could improve. For example, it has a relatively low percentage of college graduates (25%). This means that there is room for improvement in terms of attracting and retaining talented workers. Additionally, while housing prices are high in Des Plaines overall, they are not evenly distributed across neighborhoods within the city. Some neighborhoods have seen their housing values increase dramatically while others have seen little change or even decreased values over time.