60056, Mount Prospect, IL

Mount Prospect, IL is located in Cook County and has a population of approximately 60,000. The 60056 zip code has a median home value of $269,900 and a median household income of $87,500. Approximately 36% of households in the 60056 zip code own their home outright while 64% are owner-occupied. The average length of time homeowners have owned their homes in the 60056 zip code is 8 years.

There has been an increase in home equity and home prices over the past several years in Mount Prospect. In 2016, the median home value was $269,900 which was up from $242,500 in 2012. Over the same period of time, the average household income increased from $87,500 to $92,700 which contributed to an increase in home values. Additionally, there has been an increase in demand for homes due to increasing wages and low interest rates. This trend is expected to continue as more people enter into homeownership and purchase homes that are within their budget range.

One important factor that affects home values is zoning laws. In Mount Prospect, there are a number of zoning districts that affect how much property tax a homeowner pays on their property each year. For example, single-family homes located within designated R-1 or R-2 zones pay less property tax than multi-family properties or commercial properties within those zones. As a result of this zoning designation, it is likely that more expensive homes will command higher prices than cheaper homes within the same district because they are exempt from some taxes (such as city taxes).

Another important factor affecting home values is location. Homes located near major highways or commercial areas will typically sell for more than those located away from these areas. Additionally, homes that have recently undergone renovations (such as adding new windows or roofing) will typically sell for more than those without recent updates.