60302, Oak Park, IL

The 60302 zip code of Oak Park, IL has a median home value of $248,000 and a median home equity value of $146,000. This is higher than the Illinois median home value of $174,500 and the national median home equity value of $177,200. The Oak Park area has seen an increase in home values over the past five years. In 2012, the median home value was $210,000 and in 2016 it was $248,000.

One reason for this increase in home values may be due to the high demand for housing in Oak Park. The population of Oak Park has increased by 10% since 2010 and is projected to grow by another 10% by 2020. Additionally, there are many affluent residents living in the area who may be contributing to the increase in home values. Homeownership rates are also high in the 60302 zip code- almost 97%. This indicates that there is a lot of demand for homes in this area and that people are willing to pay more for them.

Despite these positive factors, there are some challenges facing homeowners in the 60302 zip code. One issue is that prices have been increasing faster than wages or inflation over recent years which may make it difficult for some people to afford a house on their own. Additionally, there is a shortage of available homes which may lead to higher prices when houses do come on sale. Another challenge faced by homeowners is that interest rates have been relatively low recently which means that borrowers need to pay more interest on their mortgages than they would if rates were higher.