60421, Elwood, IL

The Elwood zip code 60421 has a population of approximately 9,000 people. The median household income in the zip code is $60,000, and the median home value is $165,000. The percentage of homes that are owner-occupied is approximately 68%, and the percentage of homes that are renter-occupied is approximately 32%.

There has been a steady increase in home values in the Elwood zip code over the past few years. In January of 2016, the median home value was $157,500. By January of 2018, the median home value had increased to $165,000. This represents an annualized growth rate of 5%.

One factor that may have contributed to this increase in home values is low interest rates. The average interest rate on a 30-year fixed-rate mortgage in Elwood was 3.92% as of January 2018. This compares favorably with rates across the country as a whole which were 4.31% as of January 2018. Low interest rates may make it more affordable for people to purchase homes and may help to drive up home values over time.

Another factor that may have contributed to this increase in home values is strong demand from buyers who are looking for properties in desirable neighborhoods with good schools and access to amenities like shopping and recreation facilities. As more people move into Elwood and other areas within Illinois' 60421 zip code, demand for housing will continue to rise which could lead to even higher prices down the road.