60450, Morris, IL

Morris, IL is located in the 60450 zip code. According to the 2010 census, Morris has a population of 10,819 people. The median household income in Morris is $53,912 which is higher than the Illinois median household income of $51,046. Additionally, Morris has a lower than average unemployment rate of 3.5%.

The home equity and home prices in Morris are high compared to other areas in Illinois. In 2010, the median home value in Morris was $153,000 which is more than double the Illinois median home value of $71,500. Additionally, the percentage of homes with a mortgage in Morris is above average at 66%. This indicates that there are many homeowners who are able to borrow money against their homes to purchase additional property or to finance larger purchases.

One reason for this high level of home equity and home prices in Morris may be that there are relatively few homes for sale compared to other areas of Illinois. In 2010 there were only 2,711 homes for sale in Morris which is less than half the number of homes for sale in Chicago (10,848) or Springfield (4,972). This lack of available housing may make it more difficult for potential buyers to find a house that meets their needs and budget.

Another factor that may contribute to high levels of home equity and home prices in Morris is the fact that many homeowners here have been able to keep their properties relatively unchanged over time. In 2010 only 5% of all properties sold in Morris were newly built while 73% were existing homes that had been remodeled or upgraded within the past five years. This indicates that homeowners here have tended not to sell their properties quickly or at a low price when they decide they want to move or when they need money for another purpose. As a result, many homes here are worth more than what someone would pay if they were looking solely at market conditions alone