60476, Thornton, IL

Thornton, IL is located in Cook County and has a population of approximately 25,000. Home equity and home prices in the 60476 zip code have increased significantly over the past few years. In March of 2016, the median home value was $158,500. This increased to $187,500 by December of 2017. The average monthly mortgage payment for a home in this zip code is currently $1,827.

There are several factors that have contributed to the increase in home values in Thornton. First and foremost is the strong economy. Jobs are plentiful and wages are increasing, which means that more people can afford to purchase a home. Additionally, Thornton has seen an influx of new residents due to its proximity to major metropolitan areas such as Chicago and St Louis. These residents are likely willing to pay higher prices for properties due to their elevated demand within the area.

Despite these positive trends, there are some potential risks associated with buying a home in Thornton right now. For one, interest rates remain relatively low which could make it difficult for buyers to qualify for a loan or pay off their mortgage sooner than they would like. Additionally, there may be limited inventory available on the market at any given time which could lead to high prices and long wait times for buyers who do find an available property.