61107, Rockford, IL

The 61107 zip code of Rockford, IL has a population of around 124,000 people. The median household income in this zip code is $50,000 which is lower than the Illinois median household income of $60,000. The homeownership rate in this zip code is just over 60% which is lower than the Illinois homeownership rate of 70%. Home prices in this zip code have been decreasing for the past few years and are currently at their lowest point since 2009.

There are several reasons why home prices in the 61107 zip code have decreased over the past few years. One reason is that there has been an increase in foreclosures and short sales in this area. Another reason is that there has been a decrease in demand for homes due to low unemployment rates and slow economic growth. Finally, there has been an increase in competition for homes due to increased availability of housing stock and low interest rates.

Despite these decreases, home prices have still remained below their peak values from several years ago. In fact, according to Zillow’s recent report on ZIP codes across the United States, home prices within the 61107 zip code are still below their pre-recession levels by about 20%. This suggests that although home prices have decreased overall within this area, they may continue to decline slowly over time if current trends continue.