61272, New Boston, IL

The 61272 zip code of New Boston, Illinois has a population of around 2,000 people. The median household income in this zip code is $50,000. Home prices in this area have been increasing rapidly over the past few years, and as of September 2017 the median home price was $230,000. This is a significant increase from the median home price of $140,000 in September 2016.

There are several factors that are contributing to the rapid increase in home prices in the 61272 zip code of New Boston. One reason is that there is a high demand for homes in this area due to its close proximity to major cities such as Chicago and Springfield. Additionally, there has been an influx of new residents into this area who are able to afford more expensive homes. Finally, many homeowners who have owned their homes for a long time have decided to sell their homes because they believe that they will be able to purchase a more expensive home soon.

Despite these positive factors, there are also some potential risks associated with the rapid increase in home prices in the 61272 zip code of New Boston. One potential risk is that if interest rates rise then it could become more difficult for homeowners who are refinancing their mortgages to find affordable loans. Another potential risk is that if there is an economic downturn then housing prices could fall significantly and many homeowners who have invested money into buying property could lose money on their investments.