61476, Seaton, IL

The Seaton zip code has a median home value of $146,000 and a median home equity of $81,000. This is significantly lower than the Illinois median home value of $217,500 and the national median home equity of $142,200. The Seaton zip code also has a lower homeownership rate than the Illinois average rate of 63%, and the national homeownership rate of 68%. This indicates that there are more homes for sale in Seaton than there are homes owned by residents.

One possible explanation for this discrepancy between home values and homeownership rates is that many homes in Seaton are not occupied by their original owners. According to Zillow’s Home Value Index, approximately one-third (34%) of homes in Seaton were purchased by someone other than their original owner. This suggests that many people who live in Seaton may not be able to afford to purchase a home on their own, or they may have chosen to rent instead.

Another factor that could be contributing to the low home values and high rental rates in Seaton is the lack of available housing stock. As mentioned earlier, approximately one-third (34%)of homes in Seaton were purchased by someone other than their original owner which means that there are not as many available for sale as there would be if all homeowners owned their homes. Additionally, according to Trulia’s Rent Index data from January 2019, rents inSeatoinweremorethantwiceasexpensive as rents nationwide ($1,521 vs $898). This indicates that even if someone was able to purchase a home inSeatointheywould likely have difficulty finding an affordable place to live.