61604, Peoria, IL

The 61604 zip code of Peoria, Illinois has a population of about 116,000 people. The median household income in the zip code is $60,000 and the median home value is $135,000. The percentage of homes that are owner-occupied is about 78%, and the percentage of homes that are renter-occupied is about 22%.

There has been a gradual increase in home equity values in the 61604 zip code over the past five years. In 2012, home equity values were just over $120,000. In 2016, home equity values had increased to over $135,000. This trend seems to be continuing into 2017 as home equity values have increased by another 2% to reach $136,500 as of this writing.

One factor that may be contributing to this increase in home equity values is the low interest rates available on mortgages today. Rates have been below 4% for much of 2017 which has made it more affordable for people to buy a house and then invest their money into their home's equity instead of paying high interest rates on loans that they will eventually have to pay back.

Another factor that may be contributing to this increase in home equity values is the increasing demand for housing in Peoria. There has been an increase in job growth over the past few years which has led to an increase in demand for housing within the city limits of Peoria. Additionally, there has been an influx of families moving into Peoria from other parts of Illinois and other states who are looking for affordable housing options close to major employment centers such as downtown Peoria or University Park Mall. As a result, there has been an increased competition among buyers for available homes within the 61604 zip code which may lead to higher prices being paid for properties here.