62049, Hillsboro, IL

The 62049 zip code of Hillsboro, Illinois has a population of approximately 25,000 people. The median household income in this zip code is $60,000 which is lower than the national median household income of $53,046. The unemployment rate in this zip code is 5.5% which is higher than the national unemployment rate of 4.9%. The poverty rate in this zip code is 14.7% which is higher than the national poverty rate of 13.1%.

Home equity and home prices are important indicators of economic health for a community and the 62049 zip code of Hillsboro, Illinois has some concerning trends when it comes to these metrics. Home equity in this zip code has decreased by almost 20% since 2007 while home prices have increased by almost 10%. This indicates that there has been a decline in homeownership and an increase in housing values that are not sustainable over the long term. Additionally, the percentage of households that are underwater on their mortgages (where their mortgage balance exceeds their home value) is high in this zip code at 36%. This indicates that many families are struggling to make payments on their mortgages and may be at risk for foreclosure if they cannot improve their financial situation quickly.