62523, Decatur, IL

Decatur, Illinois is located in the northwest corner of the state and has a population of just over 100,000. The 62523 zip code covers just over 2 square miles and has a median home value of $142,000. Home equity in Decatur peaked in 2007 at $236,000 but has since fallen to $128,000 as of 2016.

The main drivers of home equity are typically income growth and decreases in interest rates. Over the past ten years, Decatur's median household income has grown by almost 30%. Meanwhile, interest rates have decreased by about 20%, meaning that homeowners have been able to earn more money while still keeping their homes equity intact.

While there is no guarantee that home prices will continue to rise in Decatur, there are several factors that could help support this trend. For one thing, the city is experiencing moderate economic growth which should lead to increased demand for housing. Additionally, Decatur's low unemployment rate means that there are plenty of jobs available for people who want them (which should lead to higher incomes). Finally, Decatur's proximity to major metropolitan areas (Chicago and Springfield) means that people who want to move here can easily find a job or an affordable house.