LINCOLN PARK — In Lincoln Park, home values are down but the cost of renting has gone up, according to recent data provided by real estate company Zillow.
Daren Blomquist, vice president of real estate data company RealtyTrac, said that's because while people want to live in upscale Lincoln Park, many of them can't afford to buy a home there.
From July to September, home values in the 60614 zip code, which encompasses most of Lincoln Park and part of Bucktown, went down .38 percent compared to the same time last year, according to a DNAinfo Chicago map using quarterly data from Zillow.
It's the only zip code on the North Side of the city that saw a decrease in home values during that time period.
Rent prices, however, went up 10.39 percent compared to the same time last year, according to the data.
"A lot of people simply can't afford the rising home prices that we're seeing there," Blomquist said.
"People who otherwise might be home buyers are turning to rent. It doesn't mean rents are extremely affordable, but with rent you're not taking out a loan. You don't have the strict standards and you have more flexibility to spend more of your income."
According to census data, 72.1 percent of people who live in the 60614 ZIP code live in the same house as they did one year ago. The median household income is $86,215.
Zillow's estimated value for sales is $315 per square foot and the estimated value of all homes is $377,267. In the 60614 zip code, 7.86 percent of homes sold in the last year.
Rising rents in Lincoln Park is nothing new.
Over a five-year period, median rent has increased by 93 percent in Lincoln Park, DNAinfo Chicago previously reported.
Meanwhile, median rents in typically pricey places like the Gold Coast, Streeterville and the Loop have dropped since last year.
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