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Cisco: Rising Home Values Amid Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Cisco, located in Illinois, is a small community with a population that has fluctuated over the years, reaching 818 residents in 2022. This charming village has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Cisco has shown a gradual decline over the past decade. In 2013, 87% of residents owned their homes, but by 2022, this figure had decreased to 78%. Despite this decline, average home prices have demonstrated a steady upward trend. From 2018 to 2022, average home prices rose from $129,112 to $160,338, representing a significant 24.2% increase over four years.
Federal interest rates appear to have influenced homeownership rates in Cisco. As interest rates remained low from 2013 to 2016, hovering around 0.1-0.4%, homeownership rates stayed relatively stable at 84-90%. However, as interest rates began to rise in 2017, reaching 1.83% by 2018, a slight decline in homeownership became apparent. This trend continued into 2022, with homeownership dropping to 78% as interest rates climbed to 1.68%.
The rental market in Cisco has shown interesting trends. As homeownership rates declined, the percentage of renters increased from 13% in 2013 to 22% in 2022. During this period, average rent prices exhibited volatility but generally trended upward. In 2013, the average rent was $648, rising to $861 by 2022, marking a 32.9% increase. This rise in rent prices coincided with the village's population fluctuations, suggesting a complex interplay between housing demand and availability.
In 2023 and 2024, Cisco experienced further changes in its housing market. The average home price peaked at $161,794 in 2023 before slightly decreasing to $161,292 in 2024. Concurrently, federal interest rates saw a substantial increase, rising from 5.02% in 2023 to 5.33% in 2024, potentially impacting home buying decisions and affordability in the village.
Looking ahead, predictive models suggest that average home prices in Cisco may continue to rise moderately over the next five years, potentially reaching around $175,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $950 per month within the same timeframe. These projections assume stable economic conditions and continued demand for housing in the area.
In summary, Cisco has experienced a gradual shift from homeownership to renting, with average home prices and rent both showing overall upward trends. The interplay between federal interest rates, local population dynamics, and housing market conditions has shaped these trends. As the village moves forward, it's likely to see continued evolution in its housing landscape, balancing the needs of both homeowners and renters in this small Illinois community.
