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Lisle: Stable Homeownership Amid Rising Home Values
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
Lisle, located in New York state, is a small community with a population of 2,680 as of 2022. The city has experienced fluctuations in homeownership rates and average rent prices over the past decade. Overall, the ownership percentage has remained relatively stable, while average rent prices have shown some variability.
The homeownership rate in Lisle has experienced minor fluctuations between 2013 and 2022. In 2013, the ownership rate was 79%, which increased to 86% in 2019, marking the highest point in the available data. However, by 2022, the rate had returned to 79%. Despite these fluctuations, the overall trend suggests a relatively stable homeownership market in the village.
Federal interest rates have played a role in influencing homeownership rates in Lisle. During periods of lower interest rates, such as from 2013 to 2016 when rates were below 0.5%, homeownership rates in the village increased from 79% to 84%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise from 2017 onwards, the homeownership rate in Lisle showed some fluctuations, eventually settling back to 79% by 2022.
Renter percentages in Lisle have inversely mirrored the homeownership trends. The percentage of renters decreased from 21% in 2013 to a low of 14% in 2019, before increasing back to 21% in 2022. Average rent prices in the village have shown some volatility during this period. In 2013, the average rent was $671, which increased to a peak of $829 in 2017. However, by 2022, the average rent had decreased to $702, representing a 15% decrease from the 2017 peak.
In 2023 and 2024, Lisle has seen significant changes in the housing market. The average home price in 2024 is $179,204, indicating a substantial increase from previous years. This rise in home prices coincides with higher federal interest rates, which stood at 5.02% in 2023 and increased further to 5.33% in 2024. These higher interest rates may impact affordability and potentially influence future homeownership rates in the village.
Looking ahead, we can expect the housing market in Lisle to continue evolving. Based on recent trends, it's projected that average home prices may continue to rise moderately over the next five years, potentially reaching around $195,000 by 2029. Average rent prices are likely to follow a similar upward trajectory, possibly increasing to approximately $750-$800 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Lisle has maintained a relatively stable homeownership rate over the past decade, with some fluctuations influenced by federal interest rates. The rental market has shown more variability in both occupancy rates and average rent prices. The recent increase in average home prices and higher interest rates in 2023 and 2024 may shape the future of the local housing market, potentially affecting affordability and homeownership rates in the coming years.
