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Rising Home Values and Stable Ownership in Cissna Park: A Decade of Growth
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Cissna Park, located in Illinois, is a small community that has experienced fluctuations in population and housing dynamics over the past decade. The village has maintained a consistently high rate of homeownership, with average home prices showing a steady upward trend. Meanwhile, average rent prices have also increased, albeit with some variations.
The homeownership rate in Cissna Park has remained relatively stable, ranging from 75% to 80% between 2013 and 2022. During this period, average home prices have shown a consistent upward trend. In 2012, the average home price was $86,644, which increased to $133,625 by 2022, representing a significant 54% growth over a decade. This trend suggests a strong correlation between stable homeownership rates and rising property values in the village.
Federal interest rates have played a role in homeownership trends in Cissna Park. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.40%), homeownership rates remained high at around 75-78%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates still maintained stability, fluctuating between 77% and 80%. This suggests that despite rising interest rates, the village maintained its appeal for homeowners.
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The rental market in Cissna Park has shown interesting trends as well. The percentage of renters has remained relatively stable, ranging from 20% to 25% between 2013 and 2022. Average rent prices have generally increased over this period, albeit with some fluctuations. In 2013, the average rent was $478, which increased to $692 by 2022, representing a 45% increase. This rise in rent prices occurred despite minor fluctuations in the renter population, indicating a growing demand for rental properties in the village.
In 2023 and 2024, Cissna Park continued to see growth in average home prices. The average home price reached $138,813 in 2023 and further increased to $139,696 in 2024. This represents a 4.6% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the 1.68% rate in 2022.
Looking ahead, based on the historical trends and current market conditions, it's projected that average home prices in Cissna Park will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by the consistent demand for rental properties in the village.
In summary, Cissna Park has demonstrated a resilient housing market characterized by stable homeownership rates and steadily increasing property values. The rental market has shown growth in average rent prices despite a relatively stable renter population. These trends, coupled with the recent increases in both home prices and interest rates, suggest a robust and evolving housing market in this Illinois village.
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