The Housing Market in Cicero Today
Cicero, Illinois is a vibrant suburb located just west of Chicago, known for its diverse population and strong sense of community. In recent years, the housing market in Cicero has seen some notable shifts. While inventory remains relatively tight, new housing developments are beginning to rise, particularly in the downtown area. This trend is expected to continue as more people discover the appeal of living in this affordable and conveniently located suburb.
One unique characteristic of Cicero’s housing landscape is the increasing number of apartments offering more green spaces and community amenities. From rooftop gardens to shared fitness centers, these features are attracting a growing number of young professionals and families looking for a balance of urban convenience and suburban comfort.
Renting in Cicero: What’s Typical?
For those considering renting in Cicero, it’s helpful to have a sense of what’s typical in terms of costs and living scenarios. The average rent for a 1-bedroom apartment in Cicero currently stands at around $1,100 per month, while a 2-bedroom unit averages about $1,400. These figures represent a modest increase of about 3% over the past year, but still remain more affordable than many nearby communities.
Popular renter areas in Cicero include the vibrant Hawthorne neighborhood, known for its walkable streets and eclectic mix of shops and restaurants. Young professionals are also increasingly drawn to the newly developed apartments in the downtown district, which offer modern amenities and easy access to public transit.
Owning a Home in Cicero
For those looking to purchase a home in Cicero, the median home price currently stands at around $250,000. With a typical down payment and current interest rates, this translates to an estimated monthly mortgage of about $1,400 for a median-priced home. However, it’s important to factor in additional ownership costs such as property taxes (which average about $4,500 per year in Cicero), homeowners insurance, and potential HOA dues.
While these costs can add up, many find that the long-term benefits of homeownership outweigh the expenses. For a median-priced home, buyers in Cicero can expect a monthly mortgage of around $1,400, plus average annual property taxes of $4,500 and homeowners insurance costs of about $1,200 per year.
Renters vs. Homeowners: Who Lives Where?
Cicero has a homeownership rate of around 60%, which is slightly lower than the national average. This means that a significant portion of residents are renters. Renting is particularly common among younger individuals and those who are new to the area. Many appreciate the flexibility and lower upfront costs that renting provides.
However, homeownership remains a key part of the American Dream for many in Cicero. Families, in particular, often prioritize the stability and space that comes with owning a home. While financial barriers like saving for a down payment can be a challenge, many find that the long-term financial and social benefits of homeownership are worth the effort.
Typical Monthly Housing Costs in Cicero
Here’s what housing costs might look like each month in Cicero:
| Expense | Renting (1BR) | Renting (2BR) | Owning |
|---|---|---|---|
| Rent/Mortgage | $1,100 | $1,400 | $1,400 |
| Property Tax | – | – | $375 |
| Utilities | $120 | $150 | $250 |
| Insurance | $15 | $15 | $100 |
| HOA | – | – | $200 |
| Total | $1,235 | $1,565 | $2,325 |
Estimates reflect mid-range properties and average usage.
What’s Driving Costs Up or Down?
Several factors influence the cost of housing in Cicero. On the demand side, Cicero’s proximity to Chicago and its relatively affordable prices have made it an increasingly attractive option for those working in the city. This has put upward pressure on both rents and home prices in recent years.
On the supply side, zoning policies and the availability of land for new development play a key role. In cities like Cicero, the balance between single-family homes and higher-density apartments can significantly impact overall affordability. Recent efforts to encourage more mixed-use and multi-family developments, particularly in the downtown area, are helping to increase the supply of housing and potentially moderate price growth.
FAQs About Housing in Cicero
- Is Cicero affordable to live in? Compared to many surrounding areas, particularly Chicago proper, Cicero offers relatively affordable housing options. However, costs are rising, and many residents still struggle with housing affordability.
- Why are housing prices changing? A combination of demand factors (like proximity to Chicago and demographic shifts) and supply factors (like zoning policies and new development) are influencing housing prices in Cicero.
- How does Cicero compare to nearby cities? Cicero tends to be more affordable than many nearby cities, particularly those closer to downtown Chicago. However, it’s important to consider factors beyond just housing costs, such as transportation, taxes, and amenities.
Making Smart Housing Decisions in Cicero
Navigating the housing market in Cicero requires careful consideration of your unique financial situation and lifestyle priorities. Key factors to consider include not just rent or mortgage costs, but also property taxes, utilities, insurance, and potential HOA fees. It’s also important to think about your long-term goals. Are you looking for the flexibility of renting or the stability of homeownership?
For a deeper dive into the cost factors of living in Cicero, check out our guides on Average Monthly Expenses in Cicero, IL and Cost of Living in Cicero, IL: What You’ll Really Spend in 2025. By arming yourself with knowledge and carefully weighing your options, you can make a smart housing choice in Cicero.