Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Bond County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,000 | $162,405 | $242,182 |
| Price Trend (Annual %) | 118.5% | 3.9% | 8.2% |
| Median Gross Rent | $734 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 1.6% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bond County is about 69% higher than in Illinois. Rent is about 40% lower than the Illinois average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Bond County, up about 118.5% and 1.6% a year respectively. Home prices are changing faster.
Median rent in Bond County rose about 20.8% between 2015 and 2023, from $608 to $734. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 4.5 yearly household incomes in Bond County.
Buying the median-priced home in Bond County costs roughly 31.2 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Bond County. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Bond County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,000 | $162,405 | $242,182 |
| Median Household Income | $61,572 | $82,179 | $78,145 |
| Price-to-Income Ratio | 4.5 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Bond County rose about 496.7%, while median household income rose about 30.1% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Bond County | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.1% | 61.4% | 58.2% |
| Rental Rate | 23.7% | 30.5% | 31.3% |
| Vacancy Rate | 9.2% | 8.1% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Bond County has a homeownership rate of 67.1%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 9.2%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Bond County | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1976 | 1968 | 1978 |
| Median Number of Rooms | 5.7 | 5.6 | 5.5 |
The typical housing unit in Bond County was built around 1976. On average, 2.3 people live in a home with about 5.7 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Bond County, Illinois.
What is the median home price in Bond County, Illinois?
The median home price in Bond County, Illinois is $275,000, higher than the Illinois average of $162,405.
What is the average home price in Bond County, Illinois?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Bond County, Illinois?
The median gross rent in Bond County, Illinois is $734 per month, lower than the Illinois average of $1,226.
What was the median gross rent in Bond County in 2020?
In 2020, the median gross rent in Bond County, Illinois was $603 per month.
What is the price-to-rent ratio in Bond County, Illinois?
The price-to-rent ratio in Bond County, Illinois is about 31.2, meaning it would take roughly 31.2 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Bond County.
Are home prices or rent rising faster in Bond County, Illinois?
Both home prices and rent are rising in Bond County, up about 118.5% and 1.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Bond County, Illinois?
67.1% of households in Bond County, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Bond County, Illinois?
The housing vacancy rate in Bond County, Illinois is 9.2%, higher than the Illinois average of 8.1%.