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 | Champaign County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $86,767 | $162,405 | $242,182 |
| Price Trend (Annual %) | 2.9% | 3.9% | 8.2% |
| Median Gross Rent | $1,018 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 3.0% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Champaign County is about 47% lower than in Illinois. Rent is about 17% 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 Champaign County, up about 2.9% and 3.0% a year respectively. Rent is changing faster.
Median rent in Champaign County rose about 25.1% between 2015 and 2023, from $814 to $1,018. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 1.4 yearly household incomes in Champaign County.
Buying the median-priced home in Champaign County costs roughly 7.1 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Champaign County. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Champaign County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $86,767 | $162,405 | $242,182 |
| Median Household Income | $63,711 | $82,179 | $78,145 |
| Price-to-Income Ratio | 1.4 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Champaign County rose about 4.0%, while median household income rose about 49.4% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Champaign County | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 47.5% | 61.4% | 58.2% |
| Rental Rate | 41.3% | 30.5% | 31.3% |
| Vacancy Rate | 11.2% | 8.1% | 10.6% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Champaign County has a homeownership rate of 47.5%, lower than the Illinois average of 61.4%. Its housing vacancy rate is 11.2%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Champaign County | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.29 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1978 | 1968 | 1978 |
| Median Number of Rooms | 5.3 | 5.6 | 5.5 |
The typical housing unit in Champaign County was built around 1978. On average, 2.3 people live in a home with about 5.3 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Champaign County, Illinois.
What is the median home price in Champaign County, Illinois?
The median home price in Champaign County, Illinois is $86,767, lower than the Illinois average of $162,405.
What is the average home price in Champaign 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 Champaign County, Illinois?
The median gross rent in Champaign County, Illinois is $1,018 per month, lower than the Illinois average of $1,226.
What was the median gross rent in Champaign County in 2020?
In 2020, the median gross rent in Champaign County, Illinois was $872 per month.
What is the price-to-rent ratio in Champaign County, Illinois?
The price-to-rent ratio in Champaign County, Illinois is about 7.1, meaning it would take roughly 7.1 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Champaign County.
Are home prices or rent rising faster in Champaign County, Illinois?
Both home prices and rent are rising in Champaign County, up about 2.9% and 3.0% a year respectively. Rent is changing faster.
What is the homeownership rate in Champaign County, Illinois?
47.5% of households in Champaign County, Illinois own their home, lower than the Illinois average of 61.4%.
What is the vacancy rate in Champaign County, Illinois?
The housing vacancy rate in Champaign County, Illinois is 11.2%, higher than the Illinois average of 8.1%.