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 | Clay County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $76,110 | $162,405 | $242,182 |
| Price Trend (Annual %) | 1.7% | 3.9% | 8.2% |
| Median Gross Rent | $709 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 4.7% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Clay County is about 53% lower than in Illinois. Rent is about 42% 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 Clay County, up about 1.7% and 4.7% a year respectively. Rent is changing faster.
Median rent in Clay County rose about 39.8% between 2015 and 2023, from $507 to $709. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 1.3 yearly household incomes in Clay County.
Buying the median-priced home in Clay County costs roughly 8.9 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 Clay County. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Clay County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $76,110 | $162,405 | $242,182 |
| Median Household Income | $58,171 | $82,179 | $78,145 |
| Price-to-Income Ratio | 1.3 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Clay County rose about 5.7%, while median household income rose about 58.3% 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 | Clay County | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 71.3% | 61.4% | 58.2% |
| Rental Rate | 17.0% | 30.5% | 31.3% |
| Vacancy Rate | 11.6% | 8.1% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Clay County has a homeownership rate of 71.3%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 11.6%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Clay County | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.36 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1974 | 1968 | 1978 |
| Median Number of Rooms | 5.7 | 5.6 | 5.5 |
The typical housing unit in Clay County was built around 1974. On average, 2.4 people live in a home with about 5.7 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Clay County, Illinois.
What is the median home price in Clay County, Illinois?
The median home price in Clay County, Illinois is $76,110, lower than the Illinois average of $162,405.
What is the average home price in Clay 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 Clay County, Illinois?
The median gross rent in Clay County, Illinois is $709 per month, lower than the Illinois average of $1,226.
What was the median gross rent in Clay County in 2020?
In 2020, the median gross rent in Clay County, Illinois was $624 per month.
What is the price-to-rent ratio in Clay County, Illinois?
The price-to-rent ratio in Clay County, Illinois is about 8.9, meaning it would take roughly 8.9 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 Clay County.
Are home prices or rent rising faster in Clay County, Illinois?
Both home prices and rent are rising in Clay County, up about 1.7% and 4.7% a year respectively. Rent is changing faster.
What is the homeownership rate in Clay County, Illinois?
71.3% of households in Clay County, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Clay County, Illinois?
The housing vacancy rate in Clay County, Illinois is 11.6%, higher than the Illinois average of 8.1%.