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 | Coles County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $94,816 | $162,405 | $242,182 |
| Price Trend (Annual %) | 5.4% | 3.9% | 8.2% |
| Median Gross Rent | $792 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 3.2% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Coles County is about 42% lower than in Illinois. Rent is about 35% 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 Coles County, up about 5.4% and 3.2% a year respectively. Home prices are changing faster.
Median rent in Coles County rose about 26.5% between 2015 and 2023, from $626 to $792. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 1.7 yearly household incomes in Coles County.
Buying the median-priced home in Coles County costs roughly 10.0 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 Coles County. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Coles County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $94,816 | $162,405 | $242,182 |
| Median Household Income | $56,039 | $82,179 | $78,145 |
| Price-to-Income Ratio | 1.7 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Coles County rose about 77.6%, while median household income rose about 59.6% 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 | Coles County | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.1% | 61.4% | 58.2% |
| Rental Rate | 35.5% | 30.5% | 31.3% |
| Vacancy Rate | 10.5% | 8.1% | 10.6% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Coles County has a homeownership rate of 54.1%, lower than the Illinois average of 61.4%. Its housing vacancy rate is 10.5%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Coles County | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.12 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1968 | 1968 | 1978 |
| Median Number of Rooms | 5.5 | 5.6 | 5.5 |
The typical housing unit in Coles County was built around 1968. On average, 2.1 people live in a home with about 5.5 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Coles County, Illinois.
What is the median home price in Coles County, Illinois?
The median home price in Coles County, Illinois is $94,816, lower than the Illinois average of $162,405.
What is the average home price in Coles 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 Coles County, Illinois?
The median gross rent in Coles County, Illinois is $792 per month, lower than the Illinois average of $1,226.
What was the median gross rent in Coles County in 2020?
In 2020, the median gross rent in Coles County, Illinois was $677 per month.
What is the price-to-rent ratio in Coles County, Illinois?
The price-to-rent ratio in Coles County, Illinois is about 10.0, meaning it would take roughly 10.0 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 Coles County.
Are home prices or rent rising faster in Coles County, Illinois?
Both home prices and rent are rising in Coles County, up about 5.4% and 3.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Coles County, Illinois?
54.1% of households in Coles County, Illinois own their home, lower than the Illinois average of 61.4%.
What is the vacancy rate in Coles County, Illinois?
The housing vacancy rate in Coles County, Illinois is 10.5%, higher than the Illinois average of 8.1%.