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 | Gallatin County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $91,561 | $162,405 | $242,182 |
| Price Trend (Annual %) | 17.8% | 3.9% | 8.2% |
| Median Gross Rent | $500 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 3.5% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Gallatin County is about 44% lower than in Illinois. Rent is about 59% 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 Gallatin County, up about 17.8% and 3.5% a year respectively. Home prices are changing faster.
Median rent in Gallatin County rose about 30.8% between 2015 and 2023, from $382 to $500. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 1.7 yearly household incomes in Gallatin County.
Buying the median-priced home in Gallatin County costs roughly 15.3 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Gallatin County. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Gallatin County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $91,561 | $162,405 | $242,182 |
| Median Household Income | $55,105 | $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 Gallatin County rose about 184.4%, while median household income rose about 62.7% 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 | Gallatin County | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.2% | 61.4% | 58.2% |
| Rental Rate | 16.4% | 30.5% | 31.3% |
| Vacancy Rate | 16.4% | 8.1% | 10.6% |
| Median Tenure (years) | 19.0 | 16.0 | 15.0 |
| Median Year Moved In | 2007 | 2010 | 2011 |
Gallatin County has a homeownership rate of 67.2%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 16.4%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Gallatin County | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.31 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1971 | 1968 | 1978 |
| Median Number of Rooms | 5.7 | 5.6 | 5.5 |
The typical housing unit in Gallatin County was built around 1971. On average, 2.3 people live in a home with about 5.7 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Gallatin County, Illinois.
What is the median home price in Gallatin County, Illinois?
The median home price in Gallatin County, Illinois is $91,561, lower than the Illinois average of $162,405.
What is the average home price in Gallatin 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 Gallatin County, Illinois?
The median gross rent in Gallatin County, Illinois is $500 per month, lower than the Illinois average of $1,226.
What was the median gross rent in Gallatin County in 2020?
In 2020, the median gross rent in Gallatin County, Illinois was $459 per month.
What is the price-to-rent ratio in Gallatin County, Illinois?
The price-to-rent ratio in Gallatin County, Illinois is about 15.3, meaning it would take roughly 15.3 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Gallatin County.
Are home prices or rent rising faster in Gallatin County, Illinois?
Both home prices and rent are rising in Gallatin County, up about 17.8% and 3.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Gallatin County, Illinois?
67.2% of households in Gallatin County, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Gallatin County, Illinois?
The housing vacancy rate in Gallatin County, Illinois is 16.4%, higher than the Illinois average of 8.1%.