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 | Grundy County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $110,211 | $162,405 | $242,182 |
| Price Trend (Annual %) | 5.3% | 3.9% | 8.2% |
| Median Gross Rent | $1,136 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 3.0% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Grundy County is about 32% lower than in Illinois. Rent is about 7% 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 Grundy County, up about 5.3% and 3.0% a year respectively. Home prices are changing faster.
Median rent in Grundy County rose about 22.4% between 2015 and 2023, from $928 to $1,136. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 1.2 yearly household incomes in Grundy County.
Buying the median-priced home in Grundy County costs roughly 8.1 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 Grundy County. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Grundy County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $110,211 | $162,405 | $242,182 |
| Median Household Income | $92,389 | $82,179 | $78,145 |
| Price-to-Income Ratio | 1.2 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Grundy County fell about 20.9%, while median household income rose about 42.6% 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 | Grundy County | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.9% | 61.4% | 58.2% |
| Rental Rate | 23.3% | 30.5% | 31.3% |
| Vacancy Rate | 3.8% | 8.1% | 10.6% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Grundy County has a homeownership rate of 72.9%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 3.8%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Grundy County | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.56 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1983 | 1968 | 1978 |
| Median Number of Rooms | 6.1 | 5.6 | 5.5 |
The typical housing unit in Grundy County was built around 1983. On average, 2.6 people live in a home with about 6.1 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Grundy County, Illinois.
What is the median home price in Grundy County, Illinois?
The median home price in Grundy County, Illinois is $110,211, lower than the Illinois average of $162,405.
What is the average home price in Grundy 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 Grundy County, Illinois?
The median gross rent in Grundy County, Illinois is $1,136 per month, lower than the Illinois average of $1,226.
What was the median gross rent in Grundy County in 2020?
In 2020, the median gross rent in Grundy County, Illinois was $986 per month.
What is the price-to-rent ratio in Grundy County, Illinois?
The price-to-rent ratio in Grundy County, Illinois is about 8.1, meaning it would take roughly 8.1 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 Grundy County.
Are home prices or rent rising faster in Grundy County, Illinois?
Both home prices and rent are rising in Grundy County, up about 5.3% and 3.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Grundy County, Illinois?
72.9% of households in Grundy County, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Grundy County, Illinois?
The housing vacancy rate in Grundy County, Illinois is 3.8%, lower than the Illinois average of 8.1%.