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 | Hamilton County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $78,203 | $162,405 | $242,182 |
| Price Trend (Annual %) | 70.6% | 3.9% | 8.2% |
| Median Gross Rent | $566 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 0.4% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hamilton County is about 52% lower than in Illinois. Rent is about 54% 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 Hamilton County, up about 70.6% and 0.4% a year respectively. Home prices are changing faster.
Median rent in Hamilton County fell about 2.0% between 2015 and 2023, from $577 to $566. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 1.3 yearly household incomes in Hamilton County.
Buying the median-priced home in Hamilton County costs roughly 11.5 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 Hamilton County. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Hamilton County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $78,203 | $162,405 | $242,182 |
| Median Household Income | $61,240 | $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 Hamilton County rose about 150.2%, while median household income rose about 78.4% 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 | Hamilton County | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 68.8% | 61.4% | 58.2% |
| Rental Rate | 19.1% | 30.5% | 31.3% |
| Vacancy Rate | 12.1% | 8.1% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Hamilton County has a homeownership rate of 68.8%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 12.1%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Hamilton County | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.35 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1970 | 1968 | 1978 |
| Median Number of Rooms | 5.4 | 5.6 | 5.5 |
The typical housing unit in Hamilton County was built around 1970. On average, 2.3 people live in a home with about 5.4 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hamilton County, Illinois.
What is the median home price in Hamilton County, Illinois?
The median home price in Hamilton County, Illinois is $78,203, lower than the Illinois average of $162,405.
What is the average home price in Hamilton 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 Hamilton County, Illinois?
The median gross rent in Hamilton County, Illinois is $566 per month, lower than the Illinois average of $1,226.
What was the median gross rent in Hamilton County in 2020?
In 2020, the median gross rent in Hamilton County, Illinois was $660 per month.
What is the price-to-rent ratio in Hamilton County, Illinois?
The price-to-rent ratio in Hamilton County, Illinois is about 11.5, meaning it would take roughly 11.5 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 Hamilton County.
Are home prices or rent rising faster in Hamilton County, Illinois?
Both home prices and rent are rising in Hamilton County, up about 70.6% and 0.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hamilton County, Illinois?
68.8% of households in Hamilton County, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Hamilton County, Illinois?
The housing vacancy rate in Hamilton County, Illinois is 12.1%, higher than the Illinois average of 8.1%.