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 | Henderson County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $84,334 | $162,405 | $242,182 |
| Price Trend (Annual %) | 2.3% | 3.9% | 8.2% |
| Median Gross Rent | $834 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 5.9% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Henderson County is about 48% lower than in Illinois. Rent is about 32% 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 Henderson County, up about 2.3% and 5.9% a year respectively. Rent is changing faster.
Median rent in Henderson County rose about 43.4% between 2015 and 2023, from $581 to $834. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 1.3 yearly household incomes in Henderson County.
Buying the median-priced home in Henderson County costs roughly 8.4 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 Henderson County. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Henderson County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $84,334 | $162,405 | $242,182 |
| Median Household Income | $66,499 | $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 Henderson County rose about 15.7%, while median household income rose about 68.1% 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 | Henderson County | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.5% | 61.4% | 58.2% |
| Rental Rate | 11.4% | 30.5% | 31.3% |
| Vacancy Rate | 21.1% | 8.1% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Henderson County has a homeownership rate of 67.5%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 21.1%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Henderson County | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.34 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1956 | 1968 | 1978 |
| Median Number of Rooms | 5.6 | 5.6 | 5.5 |
The typical housing unit in Henderson County was built around 1956. On average, 2.3 people live in a home with about 5.6 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Henderson County, Illinois.
What is the median home price in Henderson County, Illinois?
The median home price in Henderson County, Illinois is $84,334, lower than the Illinois average of $162,405.
What is the average home price in Henderson 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 Henderson County, Illinois?
The median gross rent in Henderson County, Illinois is $834 per month, lower than the Illinois average of $1,226.
What was the median gross rent in Henderson County in 2020?
In 2020, the median gross rent in Henderson County, Illinois was $637 per month.
What is the price-to-rent ratio in Henderson County, Illinois?
The price-to-rent ratio in Henderson County, Illinois is about 8.4, meaning it would take roughly 8.4 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 Henderson County.
Are home prices or rent rising faster in Henderson County, Illinois?
Both home prices and rent are rising in Henderson County, up about 2.3% and 5.9% a year respectively. Rent is changing faster.
What is the homeownership rate in Henderson County, Illinois?
67.5% of households in Henderson County, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Henderson County, Illinois?
The housing vacancy rate in Henderson County, Illinois is 21.1%, higher than the Illinois average of 8.1%.