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 | Jersey County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $134,185 | $162,405 | $242,182 |
| Price Trend (Annual %) | 5.3% | 3.9% | 8.2% |
| Median Gross Rent | $793 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 3.3% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Jersey County is about 17% 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 Jersey County, up about 5.3% and 3.3% a year respectively. Home prices are changing faster.
Median rent in Jersey County rose about 17.5% between 2015 and 2023, from $675 to $793. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 1.7 yearly household incomes in Jersey County.
Buying the median-priced home in Jersey County costs roughly 14.1 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 Jersey County. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Jersey County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $134,185 | $162,405 | $242,182 |
| Median Household Income | $78,632 | $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 Jersey County fell about 11.7%, while median household income rose about 50.1% 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 | Jersey County | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.9% | 61.4% | 58.2% |
| Rental Rate | 17.8% | 30.5% | 31.3% |
| Vacancy Rate | 19.2% | 8.1% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Jersey County has a homeownership rate of 62.9%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 19.2%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Jersey County | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.55 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1975 | 1968 | 1978 |
| Median Number of Rooms | 5.7 | 5.6 | 5.5 |
The typical housing unit in Jersey County was built around 1975. On average, 2.6 people live in a home with about 5.7 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Jersey County, Illinois.
What is the median home price in Jersey County, Illinois?
The median home price in Jersey County, Illinois is $134,185, lower than the Illinois average of $162,405.
What is the average home price in Jersey 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 Jersey County, Illinois?
The median gross rent in Jersey County, Illinois is $793 per month, lower than the Illinois average of $1,226.
What was the median gross rent in Jersey County in 2020?
In 2020, the median gross rent in Jersey County, Illinois was $631 per month.
What is the price-to-rent ratio in Jersey County, Illinois?
The price-to-rent ratio in Jersey County, Illinois is about 14.1, meaning it would take roughly 14.1 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 Jersey County.
Are home prices or rent rising faster in Jersey County, Illinois?
Both home prices and rent are rising in Jersey County, up about 5.3% and 3.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Jersey County, Illinois?
62.9% of households in Jersey County, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Jersey County, Illinois?
The housing vacancy rate in Jersey County, Illinois is 19.2%, higher than the Illinois average of 8.1%.