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 | Lee County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $58,690 | $162,405 | $242,182 |
| Price Trend (Annual %) | -8.6% | 3.9% | 8.2% |
| Median Gross Rent | $852 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 3.4% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lee County is about 64% lower than in Illinois. Rent is about 30% lower than the Illinois average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Lee County: home prices fell about 8.6% a year while rent rose about 3.4% a year. That is an unusual pattern worth watching.
Median rent in Lee County rose about 27.0% between 2015 and 2023, from $671 to $852. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 0.9 yearly household incomes in Lee County.
Buying the median-priced home in Lee County costs roughly 5.7 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 Lee County. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Lee County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $58,690 | $162,405 | $242,182 |
| Median Household Income | $68,716 | $82,179 | $78,145 |
| Price-to-Income Ratio | 0.9 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lee County fell about 55.7%, while median household income rose about 35.8% 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 | Lee County | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.4% | 61.4% | 58.2% |
| Rental Rate | 23.9% | 30.5% | 31.3% |
| Vacancy Rate | 10.7% | 8.1% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Lee County has a homeownership rate of 65.4%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 10.7%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Lee County | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1961 | 1968 | 1978 |
| Median Number of Rooms | 6.0 | 5.6 | 5.5 |
The typical housing unit in Lee County was built around 1961. On average, 2.3 people live in a home with about 6.0 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lee County, Illinois.
What is the median home price in Lee County, Illinois?
The median home price in Lee County, Illinois is $58,690, lower than the Illinois average of $162,405.
What is the average home price in Lee 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 Lee County, Illinois?
The median gross rent in Lee County, Illinois is $852 per month, lower than the Illinois average of $1,226.
What was the median gross rent in Lee County in 2020?
In 2020, the median gross rent in Lee County, Illinois was $670 per month.
What is the price-to-rent ratio in Lee County, Illinois?
The price-to-rent ratio in Lee County, Illinois is about 5.7, meaning it would take roughly 5.7 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 Lee County.
Are home prices or rent rising faster in Lee County, Illinois?
Home prices and rent are moving in opposite directions in Lee County: home prices fell about 8.6% a year while rent rose about 3.4% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Lee County, Illinois?
65.4% of households in Lee County, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Lee County, Illinois?
The housing vacancy rate in Lee County, Illinois is 10.7%, higher than the Illinois average of 8.1%.