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 | McDonough County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $70,715 | $162,405 | $242,182 |
| Price Trend (Annual %) | 0.5% | 3.9% | 8.2% |
| Median Gross Rent | $730 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 2.7% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in McDonough County is about 56% lower than in Illinois. Rent is about 40% 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 McDonough County, up about 0.5% and 2.7% a year respectively. Rent is changing faster.
Median rent in McDonough County rose about 15.9% between 2015 and 2023, from $629 to $730. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 1.4 yearly household incomes in McDonough County.
Buying the median-priced home in McDonough 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 McDonough County. The price-to-rent ratio in Illinois is about 11.0.
| Metric | McDonough County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $70,715 | $162,405 | $242,182 |
| Median Household Income | $50,434 | $82,179 | $78,145 |
| Price-to-Income Ratio | 1.4 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in McDonough County fell about 2.9%, while median household income rose about 54.8% 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 | McDonough County | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.7% | 61.4% | 58.2% |
| Rental Rate | 32.8% | 30.5% | 31.3% |
| Vacancy Rate | 13.5% | 8.1% | 10.6% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
McDonough County has a homeownership rate of 53.7%, lower than the Illinois average of 61.4%. Its housing vacancy rate is 13.5%, compared with 8.1% in Illinois.
Housing Stock
| Metric | McDonough County | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.08 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1966 | 1968 | 1978 |
| Median Number of Rooms | 5.6 | 5.6 | 5.5 |
The typical housing unit in McDonough County was built around 1966. On average, 2.1 people live in a home with about 5.6 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in McDonough County, Illinois.
What is the median home price in McDonough County, Illinois?
The median home price in McDonough County, Illinois is $70,715, lower than the Illinois average of $162,405.
What is the average home price in McDonough 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 McDonough County, Illinois?
The median gross rent in McDonough County, Illinois is $730 per month, lower than the Illinois average of $1,226.
What was the median gross rent in McDonough County in 2020?
In 2020, the median gross rent in McDonough County, Illinois was $714 per month.
What is the price-to-rent ratio in McDonough County, Illinois?
The price-to-rent ratio in McDonough 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 McDonough County.
Are home prices or rent rising faster in McDonough County, Illinois?
Both home prices and rent are rising in McDonough County, up about 0.5% and 2.7% a year respectively. Rent is changing faster.
What is the homeownership rate in McDonough County, Illinois?
53.7% of households in McDonough County, Illinois own their home, lower than the Illinois average of 61.4%.
What is the vacancy rate in McDonough County, Illinois?
The housing vacancy rate in McDonough County, Illinois is 13.5%, higher than the Illinois average of 8.1%.