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 | McHenry County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $233,129 | $162,405 | $242,182 |
| Price Trend (Annual %) | 7.8% | 3.9% | 8.2% |
| Median Gross Rent | $1,358 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 3.1% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in McHenry County is about 44% higher than in Illinois. Rent is about 11% higher 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 McHenry County, up about 7.8% and 3.1% a year respectively. Home prices are changing faster.
Median rent in McHenry County rose about 26.5% between 2015 and 2023, from $1,073 to $1,358. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in McHenry County.
Buying the median-priced home in McHenry County costs roughly 14.3 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 McHenry County. The price-to-rent ratio in Illinois is about 11.0.
| Metric | McHenry County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $233,129 | $162,405 | $242,182 |
| Median Household Income | $103,190 | $82,179 | $78,145 |
| Price-to-Income Ratio | 2.3 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in McHenry County rose about 56.5%, while median household income rose about 33.0% 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 | McHenry County | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 79.6% | 61.4% | 58.2% |
| Rental Rate | 16.8% | 30.5% | 31.3% |
| Vacancy Rate | 3.5% | 8.1% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
McHenry County has a homeownership rate of 79.6%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 3.5%, compared with 8.1% in Illinois.
Housing Stock
| Metric | McHenry County | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.66 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1985 | 1968 | 1978 |
| Median Number of Rooms | 6.6 | 5.6 | 5.5 |
The typical housing unit in McHenry County was built around 1985. On average, 2.7 people live in a home with about 6.6 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in McHenry County, Illinois.
What is the median home price in McHenry County, Illinois?
The median home price in McHenry County, Illinois is $233,129, higher than the Illinois average of $162,405.
What is the average home price in McHenry 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 McHenry County, Illinois?
The median gross rent in McHenry County, Illinois is $1,358 per month, higher than the Illinois average of $1,226.
What was the median gross rent in McHenry County in 2020?
In 2020, the median gross rent in McHenry County, Illinois was $1,199 per month.
What is the price-to-rent ratio in McHenry County, Illinois?
The price-to-rent ratio in McHenry County, Illinois is about 14.3, meaning it would take roughly 14.3 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 McHenry County.
Are home prices or rent rising faster in McHenry County, Illinois?
Both home prices and rent are rising in McHenry County, up about 7.8% and 3.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in McHenry County, Illinois?
79.6% of households in McHenry County, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in McHenry County, Illinois?
The housing vacancy rate in McHenry County, Illinois is 3.5%, lower than the Illinois average of 8.1%.