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 | McLean County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $134,777 | $162,405 | $242,182 |
| Price Trend (Annual %) | 3.1% | 3.9% | 8.2% |
| Median Gross Rent | $991 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 3.1% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in McLean County is about 17% lower than in Illinois. Rent is about 19% 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 McLean County, up about 3.1% and 3.1% a year respectively. Home prices are changing faster.
Median rent in McLean County rose about 27.2% between 2015 and 2023, from $779 to $991. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 1.7 yearly household incomes in McLean County.
Buying the median-priced home in McLean County costs roughly 11.3 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 McLean County. The price-to-rent ratio in Illinois is about 11.0.
| Metric | McLean County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $134,777 | $162,405 | $242,182 |
| Median Household Income | $78,218 | $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 McLean County rose about 20.4%, while median household income rose about 40.3% 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 | McLean County | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.0% | 61.4% | 58.2% |
| Rental Rate | 32.0% | 30.5% | 31.3% |
| Vacancy Rate | 8.1% | 8.1% | 10.6% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
McLean County has a homeownership rate of 60.0%, lower than the Illinois average of 61.4%. Its housing vacancy rate is 8.1%, compared with 8.1% in Illinois.
Housing Stock
| Metric | McLean County | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.35 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1978 | 1968 | 1978 |
| Median Number of Rooms | 5.8 | 5.6 | 5.5 |
The typical housing unit in McLean County was built around 1978. On average, 2.3 people live in a home with about 5.8 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in McLean County, Illinois.
What is the median home price in McLean County, Illinois?
The median home price in McLean County, Illinois is $134,777, lower than the Illinois average of $162,405.
What is the average home price in McLean 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 McLean County, Illinois?
The median gross rent in McLean County, Illinois is $991 per month, lower than the Illinois average of $1,226.
What was the median gross rent in McLean County in 2020?
In 2020, the median gross rent in McLean County, Illinois was $841 per month.
What is the price-to-rent ratio in McLean County, Illinois?
The price-to-rent ratio in McLean County, Illinois is about 11.3, meaning it would take roughly 11.3 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 McLean County.
Are home prices or rent rising faster in McLean County, Illinois?
Both home prices and rent are rising in McLean County, up about 3.1% and 3.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in McLean County, Illinois?
60.0% of households in McLean County, Illinois own their home, lower than the Illinois average of 61.4%.
What is the vacancy rate in McLean County, Illinois?
The housing vacancy rate in McLean County, Illinois is 8.1%, lower than the Illinois average of 8.1%.