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 | Monroe County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $204,886 | $162,405 | $242,182 |
| Price Trend (Annual %) | 25.7% | 3.9% | 8.2% |
| Median Gross Rent | $995 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 2.6% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Monroe County is about 26% higher 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 Monroe County, up about 25.7% and 2.6% a year respectively. Home prices are changing faster.
Median rent in Monroe County rose about 19.9% between 2015 and 2023, from $829 to $995. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 2.0 yearly household incomes in Monroe County.
Buying the median-priced home in Monroe County costs roughly 17.2 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Monroe County. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Monroe County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $204,886 | $162,405 | $242,182 |
| Median Household Income | $101,816 | $82,179 | $78,145 |
| Price-to-Income Ratio | 2.0 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Monroe County rose about 160.6%, while median household income rose about 54.5% 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 | Monroe County | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 79.0% | 61.4% | 58.2% |
| Rental Rate | 15.3% | 30.5% | 31.3% |
| Vacancy Rate | 5.7% | 8.1% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Monroe County has a homeownership rate of 79.0%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 5.7%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Monroe County | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.51 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1975 | 1968 | 1978 |
| Median Number of Rooms | 6.3 | 5.6 | 5.5 |
The typical housing unit in Monroe County was built around 1975. On average, 2.5 people live in a home with about 6.3 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Monroe County, Illinois.
What is the median home price in Monroe County, Illinois?
The median home price in Monroe County, Illinois is $204,886, higher than the Illinois average of $162,405.
What is the average home price in Monroe 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 Monroe County, Illinois?
The median gross rent in Monroe County, Illinois is $995 per month, lower than the Illinois average of $1,226.
What was the median gross rent in Monroe County in 2020?
In 2020, the median gross rent in Monroe County, Illinois was $846 per month.
What is the price-to-rent ratio in Monroe County, Illinois?
The price-to-rent ratio in Monroe County, Illinois is about 17.2, meaning it would take roughly 17.2 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Monroe County.
Are home prices or rent rising faster in Monroe County, Illinois?
Both home prices and rent are rising in Monroe County, up about 25.7% and 2.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Monroe County, Illinois?
79.0% of households in Monroe County, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Monroe County, Illinois?
The housing vacancy rate in Monroe County, Illinois is 5.7%, lower than the Illinois average of 8.1%.