Montgomery, Illinois Housing Market Prices
Updated
Montgomery Home Prices and Rent at a Glance
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 31% above the Illinois median$195,717
-
Median rent 31% above the Illinois median$1,664
Housing Market Overview
| Metric | Montgomery | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $195,717 | $149,936 | $248,835 |
| Price Trend (Annual %) | 12.8% | 2.5% | 7.5% |
| Median Gross Rent | $1,664 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 5.8% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Montgomery is about 31% higher than in Illinois. Rent is about 31% higher than the Illinois average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Montgomery, up about 12.8% and 5.8% a year respectively. Home prices are changing faster.
Median rent in Montgomery rose about 61.8% between 2015 and 2024, from $1,029 to $1,664. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 2.0 yearly household incomes in Montgomery.
Buying the median-priced home in Montgomery costs roughly 9.8 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 Montgomery. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Montgomery | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $195,717 | $149,936 | $248,835 |
| Median Household Income | $97,530 | $84,042 | $80,455 |
| Price-to-Income Ratio | 2.0 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Montgomery rose about 120.1%, while median household income rose about 43.3% between 2009 and 2025 — 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 | Montgomery | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.4% | 61.9% | 58.5% |
| Rental Rate | 23.7% | 30.4% | 31.2% |
| Vacancy Rate | 3.9% | 7.7% | 10.2% |
| Median Tenure (years) | 12.0 | 16.0 | 15.0 |
| Median Year Moved In | 2014 | 2010 | 2011 |
Montgomery has a homeownership rate of 72.4%, higher than the Illinois average of 61.9%. Its housing vacancy rate is 3.9%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Montgomery | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.87 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1996 | 1969 | 1978 |
| Median Number of Rooms | 6.1 | 5.6 | 5.5 |
The typical housing unit in Montgomery was built around 1996. On average, 2.9 people live in a home with about 6.1 rooms, staying for about 12.0 years on average.
Montgomery, IL Housing Compared With Nearby Cities
How Montgomery, IL compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Montgomery, IL | 21,311 | $195,717 #2/2 | $1,664 #1/2 | 75.4% #1/2 |
| Aurora, IL | 168,587 | $252,075 | $1,577 | 65.7% |
Frequently Asked Questions
Common questions about the housing market in Montgomery, Illinois.
What is the median home price in Montgomery, Illinois?
The median home price in Montgomery, Illinois is $195,717, higher than the Illinois average of $149,936.
What is the average home price in Montgomery, Illinois?
The typical home price in Montgomery, Illinois, reported as the median sale price, is $195,717. 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 Montgomery, Illinois?
The median gross rent in Montgomery, Illinois is $1,664 per month, higher than the Illinois average of $1,274.
What was the median gross rent in Montgomery in 2020?
In 2020, the median gross rent in Montgomery, Illinois was $1,194 per month.
What is the price-to-rent ratio in Montgomery, Illinois?
The price-to-rent ratio in Montgomery, Illinois is about 9.8, meaning it would take roughly 9.8 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 Montgomery.
Are home prices or rent rising faster in Montgomery, Illinois?
Both home prices and rent are rising in Montgomery, up about 12.8% and 5.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Montgomery, Illinois?
72.4% of households in Montgomery, Illinois own their home, higher than the Illinois average of 61.9%.
What is the vacancy rate in Montgomery, Illinois?
The housing vacancy rate in Montgomery, Illinois is 3.9%, lower than the Illinois average of 7.7%.
Size up the neighborhood around one home
Home values, rent, homeownership, schools, crime, health and nearby amenities for any US address, in one neighborhood report. Ready in about 3 minutes, in your browser or as a PDF.
Explore My Address →