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.
Housing Market Overview
| Metric | Montgomery | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $181,851 | $162,405 | $242,182 |
| Price Trend (Annual %) | 13.6% | 3.9% | 8.2% |
| Median Gross Rent | $1,562 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 5.7% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Montgomery is about 12% higher than in Illinois. Rent is about 27% 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 Montgomery, up about 13.6% and 5.7% a year respectively. Home prices are changing faster.
Median rent in Montgomery rose about 51.9% between 2015 and 2023, from $1,029 to $1,562. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 1.9 yearly household incomes in Montgomery.
Buying the median-priced home in Montgomery costs roughly 9.7 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 11.0.
| Metric | Montgomery | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $181,851 | $162,405 | $242,182 |
| Median Household Income | $93,710 | $82,179 | $78,145 |
| Price-to-Income Ratio | 1.9 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Montgomery rose about 104.8%, while median household income rose about 43.9% 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 | Montgomery | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.3% | 61.4% | 58.2% |
| Rental Rate | 25.4% | 30.5% | 31.3% |
| Vacancy Rate | 4.3% | 8.1% | 10.6% |
| Median Tenure (years) | 12.0 | 16.0 | 15.0 |
| Median Year Moved In | 2014 | 2010 | 2011 |
Montgomery has a homeownership rate of 70.3%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 4.3%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Montgomery | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.82 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1991 | 1968 | 1978 |
| Median Number of Rooms | 6.1 | 5.6 | 5.5 |
The typical housing unit in Montgomery was built around 1991. On average, 2.8 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 | 20,144 | $181,851 #2/2 | $1,562 #1/2 | 73.5% #1/2 |
| Aurora, IL | 177,409 | $219,144 | $1,520 | 66.2% |
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 $181,851, higher than the Illinois average of $162,405.
What is the average home price in Montgomery, 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 Montgomery, Illinois?
The median gross rent in Montgomery, Illinois is $1,562 per month, higher than the Illinois average of $1,226.
What was the median gross rent in Montgomery in 2020?
In 2020, the median gross rent in Montgomery, Illinois was $1,193 per month.
What is the price-to-rent ratio in Montgomery, Illinois?
The price-to-rent ratio in Montgomery, Illinois is about 9.7, meaning it would take roughly 9.7 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 13.6% and 5.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Montgomery, Illinois?
70.3% of households in Montgomery, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Montgomery, Illinois?
The housing vacancy rate in Montgomery, Illinois is 4.3%, lower than the Illinois average of 8.1%.