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 | Morgan County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $70,391 | $162,405 | $242,182 |
| Price Trend (Annual %) | 5.9% | 3.9% | 8.2% |
| Median Gross Rent | $709 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 1.2% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Morgan County is about 57% lower than in Illinois. Rent is about 42% 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 Morgan County, up about 5.9% and 1.2% a year respectively. Home prices are changing faster.
Median rent in Morgan County rose about 17.7% between 2015 and 2023, from $603 to $709. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 1.1 yearly household incomes in Morgan County.
Buying the median-priced home in Morgan County costs roughly 8.3 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 Morgan County. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Morgan County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $70,391 | $162,405 | $242,182 |
| Median Household Income | $65,437 | $82,179 | $78,145 |
| Price-to-Income Ratio | 1.1 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Morgan County rose about 57.6%, while median household income rose about 46.9% 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 | Morgan County | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.6% | 61.4% | 58.2% |
| Rental Rate | 24.8% | 30.5% | 31.3% |
| Vacancy Rate | 12.7% | 8.1% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Morgan County has a homeownership rate of 62.6%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 12.7%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Morgan County | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.31 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1965 | 1968 | 1978 |
| Median Number of Rooms | 5.7 | 5.6 | 5.5 |
The typical housing unit in Morgan County was built around 1965. On average, 2.3 people live in a home with about 5.7 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Morgan County, Illinois.
What is the median home price in Morgan County, Illinois?
The median home price in Morgan County, Illinois is $70,391, lower than the Illinois average of $162,405.
What is the average home price in Morgan 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 Morgan County, Illinois?
The median gross rent in Morgan County, Illinois is $709 per month, lower than the Illinois average of $1,226.
What was the median gross rent in Morgan County in 2020?
In 2020, the median gross rent in Morgan County, Illinois was $684 per month.
What is the price-to-rent ratio in Morgan County, Illinois?
The price-to-rent ratio in Morgan County, Illinois is about 8.3, meaning it would take roughly 8.3 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 Morgan County.
Are home prices or rent rising faster in Morgan County, Illinois?
Both home prices and rent are rising in Morgan County, up about 5.9% and 1.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Morgan County, Illinois?
62.6% of households in Morgan County, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Morgan County, Illinois?
The housing vacancy rate in Morgan County, Illinois is 12.7%, higher than the Illinois average of 8.1%.