Pekin, Illinois Housing Market Prices
Pekin 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.
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Median home price 47% below the Illinois median$79,007
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Median rent 38% below the Illinois median$793
Housing Market Overview
| Metric | Pekin | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $79,007 | $149,936 | $248,835 |
| Price Trend (Annual %) | 0.8% | 2.5% | 7.5% |
| Median Gross Rent | $793 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 2.4% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Pekin is about 47% lower than in Illinois. Rent is about 38% lower 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 Pekin, up about 0.8% and 2.4% a year respectively. Rent is changing faster.
Median rent in Pekin rose about 24.2% between 2015 and 2024, from $638 to $793. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 1.3 yearly household incomes in Pekin.
Buying the median-priced home in Pekin 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 Pekin. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Pekin | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $79,007 | $149,936 | $248,835 |
| Median Household Income | $61,354 | $84,042 | $80,455 |
| Price-to-Income Ratio | 1.3 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Pekin fell about 9.6%, while median household income rose about 40.5% between 2009 and 2025 — 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 | Pekin | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.9% | 61.9% | 58.5% |
| Rental Rate | 28.1% | 30.4% | 31.2% |
| Vacancy Rate | 7.0% | 7.7% | 10.2% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Pekin has a homeownership rate of 64.9%, higher than the Illinois average of 61.9%. Its housing vacancy rate is 7.0%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Pekin | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.17 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1961 | 1969 | 1978 |
| Median Number of Rooms | 5.3 | 5.6 | 5.5 |
The typical housing unit in Pekin was built around 1961. On average, 2.2 people live in a home with about 5.3 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Pekin, Illinois.
What is the median home price in Pekin, Illinois?
The median home price in Pekin, Illinois is $79,007, lower than the Illinois average of $149,936.
What is the average home price in Pekin, Illinois?
The typical home price in Pekin, Illinois, reported as the median sale price, is $79,007. 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 Pekin, Illinois?
The median gross rent in Pekin, Illinois is $793 per month, lower than the Illinois average of $1,274.
What was the median gross rent in Pekin in 2020?
In 2020, the median gross rent in Pekin, Illinois was $645 per month.
What is the price-to-rent ratio in Pekin, Illinois?
The price-to-rent ratio in Pekin, 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 Pekin.
Are home prices or rent rising faster in Pekin, Illinois?
Both home prices and rent are rising in Pekin, up about 0.8% and 2.4% a year respectively. Rent is changing faster.
What is the homeownership rate in Pekin, Illinois?
64.9% of households in Pekin, Illinois own their home, higher than the Illinois average of 61.9%.
What is the vacancy rate in Pekin, Illinois?
The housing vacancy rate in Pekin, Illinois is 7.0%, lower than the Illinois average of 7.7%.
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