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 | Tazewell County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $202,615 | $162,405 | $242,182 |
| Price Trend (Annual %) | 7.8% | 3.9% | 8.2% |
| Median Gross Rent | $897 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Tazewell County is about 25% higher than in Illinois. Rent is about 27% 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 Tazewell County, up about 7.8% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Tazewell County rose about 31.6% between 2015 and 2023, from $682 to $897. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in Tazewell County.
Buying the median-priced home in Tazewell County costs roughly 18.8 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 Tazewell County. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Tazewell County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $202,615 | $162,405 | $242,182 |
| Median Household Income | $77,036 | $82,179 | $78,145 |
| Price-to-Income Ratio | 2.6 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Tazewell County rose about 62.2%, while median household income rose about 42.2% 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 | Tazewell County | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 71.1% | 61.4% | 58.2% |
| Rental Rate | 20.6% | 30.5% | 31.3% |
| Vacancy Rate | 8.3% | 8.1% | 10.6% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Tazewell County has a homeownership rate of 71.1%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 8.3%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Tazewell County | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.37 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1964 | 1968 | 1978 |
| Median Number of Rooms | 5.9 | 5.6 | 5.5 |
The typical housing unit in Tazewell County was built around 1964. On average, 2.4 people live in a home with about 5.9 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Tazewell County, Illinois.
What is the median home price in Tazewell County, Illinois?
The median home price in Tazewell County, Illinois is $202,615, higher than the Illinois average of $162,405.
What is the average home price in Tazewell 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 Tazewell County, Illinois?
The median gross rent in Tazewell County, Illinois is $897 per month, lower than the Illinois average of $1,226.
What was the median gross rent in Tazewell County in 2020?
In 2020, the median gross rent in Tazewell County, Illinois was $751 per month.
What is the price-to-rent ratio in Tazewell County, Illinois?
The price-to-rent ratio in Tazewell County, Illinois is about 18.8, meaning it would take roughly 18.8 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 Tazewell County.
Are home prices or rent rising faster in Tazewell County, Illinois?
Both home prices and rent are rising in Tazewell County, up about 7.8% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Tazewell County, Illinois?
71.1% of households in Tazewell County, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Tazewell County, Illinois?
The housing vacancy rate in Tazewell County, Illinois is 8.3%, higher than the Illinois average of 8.1%.