Urbana, Illinois Housing Market Prices
Urbana 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 49% below the Illinois median$76,801
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Median rent 23% below the Illinois median$982
Housing Market Overview
| Metric | Urbana | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $76,801 | $149,936 | $248,835 |
| Price Trend (Annual %) | 4.7% | 2.5% | 7.5% |
| Median Gross Rent | $982 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 2.8% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Urbana is about 49% lower than in Illinois. Rent is about 23% 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 Urbana, up about 4.7% and 2.8% a year respectively. Home prices are changing faster.
Median rent in Urbana rose about 24.3% between 2015 and 2024, from $790 to $982. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 1.8 yearly household incomes in Urbana.
Buying the median-priced home in Urbana costs roughly 6.5 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 Urbana. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Urbana | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $76,801 | $149,936 | $248,835 |
| Median Household Income | $43,587 | $84,042 | $80,455 |
| Price-to-Income Ratio | 1.8 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Urbana fell about 10.1%, while median household income rose about 40.8% 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 | Urbana | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 34.3% | 61.9% | 58.5% |
| Rental Rate | 53.0% | 30.4% | 31.2% |
| Vacancy Rate | 12.7% | 7.7% | 10.2% |
| Median Tenure (years) | 9.0 | 16.0 | 15.0 |
| Median Year Moved In | 2017 | 2010 | 2011 |
Urbana has a homeownership rate of 34.3%, lower than the Illinois average of 61.9%. Its housing vacancy rate is 12.7%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Urbana | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.03 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1979 | 1969 | 1978 |
| Median Number of Rooms | 4.8 | 5.6 | 5.5 |
The typical housing unit in Urbana was built around 1979. On average, 2.0 people live in a home with about 4.8 rooms, staying for about 9.0 years on average.
Urbana, IL Housing Compared With Nearby Cities
How Urbana, IL compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Urbana, IL | 31,638 | $76,801 #2/2 | $982 #2/2 | 39.3% #2/2 |
| Champaign, IL | 75,194 | $132,523 | $1,104 | 41.1% |
Frequently Asked Questions
Common questions about the housing market in Urbana, Illinois.
What is the median home price in Urbana, Illinois?
The median home price in Urbana, Illinois is $76,801, lower than the Illinois average of $149,936.
What is the average home price in Urbana, Illinois?
The typical home price in Urbana, Illinois, reported as the median sale price, is $76,801. 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 Urbana, Illinois?
The median gross rent in Urbana, Illinois is $982 per month, lower than the Illinois average of $1,274.
What was the median gross rent in Urbana in 2020?
In 2020, the median gross rent in Urbana, Illinois was $832 per month.
What is the price-to-rent ratio in Urbana, Illinois?
The price-to-rent ratio in Urbana, Illinois is about 6.5, meaning it would take roughly 6.5 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 Urbana.
Are home prices or rent rising faster in Urbana, Illinois?
Both home prices and rent are rising in Urbana, up about 4.7% and 2.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Urbana, Illinois?
34.3% of households in Urbana, Illinois own their home, lower than the Illinois average of 61.9%.
What is the vacancy rate in Urbana, Illinois?
The housing vacancy rate in Urbana, Illinois is 12.7%, higher than the Illinois average of 7.7%.
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