Arcola, Illinois Real Estate & Housing Market

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Arcola Housing Information

Index	Arcola	Illinois	National
Median home price	$86,600	$174,800	$184,700
Median rent asked	$658	$925	$949
Avg. people per household	2.5	2.6	2.6
Owner occupied households	65.0%	66.0%	63.6%
Renter occupied households	35.0%	34.0%	36.4%

Above, you will see a summary of real estate in Arcola, IL. On average, homes in Arcola, IL cost $86,600, a value that is 50% lower than the average in Illinois. In general terms, this results in Arcola, IL real estate being more affordable than Illinois real estate. On average, people who rent houses in Arcola, IL pay $658; this value is 29% lower than the average amount renters pay in Illinois. 65.0% of Arcola, IL residents own their own homes and, on average, each of the homes has 2.5 occupants. Arcola, IL real estate features a range of homes, which include everthing from large houses to small condos to stacked townhomes. Accessing real estate listings and homes that are up for sale in Arcola, IL is easy because in our search area shown above, we categorize real estate and homes based on location, price, and the number of bedrooms and bathrooms.

Arcola Home Affordability

It’s advisable to look at home affordability when trying to find the ideal place to find real estate in Arcola, IL. To estimate home affordability, one method is to use the ratio of home price to median household income. The Arcola, IL’s median home price stands at $86,600 while $49,688 is the value of the average household income. The resulting home price to income ratio, which is 1.7x, differs from the Illinois average as the ratio is 41% lower than the state’s average. The average home price divided by the median home income results in the home affordability ratio. Considering the comparison between the home price and home income, homes in Arcola, IL are considered less expensive if the ratio of home price to income is lower. Besides the home price to median household income ratio, other considerable factors do apply in determining home affordability. Using the home affordability calculator displayed below can help determine the exact price that suits any budget when searching for real estate in Arcola, IL.

Nearby cities with low home prices

City, State	Population	Home Price	National Avg.
Longview, IL	137	$37,500	80%
Garrett, IL	79	$43,800	76%
Hindsboro, IL	349	$57,700	69%
Oakland, IL	898	$67,600	63%
Humboldt, IL	483	$71,300	61%
Arcola, IL	2,881	$86,600	53%

Cities with similar population

City, State	Population	Home Price	National Avg.
Seaside Heights, NJ	2,881	$287,500	56%
Ballville, OH	2,881	$147,100	20%
Parowan, UT	2,881	$158,000	14%
Dresden, TN	2,882	$94,500	49%
Evansville, WY	2,880	$164,300	11%
Arcola, IL	2,881	$86,600	53%

Source: The Arcola, IL housing data displayed above is derived from the 2016 United States Census Bureau American Community Survey (ACS).