Galesburg, Illinois Real Estate & Housing Market

Galesburg, IL Listings

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Galesburg Housing Information

Index	Galesburg	Illinois	National
Median home price	$71,700	$174,800	$184,700
Median rent asked	$590	$925	$949
Avg. people per household	2.1	2.6	2.6
Owner occupied households	56.0%	66.0%	63.6%
Renter occupied households	44.0%	34.0%	36.4%

A general summary of the real estate market in Galesburg, IL is listed above. Properties in Galesburg, IL average a cost of $71,700, which is 59% lower than the median home price for real estate located in Illinois. This means that the region of Galesburg, IL is, on average, more affordable when compared to the remainder of Illinois. Since tenants living in Galesburg, IL will pay an average of $590, the median rental cost is 36% lower than in Illinois. 56.0% of people in Galesburg, IL own their own homes, and an average of 2.1 people inhabit each property. Galesburg, IL has many assorted real estate listings available. These range from urban townhouses to inexpensive condos to luxurious residences. We make finding homes for sale and browsing real estate listings effortless. Simply use the search function above, and obtain filtered results according to price, location, bathrooms and bedrooms.

Galesburg Home Affordability

When starting your search for real estate in Galesburg, IL, it is crucial to consider home affordability. When calculating home affordability, the ratio of home price to median household income is one of the methods that is applicable in doing so. On average, a home in Galesburg, IL costs $71,700 while each household has an average income of $33,601. Consequently, the ratio of home price to household income is 2.1x; this ratio is 28% lower than the average in Illinois. Calculating the home affordability ratio involves dividing the average price of a home by the average income of homes in Galesburg, IL. When the ratio of home price to income is relatively low, the implication is that homes are more affordable on the basis of the home price in comparison with the home income. Note that besides home price to median household income ratio, there are various other factors to put into consideration when determining if home affordability exists. Check the home affordability calculator shown below to calculate how much you can afford to pay for real estate in Galesburg, IL.

Nearby cities with low home prices

City, State	Population	Home Price	National Avg.
North Henderson, IL	237	$48,300	74%
Victoria, IL	298	$52,500	72%
Gilson, IL	160	$55,000	70%
Maquon, IL	334	$61,400	67%
Abingdon, IL	3,181	$64,100	65%
Galesburg, IL	31,469	$71,700	61%

Cities with similar population

City, State	Population	Home Price	National Avg.
Garfield, NJ	31,456	$329,900	79%
Marrero, LA	31,454	$127,600	31%
Fruit Cove, FL	31,419	$290,000	57%
Mundelein, IL	31,550	$228,300	24%
West Fargo, ND	31,557	$190,400	3%
Galesburg, IL	31,469	$71,700	61%

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