Litchfield, Illinois Real Estate & Housing Market

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Litchfield Housing Information

Index	Litchfield	Illinois	National
Median home price	$76,000	$174,800	$184,700
Median rent asked	$560	$925	$949
Avg. people per household	2.0	2.6	2.6
Owner occupied households	69.4%	66.0%	63.6%
Renter occupied households	30.6%	34.0%	36.4%

The above shows an overview of the real estate market in Litchfield, IL. Note how the median home price for Litchfield, IL runs $76,000, which is 57% lower than the average property price for Illinois. So you’re going to get real estate in Litchfield, IL that is on-average more affordable than what you’ll find in the rest of Illinois. As for rent, the median for Litchfield, IL runs $560, which is comparatively 39% lower than the average rent for Illinois. For Litchfield, IL, about 69.4% of the population consist of home owners with about 2.0 people living in each property on average. Whether you’re looking for condos or townhomes that are low-maintenance and affordable or sprawling mansions, Litchfield, IL offers a wide variety of real estate. To find your perfect home in Litchfield, IL, filter your choice by price, location, and number of beds and baths using the search area above.

Litchfield Home Affordability

When deciding where to purchase Litchfield, IL real estate, home affordability is one of the top deciding factors. One way that you can calculate the affordability of your next home is to use this formula: median home price to median household income ratio. In Litchfield, IL the median home price is $76,000 and $38,629 is the median household income. As a result, the home price to income ratio in Litchfield, IL is 2.0x, which is 33% lower than the Illinois average. In order to determine the home affordability ratio, you would divide the median home price by the median home income. If you find that in Litchfield, IL the home price to income ratio is lower than average, that means that in general, housing is more affordable. While there more than just one factor in deciding home affordability, you can use the home affordability calculator below as an additional tool when deciding how much you can and should pay for real estate in Litchfield, IL.

Nearby cities with low home prices

City, State	Population	Home Price	National Avg.
Donnellson, IL	176	$42,500	77%
Butler, IL	154	$46,700	75%
Walshville, IL	35	$47,500	74%
Panama, IL	287	$49,200	73%
Sorento, IL	530	$50,500	73%
Litchfield, IL	6,976	$76,000	59%

Cities with similar population

City, State	Population	Home Price	National Avg.
Strathmore, NJ	6,975	$353,900	92%
Cortland, OH	6,974	$141,100	24%
La Junta, CO	6,978	$91,200	51%
Castroville, CA	6,978	$258,400	40%
Winters, CA	6,974	$283,600	54%
Litchfield, IL	6,976	$76,000	59%

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