Manhattan, Illinois Real Estate & Housing Market

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Manhattan Housing Information

Index	Manhattan	Illinois	National
Median home price	$212,100	$174,800	$184,700
Median rent asked	$1,339	$925	$949
Avg. people per household	3.1	2.6	2.6
Owner occupied households	83.6%	66.0%	63.6%
Renter occupied households	16.4%	34.0%	36.4%

Above, you will see a summary of real estate in Manhattan, IL. On average, homes in Manhattan, IL cost $212,100, a value that is 21% higher than the average in Illinois. In general terms, this results in Manhattan, IL real estate being less affordable than Illinois real estate. On average, people who rent houses in Manhattan, IL pay $1,339; this value is 45% higher than the average amount renters pay in Illinois. 83.6% of Manhattan, IL residents own their own homes and, on average, each of the homes has 3.1 occupants. Manhattan, 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 Manhattan, 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.

Manhattan Home Affordability

It’s advisable to look at home affordability when trying to find the ideal place to find real estate in Manhattan, IL. To estimate home affordability, one method is to use the ratio of home price to median household income. The Manhattan, IL’s median home price stands at $212,100 while $86,536 is the value of the average household income. The resulting home price to income ratio, which is 2.5x, differs from the Illinois average as the ratio is 17% 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 Manhattan, 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 Manhattan, IL.

Nearby cities with low home prices

City, State	Population	Home Price	National Avg.
Wilmington village, IL	144	$55,000	70%
Fairmont, IL	2,516	$90,500	51%
Ingalls Park, IL	2,872	$92,600	50%
Preston Heights, IL	2,916	$104,900	43%
University Park, IL	7,196	$108,400	41%
Manhattan, IL	7,405	$212,100	15%

Cities with similar population

City, State	Population	Home Price	National Avg.
Oakdale, NY	7,405	$418,700	127%
Laurel Hill, VA	7,404	$504,500	173%
Mentor-on-the-Lake, OH	7,404	$125,400	32%
Villa Hills, KY	7,404	$211,800	15%
Ashland, VA	7,406	$182,000	1%
Manhattan, IL	7,405	$212,100	15%

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