Marengo, Illinois Real Estate & Housing Market

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Marengo Housing Information

Index	Marengo	Illinois	National
Median home price	$149,900	$174,800	$184,700
Median rent asked	$856	$925	$949
Avg. people per household	2.7	2.6	2.6
Owner occupied households	68.3%	66.0%	63.6%
Renter occupied households	31.7%	34.0%	36.4%

A general overview of the Marengo, IL real estate market is displayed above. The median home price for homes in Marengo, IL is $149,900, which is 14% lower than the Illinois average. This means that real estate in the Marengo, IL area is generally more affordable than the rest of Illinois. The median rent price in Marengo, IL is $856 which is 7% lower than the Illinois average. In Marengo, IL, 68.3% of people are home owners and an average of 2.7 people occupy each home. From luxury houses to affordable condos to urban townhomes, there are many different types of real estate in Marengo, IL. We make it easy to find Marengo, IL real estate listings and homes for sale by filtering location, price, bedrooms and bathrooms in the search area above.

Marengo Home Affordability

Home affordability can be a very important factor when determining where to purchase real estate in Marengo, IL. One method that can be used to calculate home affordability is the home price to median household income ratio. The median home price in Marengo, IL is $149,900 and the median household income is $62,796. This results in a home price to income ratio of 2.4x, which is 19% lower than the Illinois average. The home affordability ratio is calculated by dividing the median home price by the median home income. A lower than average home price to income ratio means that homes in Marengo, IL are more affordable based on the median price of homes compared to home income. Of course, there are many other factors to consider when focusing on home affordability. Use the home affordability calculator below to see exactly how much you can afford to pay for real estate in Marengo, IL.

Nearby cities with low home prices

City, State	Population	Home Price	National Avg.
Belvidere, IL	25,300	$103,300	44%
Capron, IL	1,868	$105,900	43%
Garden Prairie, IL	183	$109,500	41%
Harvard, IL	9,589	$114,400	38%
Candlewick Lake, IL	4,646	$123,700	33%
Marengo, IL	8,081	$149,900	19%

Cities with similar population

City, State	Population	Home Price	National Avg.
Union, SC	8,081	$77,600	58%
Ashland, WI	8,083	$107,800	42%
Warrenton, MO	8,077	$123,500	33%
Whitehouse, TX	8,069	$153,600	17%
Yelm, WA	8,066	$202,500	10%
Marengo, IL	8,081	$149,900	19%

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