Pana, Illinois Real Estate & Housing Market

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Pana Housing Information

Index	Pana	Illinois	National
Median home price	$68,900	$174,800	$184,700
Median rent asked	$526	$925	$949
Avg. people per household	2.1	2.6	2.6
Owner occupied households	71.1%	66.0%	63.6%
Renter occupied households	28.9%	34.0%	36.4%

A general summary of the real estate market in Pana, IL is listed above. Properties in Pana, IL average a cost of $68,900, which is 61% lower than the median home price for real estate located in Illinois. This means that the region of Pana, IL is, on average, more affordable when compared to the remainder of Illinois. Since tenants living in Pana, IL will pay an average of $526, the median rental cost is 43% lower than in Illinois. 71.1% of people in Pana, IL own their own homes, and an average of 2.1 people inhabit each property. Pana, 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.

Pana Home Affordability

When starting your search for real estate in Pana, 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 Pana, IL costs $68,900 while each household has an average income of $36,210. Consequently, the ratio of home price to household income is 1.9x; this ratio is 36% 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 Pana, 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 Pana, IL.

Nearby cities with low home prices

City, State	Population	Home Price	National Avg.
Herrick, IL	358	$39,400	79%
Westervelt, IL	102	$40,600	78%
Tower Hill, IL	599	$49,600	73%
Ohlman, IL	113	$53,800	71%
Witt, IL	910	$57,900	69%
Pana, IL	5,673	$68,900	63%

Cities with similar population

City, State	Population	Home Price	National Avg.
Ocean Shores, WA	5,673	$181,100	2%
Mena, AR	5,674	$79,400	57%
Bath, NY	5,674	$78,700	57%
Palm Springs North, FL	5,671	$267,900	45%
Las Flores, CA	5,671	$672,100	264%
Pana, IL	5,673	$68,900	63%

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