Rockford, Illinois Real Estate & Housing Market

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Rockford Housing Information

Index	Rockford	Illinois	National
Median home price	$91,400	$174,800	$184,700
Median rent asked	$719	$925	$949
Avg. people per household	2.5	2.6	2.6
Owner occupied households	54.4%	66.0%	63.6%
Renter occupied households	45.6%	34.0%	36.4%

A general summary of the real estate market in Rockford, IL is listed above. Properties in Rockford, IL average a cost of $91,400, which is 48% lower than the median home price for real estate located in Illinois. This means that the region of Rockford, IL is, on average, more affordable when compared to the remainder of Illinois. Since tenants living in Rockford, IL will pay an average of $719, the median rental cost is 22% lower than in Illinois. 54.4% of people in Rockford, IL own their own homes, and an average of 2.5 people inhabit each property. Rockford, 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.

Rockford Home Affordability

When starting your search for real estate in Rockford, 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 Rockford, IL costs $91,400 while each household has an average income of $40,143. Consequently, the ratio of home price to household income is 2.3x; this ratio is 23% 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 Rockford, 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 Rockford, IL.

Nearby cities with low home prices

City, State	Population	Home Price	National Avg.
New Milford, IL	644	$101,700	45%
Belvidere, IL	25,300	$103,300	44%
Pecatonica, IL	2,315	$111,400	40%
Durand, IL	1,315	$113,200	39%
Loves Park, IL	24,499	$113,400	39%
Rockford, IL	149,597	$91,400	51%

Cities with similar population

City, State	Population	Home Price	National Avg.
Sunnyvale, CA	149,596	$859,100	365%
Kansas City, KS	149,755	$87,500	53%
Lakewood, CO	149,793	$273,200	48%
Escondido, CA	149,912	$368,500	100%
Hollywood, FL	148,114	$197,100	7%
Rockford, IL	149,597	$91,400	51%

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