Macoupin County, Illinois Housing Market

📝 Local Market Notes

Macoupin County, Illinois, exhibits characteristics of a balanced market with a slight tilt toward buyers, driven by significant affordability metrics and steady price appreciation. The price-to-income ratio stands at 1.95, substantially below the national average of 3.20, while the rent burden is 13.6% of income compared to the national 17.2%. These figures indicate that both purchasing and renting are financially accessible relative to household earnings, which median at $70,805. The owner occupancy rate of 78.5% further supports a stable residential base, though the market remains distinct from high-cost urban centers. The multi-year trend reveals a period of accelerated growth following a modest baseline. Home values increased from $98,400 in 2017 to $138,200 in 2024, with a notable spike of 16.9% in 2022 that has since moderated to 9.6% in 2024. Recent FHFA data for 2025 shows a 5.20% year-over-year increase, slightly lagging the Illinois state average of 5.54% by 0.34 percentage points. This deceleration suggests the market is normalizing after the post-pandemic surge. A notable pattern is the divergence between price and rent growth; while home values have risen sharply, the median gross rent of $801 remains relatively low, resulting in a price-to-rent ratio of 14.4, well below the national 18.7. This indicates that ownership costs are not disproportionately higher than rental costs, a dynamic often seen in rural or exurban areas. Regional context places Macoupin County 39.3% below the national average home value and 9.7% below the Illinois average, yet its median income is 4.1% above the national mean. This income premium relative to asset values enhances local purchasing power. Economic fundamentals support this stability, with 7,710 total jobs and an average weekly wage of $944. Housing supply remains tight, with only 70 new units authorized in 2025, all single-family, which may sustain price momentum despite the current 7.40% mortgage rate. Net migration of +586 filers between 2021 and 2022, with inflow incomes averaging $69,653, demonstrates a consistent influx of residents whose earnings align with local affordability levels. For potential buyers, the low price-to-income ratio offers a favorable entry point, while renters benefit from a low burden ratio. The combination of limited new supply and steady migration suggests continued demand pressure, though the moderating price growth rate indicates a cooling of the previous boom.

Based on U.S. Census ACS 2024 5-Year Estimates.