Manhattan, IL—60442
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Manhattan, IL
As of Oct '25, the median home price in Manhattan, IL is $382,000, with a year-over-year change of 2.8%. This indicates that home prices in Manhattan, IL are increasing. According to Zillow, the 1-year price projection is 1.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $382,000 | 2.8% |
| Single Family | $387,000 | 2.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $254,000 | 2.8% |
3 Bed | $344,000 | 3.3% |
4 Bed | $437,000 | 2.1% |
| 5 Bed | $515,000 | 1.2% |
% of Housing Stock
Rental Trends — Manhattan, IL
As of July '25, Rentcast reports the average rent in Manhattan, IL is $2,400, with a year-over-year rent change of 2.1%. Per bedroom, the median rent as of July '25 in Manhattan, IL is 2-bedrooms: $2,410, 3-bedrooms: $2,580, 4-bedrooms: $1,800. The most common rental property sizes in Manhattan, IL are 3-bedroom and 2-bedroom, accounting for 46.1% and 40.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,600 | $2,400 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $2,600 | $2,410 |
| 3 Bed Rent | $2,600 | $2,580 |
| 4 Bed Rent | $1,800 | $1,800 |
% of Rental Stock
Property Listings — Manhattan, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Manhattan, IL is 38. This is a increase of 2.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 17.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $426,000 | 9.0% |
Listing Count | 47 | -5.0% |
| Listings as % of Homes | 0.5% | -5.0% |
Days on Market | 38 | 2.0% |
Demographics — Manhattan, IL
As of the latest ACS Survey released in 2023, Manhattan, IL has a population of 13,500, which has increased by 27.9% over the past 5 years. Manhattan, IL is a popular place for families, as children make up 27.5% of the population. The area has a moderately educated workforce, with 32.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 13,500 | 27.9% |
% Under 18 | 27.5% | -4.8% |
% Seniors | 9.9% | -7.5% |
% WFH | 9.5% | 171.4% |
% w/ College Degree | 32.2% | 9.9% |
As of the latest ACS Survey released in 2023, Manhattan, IL is a predominantly white area, with 81.6% of the population identifying as white. The white population has shrunk by 13.4% in the last 5 years. The second most common race or ethnicity in Manhattan, IL is hispanic, making up 10.1% of the population. Foreign-born residents account for 4.1% of the population in Manhattan, IL, and this percentage has increased by 32.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 81.6% | -13.4% |
% Black | 2.6% | 550.0% |
% Hispanic | 10.1% | 119.6% |
% Asian | 0.4% | 0.0% |
% Foreign Born | 4.1% | 32.3% |
Mortgage and Risk — Manhattan, IL
According to HUD data as of 2023, there were 275 mortgage originations in Manhattan, IL, of which 81.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 25.0% above 90% LTV (very high). This implies large mortgage risk in Manhattan, IL. Investor activity is low, as 1.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 275 |
% Conventional Loans | 81.0% |
% Government Loans | 19.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Manhattan, IL
Manhattan, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 3 |
Total Units Section 8 | 3 |
% Rentals under Section 8 | 0.7% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,240 |
| 2 Bedroom | -$1,200 | $2,600 | $1,400 |
| 3 Bedroom | -$800 | $2,600 | $1,800 |
| 4 Bedroom | $310 | $1,800 | $2,110 |
Affordability — Manhattan, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.6 |
| Median Home Price | $382,000 |
| Median Household Income | $128,000 |