Milan, IL—61264
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Milan, IL
As of Oct '25, the median home price in Milan, IL is $181,000, with a year-over-year change of 4.2%. This indicates that home prices in Milan, IL are increasing. According to Zillow, the 1-year price projection is 0.2%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $181,000 | 4.2% |
| Single Family | $182,000 | 4.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $128,000 | 2.4% |
3 Bed | $178,000 | 3.5% |
4 Bed | $278,000 | 4.1% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Milan, IL
As of July '25, Rentcast reports the average rent in Milan, IL is $947, with a year-over-year rent change of -11.5%. Per bedroom, the median rent as of July '25 in Milan, IL is 1-bedrooms: $690, 2-bedrooms: $920, 3-bedrooms: $1,400. The most common rental property sizes in Milan, IL are 2-bedroom and 1-bedroom, accounting for 48.2% and 32.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $940 | $947 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $690 | $690 |
| 2 Bed Rent | $940 | $920 |
| 3 Bed Rent | $1,400 | $1,400 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Milan, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Milan, IL is 30. This is a increase of 51.0% 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 20.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $240,000 | 36.0% |
Listing Count | 20 | -6.0% |
| Listings as % of Homes | 0.3% | -6.0% |
Days on Market | 30 | 51.0% |
Demographics — Milan, IL
As of the latest ACS Survey released in 2023, Milan, IL has a population of 10,100, which has decreased by -5.3% over the past 5 years. Milan, IL is a moderately popular place for families, as children make up 21.8% of the population. The area has a poorly educated workforce, with 22.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 10,100 | -5.3% |
% Under 18 | 21.8% | 9.5% |
% Seniors | 23.2% | 16.6% |
% WFH | 4.3% | 79.2% |
% w/ College Degree | 22.6% | 15.9% |
As of the latest ACS Survey released in 2023, Milan, IL is a predominantly white area, with 88.7% of the population identifying as white. The white population has shrunk by 0.3% in the last 5 years. The second most common race or ethnicity in Milan, IL is hispanic, making up 5.3% of the population. Foreign-born residents account for 2.3% of the population in Milan, IL, and this percentage has increased by 15.0% 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 | 88.7% | -0.3% |
% Black | 1.4% | -58.8% |
% Hispanic | 5.3% | -1.9% |
% Asian | 1.2% | 140.0% |
% Foreign Born | 2.3% | 15.0% |
Mortgage and Risk — Milan, IL
According to HUD data as of 2023, there were 235 mortgage originations in Milan, IL, of which 79.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 31.0% above 90% LTV (very high). This implies large mortgage risk in Milan, IL. Investor activity is low, as 7.0% 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 | 235 |
% Conventional Loans | 79.0% |
% Government Loans | 21.0% |
% Investor Loans | 7.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Milan, IL
Milan, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 277 |
Total Units Section 8 | 180 |
% Rentals under Section 8 | 19.1% |
% Occupied Section 8 | 96.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $230 | $690 | $920 |
| 2 Bedroom | $190 | $940 | $1,130 |
| 3 Bedroom | $70 | $1,400 | $1,470 |
| 4 Bedroom | N/A | N/A | $1,740 |
Affordability — Milan, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2 |
| Median Home Price | $181,000 |
| Median Household Income | $78,300 |