Urbana, IL—61801
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Urbana, IL
Home Price Trends — Urbana, IL
As of Oct '25, the median home price in Urbana, IL is $181,000, with a year-over-year change of 3.6%. This indicates that home prices in Urbana, IL are increasing. According to Zillow, the 1-year price projection is 0.9%, 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 | 3.6% |
| Single Family | $194,000 | 4.9% |
| Condos | $127,000 | 1.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $133,000 | 4.7% |
3 Bed | $203,000 | 4.6% |
4 Bed | $265,000 | 3.5% |
| 5 Bed | $308,000 | 1.3% |
% of Housing Stock
Rental Trends — Urbana, IL
As of July '25, Rentcast reports the average rent in Urbana, IL is $1,200, with a year-over-year rent change of 10.1%. Per bedroom, the median rent as of July '25 in Urbana, IL is studios: $878, 1-bedrooms: $848, 2-bedrooms: $1,050, 3-bedrooms: $1,560, 4-bedrooms: $1,780. The most common rental property sizes in Urbana, IL are 2-bedroom and 1-bedroom, accounting for 43.5% and 23.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,050 | $1,200 |
| Studio Rent | $660 | $878 |
| 1 Bed Rent | $800 | $848 |
| 2 Bed Rent | $990 | $1,050 |
| 3 Bed Rent | $1,500 | $1,560 |
| 4 Bed Rent | $1,850 | $1,780 |
% of Rental Stock
Property Listings — Urbana, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Urbana, IL is 39. This is a decrease of -19.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $249,000 | 4.0% |
Listing Count | 41 | 15.0% |
| Listings as % of Homes | 0.3% | 15.0% |
Days on Market | 39 | -19.0% |
Demographics — Urbana, IL
As of the latest ACS Survey released in 2023, Urbana, IL has a population of 27,800, which has decreased by -10.9% over the past 5 years. Urbana, IL is a less popular place for families, as children make up 9.9% of the population. The area has a highly educated workforce, with 65.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 27,800 | -10.9% |
% Under 18 | 9.9% | 16.5% |
% Seniors | 9.9% | 32.0% |
% WFH | 16.2% | 189.3% |
% w/ College Degree | 65.3% | 6.4% |
As of the latest ACS Survey released in 2023, Urbana, IL is a predominantly white area, with 54.0% of the population identifying as white. The white population has grown by 0.2% in the last 5 years. The second most common race or ethnicity in Urbana, IL is asian, making up 16.5% of the population. Foreign-born residents account for 19.6% of the population in Urbana, IL, and this percentage has decreased by 18.7% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 54.0% | 0.2% |
% Black | 16.2% | 17.4% |
% Hispanic | 9.0% | 30.4% |
% Asian | 16.5% | -26.7% |
% Foreign Born | 19.6% | -18.7% |
Mortgage and Risk — Urbana, IL
According to HUD data as of 2023, there were 163 mortgage originations in Urbana, IL, of which 91.0% of loans were conventional mortgages. The average loan-to-value was 78.0%, with 20.0% above 90% LTV (very high). This implies large mortgage risk in Urbana, IL. Investor activity is high, as 20.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 163 |
% Conventional Loans | 91.0% |
% Government Loans | 9.0% |
% Investor Loans | 20.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — Urbana, IL
As of 2024, the percent of homes in Urbana, IL under the Section 8 program is 6.8%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Urbana, IL, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 514 |
Total Units Section 8 | 514 |
% Rentals under Section 8 | 6.8% |
% Occupied Section 8 | 84.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $70 | $800 | $870 |
| 2 Bedroom | $40 | $990 | $1,030 |
| 3 Bedroom | -$160 | $1,500 | $1,340 |
| 4 Bedroom | -$480 | $1,850 | $1,370 |
Affordability — Urbana, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.1 |
| Median Home Price | $181,000 |
| Median Household Income | $37,900 |