Urbana, IL—61802
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 $211,000, with a year-over-year change of 5.2%. This indicates that home prices in Urbana, IL are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $211,000 | 5.2% |
| Single Family | $214,000 | 5.9% |
| Condos | $191,000 | 7.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $169,000 | 5.0% |
3 Bed | $213,000 | 4.9% |
4 Bed | $285,000 | 4.0% |
| 5 Bed | $431,000 | 4.1% |
% of Housing Stock
Rental Trends — Urbana, IL
As of July '25, Rentcast reports the average rent in Urbana, IL is $1,420, with a year-over-year rent change of -3.4%. Per bedroom, the median rent as of July '25 in Urbana, IL is studios: $895, 1-bedrooms: $989, 2-bedrooms: $1,190, 3-bedrooms: $1,840, 4-bedrooms: $2,020. The most common rental property sizes in Urbana, IL are 2-bedroom and 1-bedroom, accounting for 51.4% and 24.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,400 | $1,420 |
| Studio Rent | $895 | $895 |
| 1 Bed Rent | $875 | $989 |
| 2 Bed Rent | $1,180 | $1,190 |
| 3 Bed Rent | $1,500 | $1,840 |
| 4 Bed Rent | $1,700 | $2,020 |
% 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 46. This is a decrease of -1.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 27.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $286,000 | 6.0% |
Listing Count | 81 | -2.0% |
| Listings as % of Homes | 0.4% | -2.0% |
Days on Market | 46 | -1.0% |
Demographics — Urbana, IL
As of the latest ACS Survey released in 2023, Urbana, IL has a population of 19,500, which has remained stable by 0.8% over the past 5 years. Urbana, IL is a moderately popular place for families, as children make up 17.4% of the population. The area has a moderately educated workforce, with 37.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 19,500 | 0.8% |
% Under 18 | 17.4% | -16.7% |
% Seniors | 19.3% | 16.3% |
% WFH | 9.8% | 415.8% |
% w/ College Degree | 37.8% | 5.9% |
As of the latest ACS Survey released in 2023, Urbana, IL is a predominantly white area, with 60.8% of the population identifying as white. The white population has shrunk by 3.3% in the last 5 years. The second most common race or ethnicity in Urbana, IL is black, making up 18.5% of the population. Foreign-born residents account for 12.2% of the population in Urbana, IL, and this percentage has increased by 40.2% 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 | 60.8% | -3.3% |
% Black | 18.5% | -10.2% |
% Hispanic | 10.7% | 59.7% |
% Asian | 6.6% | 4.8% |
% Foreign Born | 12.2% | 40.2% |
Mortgage and Risk — Urbana, IL
According to HUD data as of 2023, there were 365 mortgage originations in Urbana, IL, of which 88.0% of loans were conventional mortgages. The average loan-to-value was 76.0%, with 35.0% above 90% LTV (very high). This implies large mortgage risk in Urbana, IL. Investor activity is low, as 6.0% of loans were by investors. 3.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 365 |
% Conventional Loans | 88.0% |
% Government Loans | 12.0% |
% Investor Loans | 6.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 3.0% |
Loan Activity
Rentals and Section 8 — Urbana, IL
As of 2024, the percent of homes in Urbana, IL under the Section 8 program is 13.2%. 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 units appear to be good home sizes to consider for Section 8 housing in Urbana, IL, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 567 |
Total Units Section 8 | 552 |
% Rentals under Section 8 | 13.2% |
% Occupied Section 8 | 85.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $5 | $875 | $880 |
| 2 Bedroom | -$130 | $1,180 | $1,050 |
| 3 Bedroom | -$130 | $1,500 | $1,370 |
| 4 Bedroom | -$310 | $1,700 | $1,390 |
Affordability — Urbana, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $211,000 |
| Median Household Income | $58,600 |