Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 6,618, 2,923 total housing units (homes and apartments), and a median house value of $95,089, house prices in Benton are some of the most affordable in Illinois as well as the nation.
Single-family detached homes are the single most common housing type in Benton, accounting for 76.50% of the city's housing units. Other types of housing that are prevalent in Benton include duplexes, homes converted to apartments or other small apartment buildings ( 12.32%), large apartment complexes or high rise apartments ( 5.30%), and a few mobile homes or trailers ( 3.29%).
The most prevalent building size and type in Benton are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 62.04% owning and 37.96% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Benton's housing was primarily built during this period, from the '40s through the '60s. A full 50.03% of the city's housing hails from this era. Other housing ages represented in Benton include homes built between 1970-1999 ( 26.38%) and housing constructed before 1939 ( 18.43%). There's also some housing in Benton built between 2000 and later ( 5.15%).
Vacant housing appears to be an issue in Benton. Fully 14.88% of the housing stock is classified as vacant. Left unchecked, vacant Benton homes and apartments can be a drag on the real estate market, holding Benton real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Some of the lowest real estate appreciation rates in America over the last ten years have been in Benton, where house values have increased just 39.34%, which is annualized rate of 3.37%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Over the last year, Benton appreciation rates have trailed the rest of the nation. In the last twelve months, Benton's appreciation rate has been 4.51%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Benton were at 1.42%, which equates to an annual appreciation rate of 5.82%.
Relative to Illinois, our data show that Benton's latest annual appreciation rate is lower than 80% of the other cities and towns in Illinois.
$95,089
for Illinois
for nation
2,923
$1,137 / per month