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 3,044 people, 1,173 houses or apartments, and a median cost of homes of $239,099, house prices in Momence are solidly below the national average.
Single-family detached homes are the single most common housing type in Momence, accounting for 75.83% of the city's housing units. Other types of housing that are prevalent in Momence include duplexes, homes converted to apartments or other small apartment buildings ( 16.93%), large apartment complexes or high rise apartments ( 6.61%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Momence. Owner-occupied housing accounts for 65.95% of Momence's homes, and 59.92% have either three or four bedrooms, which is average sized relative to America.
The housing in Momence was primarily built before 1939 ( 35.91%), making the housing stock in Momence some of the oldest overall in America, although there is a range of ages of homes in Momence. The next most important housing age is between 1940-1969 ( 32.28%), followed by between 1970-1999 ( 22.83%). There's also some housing in Momence built between 2000 and later ( 8.98%).
Momence's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Momence during the period has been just 4.70%, which is lower than 80% of US communities.
Appreciation rates are so strong in Momence that despite a nationwide downturn in the housing market, Momence real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Momence appreciation rates continue to be some of the highest in America, at 6.94%, which is higher than appreciation rates in 73.28% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Momence. Momence appreciation rates in the latest quarter were at 3.38%, which equates to an annual appreciation rate of 14.20%.
Importantly, this makes Momence one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Illinois, our data show that Momence's latest annual appreciation rate is higher than 80% of the other cities and towns in Illinois.
$239,099
for Illinois
for nation
1,173
$1,349 / per month