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Cherry Valley village, IL

ZIP 61016 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Middle ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 61016

Median Home Value
$224,600
Median Rent
$767
Affordability Snapshot
$62,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,443/mo PITI).

10%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

2.4x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

24.4 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 61016 in Cherry Valley village, IL, a household would need roughly $62,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $1,443. That sits below the local median household income ($92,865), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Mostly owner-occupied, low vacancy — stable housing market.

Heating Fuel
Housing Metrics
Owner Occupied
89.8%+37% vs US avg
x
Vacancy Rate
4.2%-59% vs US avg
x
Broadband Access
97.2%+12% vs US avg
x
4+ Bedrooms
8.9%-40% vs US avg
x
Built Pre-1939
2.4%-81% vs US avg
x
Built Post-2014
3.3%-52% vs US avg
x
Rent Burden >30%
7.5%-85% vs US avg
x
Mortgage-Free
38.1%-0% vs US avg
x
$224,600
Home Value
$767
Rent
1990
Year Built
2008
Moved In

Residents have lived here since ~2008 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached82.5%
  • 1-unit attached6.5%
  • 2-9 units7.6%
  • 10+ units3.3%
  • Mobile home & other0.0%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$224,600
Median rent$767
Owner-occupied89.8%
Vacant4.2%
Price-to-income2.4x
Est. income to buy$62,000