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These days, finding an affordable place to live in the Lebanon area can be challenging. Home prices in Lebanon are now at a median cost of $255,247, lower than the Illinois average of $300,242.
The average cost of rent is $1,317/mo in Lebanon, primarily driven by the current value of real estate in the Lebanon area. In Lebanon, 23.10% of households rent, and 30.73% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Lebanon is $8,949 per month. Households that rent pay about 14.72% of their income on rent here. Lebanon’s most expensive areas are in the northwestern regions, while the cheapest areas are in the northern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
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