The median home value in ZIP Code 62040 (Granite City, IL) is $85,600. Approximately 67.8% of homes in this region are owner-occupied units, and the estimated homeowner vacancy rate is currently 2.1%.
The average occupancy of owner-occupied units in ZIP Code 62040 is 2.44 occupants, while owner-occupied units have an aggregate average size of 2.6 bedrooms per housing unit.
In the 62040 ZIP Code, an estimated 32.2% of all housing units are occupied by renters. This ZIP-defined region has is an estimated rental vacany rate of 4.7%.
Among renter-occupied units in this ZIP, the average occupancy is 2.20 occupants, while renters in this Madison County region spend an average of 0% of their income on housing rental costs.
See the table below for a regional snapshot of data related to both owner-occupied housing and rentals in ZIP Code 62040.
| ZIP 62040 | Illinois | U.S. | |
|---|---|---|---|
| Median Home Value | $85,600 | $272,779 | $356,002 |
| Owner-Occupied Housing Units | 67.8% | 66.1% | 64.0% |
| Homeowner Vacancy Rate | 2.1% | 1.8% | 1.6% |
| Average Size of Owner-Occupied Unit | 2.44 | 2.69 | 2.70 |
| Average # of Bedrooms Per Unit | 2.6 | 2.7 | 2.75 |
| Median Housing Rent | $0 | $1,010 | $1,062 |
| Renter-Occupied Housing Units | 32.2% | 33.9% | 36.0% |
| Rental Vacancy Rate | 4.7% | 6.2% | 6.0% |
| Average Size of Renter-Occupied Unit | 2.20 | 2.35 | 2.49 |
| Percent of Income Spent on Rent | 0% | 29.36% | 29.83% |
The median home value in ZIP Code 62040 is $85,600. That median value is about 56% lower than the median home value of $194,500 in Illinois overall, and is 61% lower than the $217,500 the median home value in the entire U.S. Approximately 48.4% of homes in ZIP Code 62040 are valued $50,000 to $99,999. That is 238% higher than in the state of Illinois, in which 14.3% of homes are valued at $50,000 to $99,999, and is about 303% higher than in the U.S. overall (12.0% of homes valued at $50,000 to $99,999). The home value range that the smallest portion of ZIP Code 62040 homes fall into is $1,000,000 or more (0.0% of homes).
This chart visualizes the breakdown of home values in ZIP Code 62040, Illinois, and also in the U.S. overall.
See the table below for a regional comparison of home values in ZIP Code 62040.
| Home Value | ZIP 62040 | Illinois | U.S. |
|---|---|---|---|
| Less than $50,000 | 16.0% | 6.2% | 6.9% |
| $50,000 to $99,999 | 48.4% | 14.3% | 12.0% |
| $100,000 to $149,999 | 21.0% | 15.1% | 13.3% |
| $150,000 to $199,999 | 8.2% | 15.9% | 14.0% |
| $200,000 to $299,999 | 5.5% | 21.6% | 19.6% |
| $300,000 to $499,999 | 0.4% | 17.8% | 19.3% |
| $500,000 to $999,999 | 0.4% | 7.3% | 11.4% |
| $1,000,000 or more | 0.0% | 1.8% | 3.4% |
Approximately 23.7% of homes in this Granite City, IL region were built in 1960 to 1969. This amount of homes built in 1960 to 1969 in ZIP Code 62040 is about 104% higher than percentage of homes built in this time period in Illinois overall (11.6% of homes), and is 124% higher the percentage (10.6% of homes) in the U.S. as a whole. Additionally, an esimated 21.0% of local homes were built in 1950 to 1959. On the other end of the scale, just 0.7% of homes in this Madison County ZIP Code were built in 2010 to 2013 in ZIP Code 62040. In comparison, 1.4% of homes in Illinois overall were built in 2010 to 2013, while 2.7% of all U.S. homes were built in this time period.
A detailed regional comparison of home ages in ZIP Code 62040.
| Year Built | ZIP 62040 | Illinois | U.S. |
|---|---|---|---|
| 2014 or later | 1.1% | 1.1% | 2.5% |
| 2010 to 2013 | 0.7% | 1.4% | 2.7% |
| 2000 to 2009 | 5.3% | 11.0% | 14.0% |
| 1990 to 1999 | 7.8% | 11.0% | 13.9% |
| 1980 to 1989 | 6.3% | 9.0% | 13.4% |
| 1970 to 1979 | 9.5% | 14.5% | 15.2% |
| 1960 to 1969 | 23.7% | 11.6% | 10.6% |
| 1950 to 1959 | 21.0% | 12.6% | 10.3% |
| 1940 to 1949 | 8.9% | 6.2% | 4.9% |
| 1939 or earlier | 15.7% | 21.4% | 12.6% |
See the chart below for details on the age of homes in ZIP Code 62040, Illinois, and also in the U.S. overall. Data here refers to years that homes were built.
Frequently asked questions about housing in this Granite City, IL ZIP Code. Answers to questions about both owner-occupied housing and rental housing in 62040.
