A typical Spring Bay home is worth roughly $130,000
Home prices around Spring Bay have risen about 42% over the past 5 years. No new homes were permitted in 2025.
What kind of housing town is Spring Bay?
Read from the numbers below. The page puts what stands out first.
A typical home costs 2.1 years of income
Less than across Illinois (3.6 years). Try your own numbers below.
That covers a typical Spring Bay home, with $80K to spare.
A two-bedroom rents for about $1,000 a month here, $120 more than owning.
How Spring Bay ranks on affordability →
An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Spring Bay’s typical property tax (1.84% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.
Home prices up 42% in 5 years
The federal house price index for the ZIP code around Spring Bay rose 42% over the past 5 years, slower than across Illinois (47%). Last year prices rose 6.3%.
How Spring Bay ranks on rising home prices →
Federal Housing Finance Agency House Price Index (annual) for the ZIP codes around Spring Bay, weighted by land area. It tracks repeat sales of the same homes, so it shows how prices changed, not what homes cost.
A two-bedroom rents for about $1,000
Renters already here pay a median of $1,071.
Fair Market Rent a month, utilities included
U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Peoria, IL MSA): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.
No new homes permitted in 2025
No permits for new homes were issued in Spring Bay in 2025. The last year with any was 2024 (4 new homes).
Between the 2010 and 2020 censuses, Spring Bay gained 22 residents while 4 new homes were permitted: about 5.5 new residents per new home. Population grew faster than building, so existing homes filled up: a sign of tight supply.
Every year as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 2 | 2 | 0 | $225,000 |
| 2025 | 0 | 0 | 0 | — |
| 2024 | 4 | 4 | 0 | $451,000 |
| 2023 | 3 | 3 | 0 | $338,000 |
| 2022 | 3 | 3 | 0 | $338,000 |
| 2021 | 3 | 3 | 0 | $338,000 |
| 2020 | 2 | 2 | 0 | $210,000 |
| 2019 | 0 | 0 | 0 | — |
| 2018 | 0 | 0 | 0 | — |
| 2017 | 3 | 3 | 0 | $95,000 |
| 2016 | 0 | 0 | 0 | — |
| 2015 | 0 | 0 | 0 | — |
| 2014 | 0 | 0 | 0 | — |
| 2013 | 0 | 0 | 0 | — |
| 2012 | 0 | 0 | 0 | — |
| 2011 | 0 | 0 | 0 | — |
| 2010 | 1 | 1 | 0 | $140,000 |
| 2009 | 0 | 0 | 0 | — |
| 2008 | 0 | 0 | 0 | — |
| 2007 | 2 | 2 | 0 | $260,000 |
| 2006 | 3 | 3 | 0 | $250,000 |
| 2005 | 0 | 0 | 0 | — |
| 2004 | 3 | 3 | 0 | $140,000 |
| 2003 | 1 | 1 | 0 | $90,000 |
| 2002 | 8 | 2 | 6 | $639,000 |
| 2001 | 15 | 7 | 8 | $805,000 |
| 2000 | 11 | 7 | 4 | $505,000 |
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey.
66% of Spring Bay households own their home
Half of Spring Bay’s homes were built before 1968.
Illinois: 67% own.
U.S. Census Bureau, American Community Survey 2020-2024 · figures for a place this size carry wide margins of error.
Spring Bay vs. its neighbors
The towns that share a border with Spring Bay. Tap one to see its housing page.
Compare more
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| Spring Bay | $130K* | +6.3%† | $1,000 | 0 | $61,389 |
| Bay View Gardens | — | +6.3%† | $1,000 | 0 | $52,679 |
Typical value: Zillow Home Value Index; * Census median home value where Zillow has none. † FHFA price index change where Zillow has none. Rent: HUD Fair Market Rent. New homes: Census building permits.
Neighbors talk housing
What Spring Bay buyers, sellers and renters are saying.
Your answer becomes a post in Town Square.
Home values: Zillow Home Value Index (ZHVI), Zillow Research. Sales, days on market and supply: Redfin Data Center. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Price trend: Federal Housing Finance Agency House Price Index. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers. The calculator is an estimate, not a loan offer.