A typical Wallace home is worth roughly $250,000
Home prices around Wallace have risen about 50% over the past 5 years. No new homes were permitted in 2007.
What kind of housing town is Wallace?
Read from the numbers below. The page puts what stands out first.
Home prices up 50% in 5 years
The federal house price index for the ZIP code around Wallace rose 50% over the past 5 years, faster than across Illinois (47%). Last year prices rose 7.8%.
Federal Housing Finance Agency House Price Index (annual) for the ZIP codes around Wallace, weighted by land area. It tracks repeat sales of the same homes, so it shows how prices changed, not what homes cost.
96% of Wallace households own their home
Half of Wallace’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.
A typical home costs 2.4 years of income
Less than across Illinois (3.6 years). Try your own numbers below.
That covers a typical Wallace home, with $101K to spare.
A two-bedroom rents for about $1,130 a month here, $580 less than owning.
An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Wallace’s typical property tax (1.94% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.
A two-bedroom rents for about $1,130
Fair Market Rent a month, utilities included
U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (La Salle County, IL): 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 2007
No permits for new homes were issued in Wallace in 2007. The last year with any was 2003 (1 new home).
Every year as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2007 | 0 | 0 | 0 | — |
| 2006 | 0 | 0 | 0 | — |
| 2005 | 0 | 0 | 0 | — |
| 2004 | 0 | 0 | 0 | — |
| 2003 | 1 | 1 | 0 | $150,000 |
| 2002 | 0 | 0 | 0 | — |
| 2001 | 0 | 0 | 0 | — |
| 2000 | 0 | 0 | 0 | — |
Wallace's permit office didn't report to the Census in 2007, so the 2007 figures are Census estimates.
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey.
Wallace vs. its neighbors
Wallace is the 3rd least expensive of 5 neighboring towns. Tap one to see its housing page.
Compare more
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 Wallace 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.