Market Overview
Home Prices in Rankin, IL
The median home value in Rankin, IL is $98,129 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 0.2% compared to a year ago and up 5.9% from two years prior.
Compared to the U.S. national median of $410,000, homes in Rankin are priced76% below average. Rankin is part of the Danville, IL metro area.
Over the past five years, Rankin home values have risen by approximately18.1%, reflecting steady appreciation in this market.
Price History
Rankin Home Price Trend
2020
$72,742
$73K
—
2021
$83,058
$83K
+14.2%
2022
$90,024
$90K
+8.4%
2023
$94,256
$94K
+4.7%
2024
$92,486
$92K
-1.9%
2025
$97,977
$98K
+5.9%
2026
$98,129
$98K
+0.2%
City Comparison
Rankin vs. National Median
🏠 Rankin
$98,129
National Median
$410,000
At $98,129, homes in Rankin cost 76% below the national median of $410,000. This makes Rankin a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Rankin?
20% Down Payment
$19,626
on $98,129
Monthly P&I
$512/mo
30-yr @ 6.8%
Total Monthly Est.
~$650/mo
incl. taxes & insurance
Income Needed
$26,000
gross annual (30% rule)
10% Down Option
$9,813
+ PMI applies
Loan Amount (20% dn)
$78,503
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Rankin, IL?
The median home value in Rankin is $98,129 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 0.2% year-over-year.
How much have home prices changed in Rankin?
Over the past year, home values in Rankin have increased by 0.2%. Over five years, prices have risen approximately 18.1%.
How much do I need to earn to buy a home in Rankin?
To comfortably afford the median home price of $98,129 with a 20% down payment ($19,626) at today's rates (6.8%), you'd need a gross annual income of approximately $26,000. This assumes keeping total housing costs at or below 30% of gross income.
How does Rankin compare to the national average home price?
The national median home value is approximately $410,000. At $98,129, homes in Rankin are 76% below the national average.
What metro area is Rankin part of?
Rankin is part of the Danville, IL metropolitan area. Home prices and market conditions can vary across the broader metro region.