In Colona, a typical home is worth $147,500 and typical rent is $838 a month. Compared with all of Henry County, typical household income is 11% higher.
Typical home value from Zillow, September 2021 to September 2026: from $138,889 to $186,345.
From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).
Colona is in Henry County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Henry County. See the county
What this place has that others do not, from public data, most unusual first.
1
Nearby, in Milan, the typical home value is $119,300: 19% less than in Colona ($147,500).
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Colona
What homes there are in Colona, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Colona
Henry County
Illinois
United States
Kind of home: Colona and its comparisons
Measure
Colona
Henry County
Illinois
United States
Detached house
87%
87%
58%
61%
Attached house
Unreliable estimate
Unreliable estimate
6%
6%
Building of 2 to 4
Unreliable estimate
5%
12%
8%
Apartments (5 or more)
Unreliable estimate
5%
22%
19%
Mobile home
Unreliable estimate
2%
2%
6%
Boat, RV and other
Unreliable estimate
Unreliable estimate
0%
0%
As in Henry County, most homes in Colona are detached houses (87%).
Year built
Before 19601960–19791980–19992000–20092010 or laterUnreliable estimate
Colona
Henry County
Illinois
United States
Year built: Colona and its comparisons
Measure
Colona
Henry County
Illinois
United States
Before 1960
42%
49%
38%
26%
1960–1979
33%
30%
26%
24%
1980–1999
18%
12%
20%
25%
2000–2009
Unreliable estimate
6%
11%
14%
2010 or later
Unreliable estimate
3%
6%
11%
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Unreliable estimate
Under $100KUnreliable
$100K–$200K54%
$200K–$300K19%
$300K–$500KUnreliable
$500K–$750KUnreliable
$750K–$1MUnreliable
$1M or moreUnreliable
Value of owner-occupied homes: Colona and its comparisons
Measure
Colona
Under $100K
Unreliable estimate
$100K–$200K
54%
$200K–$300K
19%
$300K–$500K
Unreliable estimate
$500K–$750K
Unreliable
$750K–$1M
Unreliable estimate
$1M or more
Unreliable
Monthly rent with utilities
Unreliable estimate
Under $500Unreliable
$500–$99972%
$1,000–$1,499Unreliable
$1,500–$1,999Unreliable
$2,000–$2,499Unreliable
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Colona and its comparisons
Measure
Colona
Under $500
Unreliable
$500–$999
72%
$1,000–$1,499
Unreliable estimate
$1,500–$1,999
Unreliable estimate
$2,000–$2,499
Unreliable
$2,500–$2,999
Unreliable
$3,000 or more
Unreliable
With a mortgage
$1,362 a month
Henry County: $1,414 a month
Without a mortgage
$584 a month
Henry County: $581 a month
Owners with a mortgage
61%
Henry County: 52%
The typical cost for an owner with a mortgage in Colona is $1,362 a month, near the figure in Henry County ($1,414).
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
ColonaNo clear change
Henry County+27%
Illinois+35%
United States+53%
Typical rent
ColonaNo clear change
Henry County+24%
Illinois+26%
United States+33%
Typical household income
Colona+18%
Henry County+20%
Illinois+27%
United States+29%
Change since 2015–2019: Colona and its comparisons
Measure
Colona
Henry County
Illinois
United States
Typical home value
No clear change
+27%
+35%
+53%
Typical rent
No clear change
+24%
+26%
+33%
Typical household income
+18%
+20%
+27%
+29%
The typical home value in Colona stayed about the same since 2015–2019: the Census sees no clear change.
The typical rent in Colona stayed about the same over that time: the difference is within the Census margin of error.
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Colona and its comparisons
Measure
Colona
Henry County
Illinois
United States
Rental vacancy
Unreliable estimate
Unreliable estimate
5.0%
5.5%
Homeowner vacancy
Unreliable estimate
Unreliable estimate
1.0%
0.9%
More than one person per room
Unreliable estimate
Unreliable estimate
2.5%
3.4%
People per household
2.60
2.36
2.46
2.53
Drive alone
80%
80%
66%
69%
Carpool
Unreliable estimate
8%
8%
9%
Public transit
Unreliable estimate
Unreliable estimate
6%
3%
Walk or bike
Unreliable estimate
3%
3%
3%
Work from home
Unreliable estimate
9%
16%
15%
Other means
Unreliable estimate
Unreliable estimate
1%
2%
Typical commute
20 to 29 minutes
Unreliable estimate
20 to 29 minutes
20 to 29 minutes
On average, a household in Colona has 2.60 people, more than in Henry County (2.36).
To get to work, 80% of workers in Colona drive alone; in Henry County, 80%.
Do the math
What would you pay each month for a home in Colona?
A typical home is within reach of the typical income
We start with a typical home in Colona, worth $147,500, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 21% of the typical household income in Colona, which is $79,700 a year.
The calculator's FHA and conventional loan limits are those of all of Henry County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Colona. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $5,163 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$1,381
at 7.18% · 30 years
Loan amount
$144,828
Total interest
$208,373
Paid off in
November 2056
Includes $2,491 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,860 a month
Your payment · 21%
Tight
$1,860 to $2,391 a month
Hard
more than $2,391 a month
Compared with the typical household income in Colona ($79,700 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$981
Property tax
$273
Home insurance
$62
FHA mortgage insurance (MIP)
$65
You need at least $5,163 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $1,381; principal and interest $981.
The city and its county
Colona and Henry County
Colona is in Henry County, Illinois. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
Colona
Map of Henry County, Illinois, with Colona marked. Around it, the neighboring counties.
Colona
Henry County
Other cities with a page
Colona's own numbers
Typical home value
$147,500
Typical monthly rent
$838
Typical yearly household income
$79,700
Households that own their home
78%
Effective property tax rate
2.22%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Henry County
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,056
Price change over 5 years (FHFA)
+40%
Homes in a high flood-risk zone
2.6%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Henry County.
A typical home in Colona is worth $147,500: 3% below the county and 44% below Illinois. With the typical household income in Colona ($79,700 a year), a typical home costs 1.9 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
Colona1.9 years
Henry2.1 years
Illinois3.2 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Henry County
According to FHFA’s house price index, home prices in Henry County rose 54% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Henry County.
Yearly change in FHFA’s price index in Henry County, 2016 to 2025
2016: +4.0% +4.0% 2016
2017: +0.9% +0.9% 2017
2018: +1.1% +1.1% 2018
2019: +3.0% +3.0% 2019
2020: +0.9% +0.9% 2020
2021: +6.7% +6.7% 2021
2022: +11.7% +11.7% 2022
2023: +4.1% +4.1% 2023
2024: +6.9% +6.9% 2024
2025: +5.2% +5.2% 2025
Change in FHFA’s price index in Henry County, Illinois and the United States
Period
County
Illinois
U.S.
Last year (2025)
+5.2%
+5.7%
+2.9%
5 years (2020–2025)
+40%
+47%
+47%
10 years (2015–2025)
+54%
+65%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Colona next to Henry County, Illinois and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Colona$147,500
Henry$151,600
Illinois$263,300
United States$332,700
Typical monthly rent
Colona$838
Henry$842
Illinois$1,274
United States$1,413
Typical yearly household income
Colona$79,700
Henry$71,911
Illinois$83,390
United States$80,734
See the full table
Colona next to Henry County and Illinois
Measure
Colona
Henry County
Illinois
U.S.
Typical home value
$147,500 ▼3% below the county
$151,600
$263,300
$332,700
Typical monthly rent
$838
$842
$1,274
$1,413
Typical yearly household income
$79,700 ▲11% above the county
$71,911
$83,390
$80,734
Households that own their home
78% ▼2 points below the county
80%
67%
65%
Typical yearly property tax
$3,278 ▲9% above the county
$3,016
$5,298
$3,119
Effective property tax rate
2.22% ▲0.23 points above the county
1.99%
2.01%
0.94%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Henry County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in Colona
For a typical $147,500 home in Colona, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Colona's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$1,381a month
Least cash to close
Down payment
$5,163
Cash to close
$9,588
Rate
7.18%
Mortgage insurance
FHA MIP · $65
Conventional, 5% down$1,354a month
Down payment
$7,375
Cash to close
$11,800
Rate
7.18%
Mortgage insurance
PMI · $70
Conventional, 20% down, no PMI$1,134a month
Down payment
$29,500
Cash to close
$33,925
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$1,270a month
Down payment
$22,125
Cash to close
$26,550
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Colona
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$1,381
$5,163
$144,828
7.18%
FHA MIP · $65
$9,588
580
Conventional, 5% down
$1,354
$7,375
$140,125
7.18%
PMI · $70
$11,800
620*
Conventional, 20% down, no PMI
$1,134
$29,500
$118,000
7.18%
None
$33,925
620*
ITIN, 15% down (example)
$1,270
$22,125
$125,375
8.18%
None
$26,550
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Typical rent in Colona is $838 a month: about the same as the county.
HUD publishes a fair market rent for all of Henry County, by unit size. To pay the 2-bedroom one ($1,056 a month) without spending more than 30% of your income, you would need to earn $20.31 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Henry County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$787
$15.13
$31,480
1 bedroom
$852
$16.38
$34,080
2 bedrooms
$1,056
$20.31
$42,240
3 bedrooms
$1,396
$26.85
$55,840
4 bedrooms
$1,697
$32.63
$67,880
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in Colona
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Colona is in ZIP code 61241.
For 2 bedrooms it is $1,030: $26 less than the fair market rent for Henry County ($1,056).
Fair market rent by ZIP code and size in Colona, fiscal year 2027.
ZIP code
Studio
1 bd
2 bd
3 bd
4 bd
61241
$740
$840
$1,030
$1,350
$1,640
ZIP code2 bd3 bd
61241 $1,030$1,350
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Colona when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
HUD lists one building with rents for lower incomes in Colona.
One RHF home 921 Cypress Dr.921 Cypress Dr, Colona 612411 low-income home · Run by The Housing Authority of Henry County · Homes at several sites(309) 852-2801
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
We found no HUD-approved agencies with an office in Henry County. The nearest ones are below; many serve by phone or online.
No down payment, repair or rent-help program on our list is for Colona or Henry County. The ones below are statewide in Illinois: they work in Colona the same as in the rest of the state.
IHDA second loan with no payments until you sell or refinance, for the down payment in Illinois.Offered by Illinois Housing Development Authority (IHDA).
No legal help resource on our list is for Colona or Henry County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Colona and all of Henry County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in Colona?
The typical home value in Colona is $147,500, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Henry County it is $151,600.
How much does it cost to rent in Colona?
Typical rent in Colona is $838 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Henry County is $1,056.
What is the FHA loan limit in Colona?
Colona uses the FHA limit for all of Henry County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.
How much property tax do owners pay in Colona?
The typical homeowner in Colona pays $3,278 a year, according to the U.S. Census Bureau. That is 2.22% of the home’s value; in Henry County, the rate is 1.99%.
Where can I find free help to buy or rent in Colona?
We found no HUD-approved counseling agencies with an office in Henry County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.
