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City · 8,577 residents · Richland County, Illinois

Olney , Illinois

In Olney, a typical home is worth $99,800 and typical rent is $809 a month. Compared with all of Richland County, the typical home value is 11% lower and the share of households that own their home is 8 points lower.

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  • Typical home value

    $99,800

    11% below the county

    62% below Illinois

    • Olney
    • Richland
    • Illinois

  • Typical rent

    $809a month

    About the same as the county

    36% below Illinois

    • Olney
    • Richland
    • Illinois

  • Typical household income

    $59,980a year

    4% below the county

    28% below Illinois

    • Olney
    • Richland
    • Illinois

  • Households that own their home

    65%

    8 points below the county

    2 points below Illinois

    • Olney
    • Richland
    • Illinois

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$138,359
8% more than 12 months ago

From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).

Olney is in Richland 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 Richland County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Olney apart

What this place has that others do not, from public data, most unusual first.

  1. 65% of households in Olney own their home, against 74% in Richland County.

  2. Olney has the 27th lowest typical home value of the 336 cities in Illinois with more than 5,000 people ($99,800).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Olney

What homes there are in Olney, 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 houses, standing on their own, make up 81% of homes here, against 77% in Richland County.

Year built

Homes in Olney are older: the typical year built is 1968; in Richland County, 1973.

There are fewer big homes in Olney than in Richland County: 54% have 3 bedrooms or more, against 58%.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

By rent, most homes in Olney cost less than HUD's 2-bedroom fair market rent ($935): about 75%.

With a mortgage

$1,092 a month

Richland County: $1,164 a month

Without a mortgage

$442 a month

Richland County: $451 a month

Owners with a mortgage

46%

Richland County: 46%

The typical cost for an owner with a mortgage in Olney is $1,092 a month, less than in Richland County ($1,164); without one, $442.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

The typical home value in Olney rose 15% since 2015–2019, less than in Richland County (25%).

The typical rent in Olney rose 50% over the same time; in Richland County, it rose 42%.

While home values in Olney changed +15% and rent +50%, the typical household income rose 50%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureOlneyRichland CountyIllinoisUnited States
Rental vacancy Unreliable estimateUnreliable estimate5.0%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate1.0%0.9%
More than one person per room Unreliable estimate2.6%2.5%3.4%
People per household 2.302.372.462.53
Drive alone 81%81%66%69%
Carpool 10%9%8%9%
Public transit Unreliable estimateUnreliable estimate6%3%
Walk or bike Unreliable estimate2%3%3%
Work from home 5%6%16%15%
Other means Unreliable estimateUnreliable estimate1%2%
Typical commute Unreliable estimate10 to 19 minutes20 to 29 minutes20 to 29 minutes

A household in Olney has 2.30 people on average, about the same as in Richland County (2.37).

In Olney, 81% of workers drive alone to work; in Richland County, 81%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Olney?

A typical home is within reach of the typical income

We start with a typical home in Olney, worth $99,800, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 18% of the typical household income in Olney, which is $59,980 a year.

The calculator's FHA and conventional loan limits are those of all of Richland County.

Your numbers

Local data
$

Starts at the typical home value in Olney. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $3,493 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$908

at 7.18% · 30 years

Loan amount
$97,992
Total interest
$140,988
Paid off in
November 2056

Includes $1,685 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,400 a month

    Your payment · 18%

  • Tight

    $1,400 to $1,799 a month

  • Hard

    more than $1,799 a month

Compared with the typical household income in Olney ($59,980 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$908
Principal & interest$664
Property tax$158
Home insurance$42
FHA mortgage insurance (MIP)$44

You need at least $3,493 for the down payment, plus closing costs.

Next step

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.

The city and its county

Olney and Richland County

Olney is in Richland 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).

Olney's own numbers

Typical home value
$99,800
Typical monthly rent
$809
Typical yearly household income
$59,980
Households that own their home
65%
Effective property tax rate
1.9%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Richland County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$935
Price change over 5 years (FHFA)
+34%

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 Richland County.

Everything about Richland County

Buying

Buying a home in Olney

A typical home in Olney is worth $99,800: 11% below the county and 62% below Illinois. With the typical household income in Olney ($59,980 a year), a typical home costs 1.7 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.

  • Olney 1.7 years
  • Richland 1.8 years
  • Illinois 3.2 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Richland County

According to FHFA’s house price index, home prices in Richland County rose 43% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Richland County.

Period County Illinois U.S.
Last year (2025) +4.1% +5.7% +2.9%
5 years (2020–2025) +34% +47% +47%
10 years (2015–2025) +43% +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

Olney next to Richland 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
  • Olney $99,800
  • Richland $112,000
  • Illinois $263,300
  • United States $332,700
Typical monthly rent
  • Olney $809
  • Richland $805
  • Illinois $1,274
  • United States $1,413
Typical yearly household income
  • Olney $59,980
  • Richland $62,455
  • Illinois $83,390
  • United States $80,734
See the full table
Olney next to Richland County and Illinois
Measure Olney Richland County Illinois U.S.
Typical home value $99,800 $112,000 $263,300 $332,700
Typical monthly rent $809 $805 $1,274 $1,413
Typical yearly household income $59,980 $62,455 $83,390 $80,734
Households that own their home 65% 74% 67% 65%
Typical yearly property tax $1,893 $1,769 $5,298 $3,119
Effective property tax rate 1.9% 1.58% 2.01% 0.94%
Renters with high rent for their income 50% 46% 48% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Richland 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 Olney

For a typical $99,800 home in Olney, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Olney's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $908a month

    Least cash to close
    Down payment
    $3,493
    Cash to close
    $6,487
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $44

  • Conventional, 5% down $889a month

    Down payment
    $4,990
    Cash to close
    $7,984
    Rate
    7.18%
    Mortgage insurance
    PMI · $47

  • Conventional, 20% down, no PMI $740a month

    Down payment
    $19,960
    Cash to close
    $22,954
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $833a month

    Down payment
    $14,970
    Cash to close
    $17,964
    Rate
    8.18%
    Mortgage insurance
    None

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.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Olney and for Richland County.

Property tax

Effective rate in Olney

1.9%of the home’s value each year

$1,893 a year for the typical owner in Olney.

  • Olney 1.9%
  • Richland 1.58%
  • Illinois 2.01%

What Illinois publishes General Homestead Exemption (Illinois Department of Revenue)

Exemptions and deadlines in Illinois

Flood risk in Richland County

FEMA does not publish these numbers by city: they are for all of Richland County.

FEMA’s maps count no homes in the high-risk zone in Richland County. That does not mean it cannot flood: check your address.

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Olney

Typical rent in Olney is $809 a month: about the same as the county. In Olney, 50% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Richland County, by unit size. To pay the 2-bedroom one ($935 a month) without spending more than 30% of your income, you would need to earn $17.98 an hour working full time.

HUD fair market rent for all of Richland County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $651 $12.52 $26,040
1 bedroom $715 $13.75 $28,600
2 bedrooms $935 $17.98 $37,400
3 bedrooms $1,114 $21.42 $44,560
4 bedrooms $1,358 $26.12 $54,320

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 Olney

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Olney is in ZIP code 62450.

For 2 bedrooms it is $940: $5 more than the fair market rent for Richland County ($935).

  • 62450 $940$1,120

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Olney 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 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Olney

HUD lists 5 buildings with rents for lower incomes in Olney. These are the largest.

  • Olney 129 E Scott St, Olney 62450 75 low-income homes · Run by Housing Authority of the County of Richland · Average payment: $372 a month · Average wait: 3 months (618) 395-2571
  • East Fork Apartments 1201 N East St, Olney 62450 66 low-income homes · For older adults (618) 395-1998
  • Countryview Apts 802 S Lincoln Ave, Olney 62450 41 homes, 40 low-income · 1 bd: 6 · 2 bd: 22 · 3 bd: 12 · In service since 2002 · For people with disabilities, families
  • Fox River Apts 1016 Parker St, Olney 62450 30 low-income homes · Studio: 9 · 1 bd: 21 · In service since 2001
  • Richland Residences 209 S Camp Ave, Olney 62450 17 low-income homes · For people with disabilities

See all 5 buildings in Richland County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Olney

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.

There is 1 HUD-approved agency with an office in Richland County; none says it serves in Spanish.

A young woman and a young man point to a line in their notes beside a laptop in a library.

HUD counseling is free or low-cost

Assistance programs in Olney

No down payment, repair or rent-help program on our list is for Olney or Richland County. The ones below are statewide in Illinois: they work in Olney the same as in the rest of the state.

Which programs do I qualify for? All programs in Illinois

  • IHDAccess Home

    Statewide in Illinois

    Limited funds remain, per the source

    IHDA second loan with deferred payments for first-time buyers in Illinois. Offered by Illinois Housing Development Authority (IHDA).

    Deferred

    See the program Official page

  • IHDAccess Forgivable

    Statewide in Illinois

    Limited funds remain, per the source

    IHDA second loan forgiven little by little over ten years, for the down payment in Illinois. Offered by Illinois Housing Development Authority (IHDA).

    Forgivable

    See the program Official page

  • IHDAccess Deferred

    Statewide in Illinois

    Limited funds remain, per the source

    IHDA second loan with no payments until you sell or refinance, for the down payment in Illinois. Offered by Illinois Housing Development Authority (IHDA).

    Deferred

    See the program Official page

Housing counselors near Olney

The HUD-approved agencies closest to the center of Olney, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Erba Richland County Outreach Office

    306 E Main, Olney · 0 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 6 more
    217-331-7031-229

  • Erba Jasper County Outreach Office

    904 W Jourdan, Newton · 19 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 6 more
    217-331-7031-229

  • Erba Lawrence County Outreach Office

    2101 James St, Lawrenceville · 21 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 6 more
    217-331-7031-229

Every agency in Richland County All counseling agencies in Illinois

Help in Spanish near Olney

None of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Olney

HUD’s record names them for Olney or Richland County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Housing Authority of the County of Richland Public housing and Section 8 vouchers (618) 395-2571

All housing agencies in Illinois Source: HUD

Cities

Nearby cities

The cities closest to Olney, with the typical home value.

Everything about Richland County Housing in Illinois

Neighboring counties

If Richland County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Olney.

All guides
A family walks a boardwalk trail in the forest; one of them uses a wheelchair.

Questions

Housing questions about Olney

Short answers with the numbers for Olney and all of Richland 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 Olney?

The typical home value in Olney is $99,800, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Richland County it is $112,000.

How much does it cost to rent in Olney?

Typical rent in Olney is $809 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Richland County is $935.

What is the FHA loan limit in Olney?

Olney uses the FHA limit for all of Richland 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 Olney?

The typical homeowner in Olney pays $1,893 a year, according to the U.S. Census Bureau. That is 1.9% of the home’s value; in Richland County, the rate is 1.58%.

Where can I find free help to buy or rent in Olney?

There is 1 HUD-approved counseling agency with an office in Richland County. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).