Owaneco, IL
Population 744 · Illinois
About Owaneco, IL
Owaneco is a small community located in Illinois with a population of 744 residents according to the latest US Census Bureau American Community Survey data. The median household income is $66,875 per year, which is 11% below the national median of $75,149. The median age of 33.5 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Owaneco features a median home value of $96,300, which is 61% below the national median of $244,900. This makes Owaneco one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $835, 28% below the national average of $1,163/month. Of the 209 total housing units, 85% are owner-occupied (174 units) and 15% are renter-occupied (31 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Owaneco shows an unemployment rate of 4.9%, which is near the national rate of 3.7%. The poverty rate stands at 16.8%, above the national average of 12.4%. Workers in Owaneco have an average one-way commute time of 26.6 minutes.
Education & Demographics
6.6% of Owaneco residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 0.0% White, 0.0% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 0.0% of the population being foreign-born.
Cost of Living in Owaneco, IL
Compared to national averages, Owaneco has a median household income of $66,875 (11% below the national median of $75,149). Home values average $96,300, which is 61% below the national median. Monthly rent at $835 is 28% below the US average of $1,163. Within Illinois, Owaneco's income is 11% below the state average of $75,072, and home values are 42% below the state median of $165,779.
Why Live in Owaneco, IL?
Owaneco offers affordable housing with a median home value of $96,300, below the US average of $244,900, and rent that’s lower than the national average at $835/month.
Potential considerations include median household income ($66,875) that falls below the national average. However, Owaneco’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Owaneco has a population of 744 with a median age of 33.5 years. Compare Owaneco with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Owaneco
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Clay City | 744 | $53,750 | $75,500 | Compare |
| Hopedale | 742 | $53,958 | $135,600 | Compare |
| Mechanicsburg | 748 | $77,422 | $206,300 | Compare |
| Crossville | 749 | $40,682 | $61,300 | Compare |
| Mulberry Grove | 739 | $57,250 | $74,800 | Compare |
| Ashmore | 750 | $57,361 | $87,100 | Compare |
| Junction City | 753 | $53,333 | $71,300 | Compare |
| Union | 753 | $100,104 | $224,600 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Illinois
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Owaneco With Other Cities
Frequently Asked Questions about Owaneco
What is the population of Owaneco, IL?
The population of Owaneco, IL is 744 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Illinois.
What is the median household income in Owaneco?
The median household income in Owaneco, IL is $66,875 per year, which is 11% below the national median of $75,149.
What is the median home value in Owaneco?
The median home value in Owaneco, IL is $96,300, which is 61% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Owaneco?
The median monthly rent in Owaneco, IL is $835, which is 28% below the national average of $1,163/month.
What is the unemployment rate in Owaneco?
The unemployment rate in Owaneco, IL is 4.9%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Owaneco, IL a good place to live?
Owaneco offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 744 and a median age of 33.5, the city appeals to young professionals and families.
How educated is Owaneco, IL?
6.6% of residents in Owaneco aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Owaneco?
Key cost-of-living indicators for Owaneco, IL: median home value is $96,300 (61% below national), median rent is $835/month, and median household income is $66,875. The home-value-to-income ratio is 1.4x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Owaneco?
The poverty rate in Owaneco, IL is 16.8%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Owaneco, IL?
Owaneco's population is 0.0% White, 0.0% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 0.0% of residents are foreign-born.