Sherrard, IL
Population 705 · Illinois
About Sherrard, IL
Sherrard is a small community located in Illinois with a population of 705 residents according to the latest US Census Bureau American Community Survey data. The median household income is $86,932 per year, which is 16% above the national median of $75,149. The median age of 44.6 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Sherrard features a median home value of $130,400, which is 47% below the national median of $244,900. This makes Sherrard one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $813, 30% below the national average of $1,163/month. Of the 304 total housing units, 87% are owner-occupied (253 units) and 13% are renter-occupied (38 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Sherrard shows an unemployment rate of 4.1%, which is near the national rate of 3.7%. The poverty rate stands at 7.5%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Sherrard have an average one-way commute time of 26.3 minutes.
Education & Demographics
11.0% of Sherrard 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 7.2% White, 0.3% Hispanic or Latino, 0.0% Black or African American, and 0.9% Asian residents, with 3.7% of the population being foreign-born.
Cost of Living in Sherrard, IL
Compared to national averages, Sherrard has a median household income of $86,932 (16% above the national median of $75,149). Home values average $130,400, which is 47% below the national median. Monthly rent at $813 is 30% below the US average of $1,163. Within Illinois, Sherrard's income is 16% above the state average of $75,072, and home values are 21% below the state median of $165,779.
Why Live in Sherrard, IL?
Sherrard offers a strong local economy with a median household income of $86,932, well above the national average, and affordable housing with a median home value of $130,400, below the US average of $244,900, and rent that’s lower than the national average at $813/month. Additionally, the city features a low poverty rate of 7.5%, better than the national average.
Sherrard has a population of 705 with a median age of 44.6 years. Compare Sherrard with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Sherrard
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Cedarville | 705 | $59,712 | $110,600 | Compare |
| Matherville | 703 | $80,714 | $136,200 | Compare |
| Tovey | 707 | $81,250 | $78,200 | Compare |
| Aroma Park | 702 | $72,250 | $150,400 | Compare |
| North City | 708 | $50,469 | $107,400 | Compare |
| Augusta | 710 | $41,094 | $86,500 | Compare |
| Bowen | 710 | $70,263 | $74,400 | Compare |
| Green Valley | 700 | $62,986 | $116,700 | 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.
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Frequently Asked Questions about Sherrard
What is the population of Sherrard, IL?
The population of Sherrard, IL is 705 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 Sherrard?
The median household income in Sherrard, IL is $86,932 per year, which is 16% above the national median of $75,149.
What is the median home value in Sherrard?
The median home value in Sherrard, IL is $130,400, which is 47% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Sherrard?
The median monthly rent in Sherrard, IL is $813, which is 30% below the national average of $1,163/month.
What is the unemployment rate in Sherrard?
The unemployment rate in Sherrard, IL is 4.1%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Sherrard, IL a good place to live?
Sherrard offers above-average incomes, affordable housing, and growing employment opportunities. With a population of 705 and a median age of 44.6, the city appeals to a broad range of residents.
How educated is Sherrard, IL?
11.0% of residents in Sherrard 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 Sherrard?
Key cost-of-living indicators for Sherrard, IL: median home value is $130,400 (47% below national), median rent is $813/month, and median household income is $86,932. The home-value-to-income ratio is 1.5x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Sherrard?
The poverty rate in Sherrard, IL is 7.5%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Sherrard, IL?
Sherrard's population is 7.2% White, 0.3% Hispanic or Latino, 0.0% Black or African American, 0.9% Asian, and 0.0% two or more races. 3.7% of residents are foreign-born.