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Bone Gap

Learn about the people, housing, costs and businesses in Bone Gap, Illinois

Median Home$98,100
Median Rent$788/month
Population167
Leading IndustriesArts, Food & Hospitality · Healthcare · Professional Services15% arts, food & hospitality
Home Value Growth⬆⬆⬆+35.4% over 2 years
Family-Friendly25% of residentsslightly above average
Homeowners88% of occupied units
NotableHighly Educated38% bachelor's · 23% graduate · top 2% nationally
NotableAffordable Market$98k median home · lower cost than 92% of the country
Bone Gap
IL

Frequently Asked Questions

What are today's mortgage rates in Bone Gap?

As of today, the 30-year fixed mortgage rate for Bone Gap is approximately 6.823% (6.827% APR). Rates vary based on your credit score, loan type, down payment, and other factors. Safe Rate updates rates daily using live investor pricing.

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What is the median home price in Bone Gap?

The median home value in Bone Gap is $98k. The median monthly rent is $788. Annual property taxes average $1k. Home values are based on U.S. Census Bureau American Community Survey estimates.

Are home values rising in Bone Gap?

Home values in Bone Gap have increased 35.4% over the past two years. This indicates a strong appreciation trend. This data is sourced from the Federal Housing Finance Agency (FHFA) House Price Index.

How much income do you need to buy a home in Bone Gap?

Based on a typical all-in ownership cost of $655/month (mortgage, taxes, insurance), you'd generally need a household income of approximately $28k/year to keep housing costs at or below 28% of gross income — a common lender guideline. The median household income in Bone Gap is $66k/year.

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What industries drive the economy in Bone Gap?

The largest employment sectors in Bone Gap are public administration (25%) and healthcare (19%) of the local workforce. Industry data is sourced from the U.S. Census Bureau American Community Survey.