Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Addison | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $249,866 | $162,405 | $242,182 |
| Price Trend (Annual %) | 10.7% | 3.9% | 8.2% |
| Median Gross Rent | $1,278 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 4.4% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Addison is about 54% higher than in Illinois. Rent is about 4% higher than the Illinois average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Addison, up about 10.7% and 4.4% a year respectively. Home prices are changing faster.
Median rent in Addison rose about 36.8% between 2015 and 2023, from $934 to $1,278. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Addison.
Buying the median-priced home in Addison costs roughly 16.3 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Addison. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Addison | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $249,866 | $162,405 | $242,182 |
| Median Household Income | $84,791 | $82,179 | $78,145 |
| Price-to-Income Ratio | 2.9 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Addison rose about 46.5%, while median household income rose about 36.3% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Addison | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.4% | 61.4% | 58.2% |
| Rental Rate | 31.4% | 30.5% | 31.3% |
| Vacancy Rate | 3.2% | 8.1% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Addison has a homeownership rate of 65.4%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 3.2%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Addison | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.65 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1971 | 1968 | 1978 |
| Median Number of Rooms | 5.4 | 5.6 | 5.5 |
The typical housing unit in Addison was built around 1971. On average, 2.7 people live in a home with about 5.4 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Addison, Illinois.
What is the median home price in Addison, Illinois?
The median home price in Addison, Illinois is $249,866, higher than the Illinois average of $162,405.
What is the average home price in Addison, Illinois?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Addison, Illinois?
The median gross rent in Addison, Illinois is $1,278 per month, higher than the Illinois average of $1,226.
What was the median gross rent in Addison in 2020?
In 2020, the median gross rent in Addison, Illinois was $1,107 per month.
What is the price-to-rent ratio in Addison, Illinois?
The price-to-rent ratio in Addison, Illinois is about 16.3, meaning it would take roughly 16.3 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Addison.
Are home prices or rent rising faster in Addison, Illinois?
Both home prices and rent are rising in Addison, up about 10.7% and 4.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Addison, Illinois?
65.4% of households in Addison, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Addison, Illinois?
The housing vacancy rate in Addison, Illinois is 3.2%, lower than the Illinois average of 8.1%.