Addison, Illinois Housing Market Prices
Updated
Addison Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 8% above the Illinois median$162,667
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Median rent 2% above the Illinois median$1,295
Housing Market Overview
| Metric | Addison | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,667 | $149,936 | $248,835 |
| Price Trend (Annual %) | 5.0% | 2.5% | 7.5% |
| Median Gross Rent | $1,295 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 4.0% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Addison is about 8% higher than in Illinois. Rent is about 2% higher than the Illinois average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Addison, up about 5.0% and 4.0% a year respectively. Home prices are changing faster.
Median rent in Addison rose about 38.7% between 2015 and 2024, from $934 to $1,295. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 1.9 yearly household incomes in Addison.
Buying the median-priced home in Addison costs roughly 10.5 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Addison. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Addison | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,667 | $149,936 | $248,835 |
| Median Household Income | $86,871 | $84,042 | $80,455 |
| Price-to-Income Ratio | 1.9 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Addison fell about 4.7%, while median household income rose about 31.3% between 2009 and 2025 — income grew faster than the home price.
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 | 65.3% | 61.9% | 58.5% |
| Rental Rate | 31.6% | 30.4% | 31.2% |
| Vacancy Rate | 3.1% | 7.7% | 10.2% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Addison has a homeownership rate of 65.3%, higher than the Illinois average of 61.9%. Its housing vacancy rate is 3.1%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Addison | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.69 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1971 | 1969 | 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 16.0 years on average.
Addison, IL Housing Compared With Nearby Cities
How Addison, IL compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Addison, IL | 33,056 | $162,667 #2/2 | $1,295 #2/2 | 67.4% #2/2 |
| Villa Park, IL | 21,774 | $340,967 | $1,428 | 74.5% |
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 $162,667, higher than the Illinois average of $149,936.
What is the average home price in Addison, Illinois?
The typical home price in Addison, Illinois, reported as the median sale price, is $162,667. 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 $1,295 per month, higher than the Illinois average of $1,274.
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 10.5, meaning it would take roughly 10.5 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Addison.
Are home prices or rent rising faster in Addison, Illinois?
Both home prices and rent are rising in Addison, up about 5.0% and 4.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Addison, Illinois?
65.3% of households in Addison, Illinois own their home, higher than the Illinois average of 61.9%.
What is the vacancy rate in Addison, Illinois?
The housing vacancy rate in Addison, Illinois is 3.1%, lower than the Illinois average of 7.7%.
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