Algonquin, Illinois Housing Market Prices
Algonquin 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 25% above the Illinois median$187,499
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Median rent 40% above the Illinois median$1,787
Housing Market Overview
| Metric | Algonquin | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $187,499 | $149,936 | $248,835 |
| Price Trend (Annual %) | 0.4% | 2.5% | 7.5% |
| Median Gross Rent | $1,787 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 4.0% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Algonquin is about 25% higher than in Illinois. Rent is about 40% higher than the Illinois average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2022
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Algonquin, up about 0.4% and 4.0% a year respectively. Rent is changing faster.
Median rent in Algonquin rose about 35.8% between 2015 and 2024, from $1,317 to $1,787. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 1.5 yearly household incomes in Algonquin.
Buying the median-priced home in Algonquin costs roughly 8.7 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 Algonquin. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Algonquin | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $187,499 | $149,936 | $248,835 |
| Median Household Income | $127,830 | $84,042 | $80,455 |
| Price-to-Income Ratio | 1.5 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2022, the median home price in Algonquin rose about 5.1%, while median household income rose about 36.3% 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 | Algonquin | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 84.6% | 61.9% | 58.5% |
| Rental Rate | 13.1% | 30.4% | 31.2% |
| Vacancy Rate | 2.2% | 7.7% | 10.2% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Algonquin has a homeownership rate of 84.6%, higher than the Illinois average of 61.9%. Its housing vacancy rate is 2.2%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Algonquin | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.78 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1994 | 1969 | 1978 |
| Median Number of Rooms | 7.0 | 5.6 | 5.5 |
The typical housing unit in Algonquin was built around 1994. On average, 2.8 people live in a home with about 7.0 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Algonquin, Illinois.
What is the median home price in Algonquin, Illinois?
The median home price in Algonquin, Illinois is $187,499, higher than the Illinois average of $149,936.
What is the average home price in Algonquin, Illinois?
The typical home price in Algonquin, Illinois, reported as the median sale price, is $187,499. 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 Algonquin, Illinois?
The median gross rent in Algonquin, Illinois is $1,787 per month, higher than the Illinois average of $1,274.
What was the median gross rent in Algonquin in 2020?
In 2020, the median gross rent in Algonquin, Illinois was $1,686 per month.
What is the price-to-rent ratio in Algonquin, Illinois?
The price-to-rent ratio in Algonquin, Illinois is about 8.7, meaning it would take roughly 8.7 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 Algonquin.
Are home prices or rent rising faster in Algonquin, Illinois?
Both home prices and rent are rising in Algonquin, up about 0.4% and 4.0% a year respectively. Rent is changing faster.
What is the homeownership rate in Algonquin, Illinois?
84.6% of households in Algonquin, Illinois own their home, higher than the Illinois average of 61.9%.
What is the vacancy rate in Algonquin, Illinois?
The housing vacancy rate in Algonquin, Illinois is 2.2%, lower than the Illinois average of 7.7%.
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