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 | Arlington Heights | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $286,315 | $162,405 | $242,182 |
| Price Trend (Annual %) | 3.0% | 3.9% | 8.2% |
| Median Gross Rent | $1,652 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 5.4% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Arlington Heights is about 76% higher than in Illinois. Rent is about 35% 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 Arlington Heights, up about 3.0% and 5.4% a year respectively. Rent is changing faster.
Median rent in Arlington Heights rose about 49.4% between 2015 and 2023, from $1,106 to $1,652. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Arlington Heights.
Buying the median-priced home in Arlington Heights costs roughly 14.4 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 Arlington Heights. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Arlington Heights | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $286,315 | $162,405 | $242,182 |
| Median Household Income | $113,604 | $82,179 | $78,145 |
| Price-to-Income Ratio | 2.5 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Arlington Heights rose about 31.7%, while median household income rose about 53.3% between 2009 and 2023 — 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 | Arlington Heights | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.9% | 61.4% | 58.2% |
| Rental Rate | 26.7% | 30.5% | 31.3% |
| Vacancy Rate | 5.5% | 8.1% | 10.6% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Arlington Heights has a homeownership rate of 67.9%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 5.5%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Arlington Heights | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.42 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1972 | 1968 | 1978 |
| Median Number of Rooms | 5.7 | 5.6 | 5.5 |
The typical housing unit in Arlington Heights was built around 1972. On average, 2.4 people live in a home with about 5.7 rooms, staying for about 15.0 years on average.
Arlington Heights, IL Housing Compared With Nearby Cities
Arlington Heights, IL is the largest of the 5 cities compared here, 74,627 residents against a local median of 43,720. There is no headline here. Every measure below sits within 15% of the median across the nearest cities, which makes Arlington Heights, IL an unremarkable member of its own neighbourhood rather than an outlier in it.
The largest of those small differences is median rent, 10% above the local median at $1,652 against $1,504. Arlington Heights, IL has the 2nd highest median rent of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Arlington Heights, IL | 74,627 | $286,315 #4/5 | $1,652 #2/5 | 71.8% #1/5 |
| Rolling Meadows, IL | 23,336 | $322,503 | $1,670 | 70.3% |
| Mount Prospect, IL | 51,830 | $289,069 | $1,451 | 70.3% |
| Palatine, IL | 56,455 | $411,512 | $1,433 | 69.7% |
| Wheeling, IL | 35,611 | $209,277 | $1,556 | 66.9% |
Frequently Asked Questions
Common questions about the housing market in Arlington Heights, Illinois.
What is the median home price in Arlington Heights, Illinois?
The median home price in Arlington Heights, Illinois is $286,315, higher than the Illinois average of $162,405.
What is the average home price in Arlington Heights, 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 Arlington Heights, Illinois?
The median gross rent in Arlington Heights, Illinois is $1,652 per month, higher than the Illinois average of $1,226.
What was the median gross rent in Arlington Heights in 2020?
In 2020, the median gross rent in Arlington Heights, Illinois was $1,370 per month.
What is the price-to-rent ratio in Arlington Heights, Illinois?
The price-to-rent ratio in Arlington Heights, Illinois is about 14.4, meaning it would take roughly 14.4 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 Arlington Heights.
Are home prices or rent rising faster in Arlington Heights, Illinois?
Both home prices and rent are rising in Arlington Heights, up about 3.0% and 5.4% a year respectively. Rent is changing faster.
What is the homeownership rate in Arlington Heights, Illinois?
67.9% of households in Arlington Heights, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Arlington Heights, Illinois?
The housing vacancy rate in Arlington Heights, Illinois is 5.5%, lower than the Illinois average of 8.1%.