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 | Berwyn | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $408,696 | $162,405 | $242,182 |
| Price Trend (Annual %) | 19.3% | 3.9% | 8.2% |
| Median Gross Rent | $1,175 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 3.4% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Berwyn is about 152% higher than in Illinois. Rent is about 4% lower 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 Berwyn, up about 19.3% and 3.4% a year respectively. Home prices are changing faster.
Median rent in Berwyn rose about 28.0% between 2015 and 2023, from $917 to $1,175. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 5.4 yearly household incomes in Berwyn.
Buying the median-priced home in Berwyn costs roughly 29.0 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Berwyn. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Berwyn | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $408,696 | $162,405 | $242,182 |
| Median Household Income | $75,252 | $82,179 | $78,145 |
| Price-to-Income Ratio | 5.4 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Berwyn rose about 230.6%, while median household income rose about 53.5% 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 | Berwyn | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.2% | 61.4% | 58.2% |
| Rental Rate | 35.8% | 30.5% | 31.3% |
| Vacancy Rate | 8.0% | 8.1% | 10.6% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Berwyn has a homeownership rate of 56.2%, lower than the Illinois average of 61.4%. Its housing vacancy rate is 8.0%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Berwyn | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.75 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1941 | 1968 | 1978 |
| Median Number of Rooms | 5.4 | 5.6 | 5.5 |
The typical housing unit in Berwyn was built around 1941. On average, 2.8 people live in a home with about 5.4 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Berwyn, Illinois.
What is the median home price in Berwyn, Illinois?
The median home price in Berwyn, Illinois is $408,696, higher than the Illinois average of $162,405.
What is the average home price in Berwyn, 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 Berwyn, Illinois?
The median gross rent in Berwyn, Illinois is $1,175 per month, lower than the Illinois average of $1,226.
What was the median gross rent in Berwyn in 2020?
In 2020, the median gross rent in Berwyn, Illinois was $994 per month.
What is the price-to-rent ratio in Berwyn, Illinois?
The price-to-rent ratio in Berwyn, Illinois is about 29.0, meaning it would take roughly 29.0 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Berwyn.
Are home prices or rent rising faster in Berwyn, Illinois?
Both home prices and rent are rising in Berwyn, up about 19.3% and 3.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Berwyn, Illinois?
56.2% of households in Berwyn, Illinois own their home, lower than the Illinois average of 61.4%.
What is the vacancy rate in Berwyn, Illinois?
The housing vacancy rate in Berwyn, Illinois is 8.0%, lower than the Illinois average of 8.1%.