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 | Bloomingdale | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $113,257 | $162,405 | $242,182 |
| Price Trend (Annual %) | -5.0% | 3.9% | 8.2% |
| Median Gross Rent | $1,485 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bloomingdale is about 30% lower than in Illinois. Rent is about 21% higher than the Illinois average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Bloomingdale: home prices fell about 5.0% a year while rent rose about 3.8% a year. That is an unusual pattern worth watching.
Median rent in Bloomingdale rose about 30.7% between 2015 and 2023, from $1,136 to $1,485. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 1.2 yearly household incomes in Bloomingdale.
Buying the median-priced home in Bloomingdale costs roughly 6.4 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 Bloomingdale. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Bloomingdale | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $113,257 | $162,405 | $242,182 |
| Median Household Income | $95,918 | $82,179 | $78,145 |
| Price-to-Income Ratio | 1.2 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Bloomingdale fell about 42.2%, while median household income rose about 36.1% 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 | Bloomingdale | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.8% | 61.4% | 58.2% |
| Rental Rate | 23.6% | 30.5% | 31.3% |
| Vacancy Rate | 3.7% | 8.1% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Bloomingdale has a homeownership rate of 72.8%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 3.7%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Bloomingdale | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.51 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1982 | 1968 | 1978 |
| Median Number of Rooms | 6.0 | 5.6 | 5.5 |
The typical housing unit in Bloomingdale was built around 1982. On average, 2.5 people live in a home with about 6.0 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Bloomingdale, Illinois.
What is the median home price in Bloomingdale, Illinois?
The median home price in Bloomingdale, Illinois is $113,257, lower than the Illinois average of $162,405.
What is the average home price in Bloomingdale, 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 Bloomingdale, Illinois?
The median gross rent in Bloomingdale, Illinois is $1,485 per month, higher than the Illinois average of $1,226.
What was the median gross rent in Bloomingdale in 2020?
In 2020, the median gross rent in Bloomingdale, Illinois was $1,265 per month.
What is the price-to-rent ratio in Bloomingdale, Illinois?
The price-to-rent ratio in Bloomingdale, Illinois is about 6.4, meaning it would take roughly 6.4 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 Bloomingdale.
Are home prices or rent rising faster in Bloomingdale, Illinois?
Home prices and rent are moving in opposite directions in Bloomingdale: home prices fell about 5.0% a year while rent rose about 3.8% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Bloomingdale, Illinois?
72.8% of households in Bloomingdale, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Bloomingdale, Illinois?
The housing vacancy rate in Bloomingdale, Illinois is 3.7%, lower than the Illinois average of 8.1%.