Buffalo Grove, Illinois Housing Market Prices
Updated
Buffalo Grove 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 45% above the Illinois median$217,650
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Median rent 58% above the Illinois median$2,017
Housing Market Overview
| Metric | Buffalo Grove | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $217,650 | $149,936 | $248,835 |
| Price Trend (Annual %) | 3.2% | 2.5% | 7.5% |
| Median Gross Rent | $2,017 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 4.2% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Buffalo Grove is about 45% higher than in Illinois. Rent is about 58% 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 Buffalo Grove, up about 3.2% and 4.2% a year respectively. Rent is changing faster.
Median rent in Buffalo Grove rose about 46.0% between 2015 and 2024, from $1,381 to $2,017. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 1.6 yearly household incomes in Buffalo Grove.
Buying the median-priced home in Buffalo Grove costs roughly 9.0 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 Buffalo Grove. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Buffalo Grove | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $217,650 | $149,936 | $248,835 |
| Median Household Income | $132,647 | $84,042 | $80,455 |
| Price-to-Income Ratio | 1.6 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Buffalo Grove fell about 1.5%, while median household income rose about 46.8% 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 | Buffalo Grove | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 81.0% | 61.9% | 58.5% |
| Rental Rate | 16.0% | 30.4% | 31.2% |
| Vacancy Rate | 3.0% | 7.7% | 10.2% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Buffalo Grove has a homeownership rate of 81.0%, higher than the Illinois average of 61.9%. Its housing vacancy rate is 3.0%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Buffalo Grove | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.66 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1980 | 1969 | 1978 |
| Median Number of Rooms | 6.2 | 5.6 | 5.5 |
The typical housing unit in Buffalo Grove was built around 1980. On average, 2.7 people live in a home with about 6.2 rooms, staying for about 15.0 years on average.
Buffalo Grove, IL Housing Compared With Nearby Cities
How Buffalo Grove, IL compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Buffalo Grove, IL | 36,064 | $217,650 #2/2 | $2,017 #1/2 | 83.5% #1/2 |
| Wheeling, IL | 35,608 | $229,587 | $1,672 | 68.1% |
Frequently Asked Questions
Common questions about the housing market in Buffalo Grove, Illinois.
What is the median home price in Buffalo Grove, Illinois?
The median home price in Buffalo Grove, Illinois is $217,650, higher than the Illinois average of $149,936.
What is the average home price in Buffalo Grove, Illinois?
The typical home price in Buffalo Grove, Illinois, reported as the median sale price, is $217,650. 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 Buffalo Grove, Illinois?
The median gross rent in Buffalo Grove, Illinois is $2,017 per month, higher than the Illinois average of $1,274.
What was the median gross rent in Buffalo Grove in 2020?
In 2020, the median gross rent in Buffalo Grove, Illinois was $1,669 per month.
What is the price-to-rent ratio in Buffalo Grove, Illinois?
The price-to-rent ratio in Buffalo Grove, Illinois is about 9.0, meaning it would take roughly 9.0 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 Buffalo Grove.
Are home prices or rent rising faster in Buffalo Grove, Illinois?
Both home prices and rent are rising in Buffalo Grove, up about 3.2% and 4.2% a year respectively. Rent is changing faster.
What is the homeownership rate in Buffalo Grove, Illinois?
81.0% of households in Buffalo Grove, Illinois own their home, higher than the Illinois average of 61.9%.
What is the vacancy rate in Buffalo Grove, Illinois?
The housing vacancy rate in Buffalo Grove, Illinois is 3.0%, lower than the Illinois average of 7.7%.
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