Burbank, Illinois Housing Market Prices
Burbank 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 106% above the Illinois median$309,199
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Median rent 4% below the Illinois median$1,223
Housing Market Overview
| Metric | Burbank | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $309,199 | $149,936 | $248,835 |
| Price Trend (Annual %) | 12.2% | 2.5% | 7.5% |
| Median Gross Rent | $1,223 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 2.2% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Burbank is about 106% higher than in Illinois. Rent is about 4% lower 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 Burbank, up about 12.2% and 2.2% a year respectively. Home prices are changing faster.
Median rent in Burbank rose about 12.8% between 2015 and 2024, from $1,085 to $1,223. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Burbank.
Buying the median-priced home in Burbank costs roughly 21.1 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 Burbank. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Burbank | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $309,199 | $149,936 | $248,835 |
| Median Household Income | $81,287 | $84,042 | $80,455 |
| Price-to-Income Ratio | 3.8 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Burbank rose about 131.3%, while median household income rose about 34.3% between 2009 and 2025 — 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 | Burbank | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 79.8% | 61.9% | 58.5% |
| Rental Rate | 18.0% | 30.4% | 31.2% |
| Vacancy Rate | 2.2% | 7.7% | 10.2% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Burbank has a homeownership rate of 79.8%, higher than the Illinois average of 61.9%. Its housing vacancy rate is 2.2%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Burbank | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.97 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1965 | 1969 | 1978 |
| Median Number of Rooms | 5.9 | 5.6 | 5.5 |
The typical housing unit in Burbank was built around 1965. On average, 3.0 people live in a home with about 5.9 rooms, staying for about 17.0 years on average.
Burbank, IL Housing Compared With Nearby Cities
How Burbank, IL compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Burbank, IL | 23,423 | $309,199 #1/2 | $1,223 #2/2 | 81.6% #2/2 |
| Oak Lawn, IL | 58,169 | $136,823 | $1,317 | 82.1% |
Frequently Asked Questions
Common questions about the housing market in Burbank, Illinois.
What is the median home price in Burbank, Illinois?
The median home price in Burbank, Illinois is $309,199, higher than the Illinois average of $149,936.
What is the average home price in Burbank, Illinois?
The typical home price in Burbank, Illinois, reported as the median sale price, is $309,199. 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 Burbank, Illinois?
The median gross rent in Burbank, Illinois is $1,223 per month, lower than the Illinois average of $1,274.
What was the median gross rent in Burbank in 2020?
In 2020, the median gross rent in Burbank, Illinois was $1,165 per month.
What is the price-to-rent ratio in Burbank, Illinois?
The price-to-rent ratio in Burbank, Illinois is about 21.1, meaning it would take roughly 21.1 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 Burbank.
Are home prices or rent rising faster in Burbank, Illinois?
Both home prices and rent are rising in Burbank, up about 12.2% and 2.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Burbank, Illinois?
79.8% of households in Burbank, Illinois own their home, higher than the Illinois average of 61.9%.
What is the vacancy rate in Burbank, Illinois?
The housing vacancy rate in Burbank, Illinois is 2.2%, lower than the Illinois average of 7.7%.
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