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 | Carol Stream | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $339,208 | $162,405 | $242,182 |
| Price Trend (Annual %) | 49.3% | 3.9% | 8.2% |
| Median Gross Rent | $1,527 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 4.4% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Carol Stream is about 109% higher than in Illinois. Rent is about 25% 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 Carol Stream, up about 49.3% and 4.4% a year respectively. Home prices are changing faster.
Median rent in Carol Stream rose about 38.8% between 2015 and 2023, from $1,100 to $1,527. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Carol Stream.
Buying the median-priced home in Carol Stream costs roughly 18.5 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Carol Stream. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Carol Stream | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $339,208 | $162,405 | $242,182 |
| Median Household Income | $105,878 | $82,179 | $78,145 |
| Price-to-Income Ratio | 3.2 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Carol Stream rose about 609.4%, while median household income rose about 41.2% 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 | Carol Stream | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 69.4% | 61.4% | 58.2% |
| Rental Rate | 27.3% | 30.5% | 31.3% |
| Vacancy Rate | 3.3% | 8.1% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Carol Stream has a homeownership rate of 69.4%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 3.3%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Carol Stream | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.74 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1984 | 1968 | 1978 |
| Median Number of Rooms | 5.9 | 5.6 | 5.5 |
The typical housing unit in Carol Stream was built around 1984. On average, 2.7 people live in a home with about 5.9 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Carol Stream, Illinois.
What is the median home price in Carol Stream, Illinois?
The median home price in Carol Stream, Illinois is $339,208, higher than the Illinois average of $162,405.
What is the average home price in Carol Stream, 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 Carol Stream, Illinois?
The median gross rent in Carol Stream, Illinois is $1,527 per month, higher than the Illinois average of $1,226.
What was the median gross rent in Carol Stream in 2020?
In 2020, the median gross rent in Carol Stream, Illinois was $1,343 per month.
What is the price-to-rent ratio in Carol Stream, Illinois?
The price-to-rent ratio in Carol Stream, Illinois is about 18.5, meaning it would take roughly 18.5 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Carol Stream.
Are home prices or rent rising faster in Carol Stream, Illinois?
Both home prices and rent are rising in Carol Stream, up about 49.3% and 4.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Carol Stream, Illinois?
69.4% of households in Carol Stream, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Carol Stream, Illinois?
The housing vacancy rate in Carol Stream, Illinois is 3.3%, lower than the Illinois average of 8.1%.