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 | Chicago | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $281,369 | $162,405 | $242,182 |
| Price Trend (Annual %) | 7.4% | 3.9% | 8.2% |
| Median Gross Rent | $1,371 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 4.9% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Chicago is about 73% higher than in Illinois. Rent is about 12% 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 Chicago, up about 7.4% and 4.9% a year respectively. Home prices are changing faster.
Median rent in Chicago rose about 42.8% between 2015 and 2023, from $960 to $1,371. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 3.7 yearly household incomes in Chicago.
Buying the median-priced home in Chicago costs roughly 17.1 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 Chicago. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Chicago | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $281,369 | $162,405 | $242,182 |
| Median Household Income | $75,107 | $82,179 | $78,145 |
| Price-to-Income Ratio | 3.7 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Chicago rose about 69.0%, while median household income rose about 61.0% 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 | Chicago | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 41.5% | 61.4% | 58.2% |
| Rental Rate | 48.9% | 30.5% | 31.3% |
| Vacancy Rate | 9.5% | 8.1% | 10.6% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Chicago has a homeownership rate of 41.5%, lower than the Illinois average of 61.4%. Its housing vacancy rate is 9.5%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Chicago | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.34 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1956 | 1968 | 1978 |
| Median Number of Rooms | 4.8 | 5.6 | 5.5 |
The typical housing unit in Chicago was built around 1956. On average, 2.3 people live in a home with about 4.8 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Chicago, Illinois.
What is the median home price in Chicago, Illinois?
The median home price in Chicago, Illinois is $281,369, higher than the Illinois average of $162,405.
What is the average home price in Chicago, 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 Chicago, Illinois?
The median gross rent in Chicago, Illinois is $1,371 per month, higher than the Illinois average of $1,226.
What was the median gross rent in Chicago in 2020?
In 2020, the median gross rent in Chicago, Illinois was $1,146 per month.
What is the price-to-rent ratio in Chicago, Illinois?
The price-to-rent ratio in Chicago, Illinois is about 17.1, meaning it would take roughly 17.1 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 Chicago.
Are home prices or rent rising faster in Chicago, Illinois?
Both home prices and rent are rising in Chicago, up about 7.4% and 4.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Chicago, Illinois?
41.5% of households in Chicago, Illinois own their home, lower than the Illinois average of 61.4%.
What is the vacancy rate in Chicago, Illinois?
The housing vacancy rate in Chicago, Illinois is 9.5%, higher than the Illinois average of 8.1%.