Chicago, Illinois Housing Market Prices
Chicago 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 75% above the Illinois median$262,028
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Median rent 12% above the Illinois median$1,430
Housing Market Overview
| Metric | Chicago | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $262,028 | $149,936 | $248,835 |
| Price Trend (Annual %) | 5.6% | 2.5% | 7.5% |
| Median Gross Rent | $1,430 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 4.8% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Chicago is about 75% higher than in Illinois. Rent is about 12% 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 Chicago, up about 5.6% and 4.8% a year respectively. Home prices are changing faster.
Median rent in Chicago rose about 48.9% between 2015 and 2024, from $960 to $1,430. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 3.4 yearly household incomes in Chicago.
Buying the median-priced home in Chicago costs roughly 15.3 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 9.8.
| Metric | Chicago | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $262,028 | $149,936 | $248,835 |
| Median Household Income | $78,169 | $84,042 | $80,455 |
| Price-to-Income Ratio | 3.4 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Chicago rose about 57.4%, while median household income rose about 63.0% 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 | Chicago | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.2% | 61.9% | 58.5% |
| Rental Rate | 48.6% | 30.4% | 31.2% |
| Vacancy Rate | 9.1% | 7.7% | 10.2% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Chicago has a homeownership rate of 42.2%, lower than the Illinois average of 61.9%. Its housing vacancy rate is 9.1%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Chicago | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.32 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1957 | 1969 | 1978 |
| Median Number of Rooms | 4.7 | 5.6 | 5.5 |
The typical housing unit in Chicago was built around 1957. On average, 2.3 people live in a home with about 4.7 rooms, staying for about 13.0 years on average.
Chicago, IL Housing Compared With Nearby Cities
How Chicago, IL compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Chicago, IL | 2,650,794 | $262,028 #3/3 | $1,430 #1/3 | 46.5% #3/3 |
| Cicero, IL | 82,796 | $316,248 | $1,154 | 54.6% |
| Berwyn, IL | 55,595 | $413,871 | $1,214 | 61.1% |
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 $262,028, higher than the Illinois average of $149,936.
What is the average home price in Chicago, Illinois?
The typical home price in Chicago, Illinois, reported as the median sale price, is $262,028. 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 $1,430 per month, higher than the Illinois average of $1,274.
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 15.3, meaning it would take roughly 15.3 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 5.6% and 4.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Chicago, Illinois?
42.2% of households in Chicago, Illinois own their home, lower than the Illinois average of 61.9%.
What is the vacancy rate in Chicago, Illinois?
The housing vacancy rate in Chicago, Illinois is 9.1%, higher than the Illinois average of 7.7%.
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