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.
Chicago, IL Housing Compared With Nearby Cities
How Chicago, IL compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Chicago, IL | 2,589,812 | $281,369 #2/2 | $1,371 #1/2 | 45.9% #2/2 |
| Berwyn, IL | 53,269 | $408,696 | $1,175 | 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 $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%.