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.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Cook County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $262,784 | $162,405 | $242,182 |
| Price Trend (Annual %) | 7.2% | 3.9% | 8.2% |
| Median Gross Rent | $1,381 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 4.8% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cook County is about 62% higher than in Illinois. Rent is about 13% 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 Cook County, up about 7.2% and 4.8% a year respectively. Home prices are changing faster.
Median rent in Cook County rose about 41.0% between 2015 and 2023, from $979 to $1,381. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Cook County.
Buying the median-priced home in Cook County costs roughly 15.9 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 Cook County. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Cook County | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $262,784 | $162,405 | $242,182 |
| Median Household Income | $82,176 | $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 Cook County rose about 64.7%, while median household income rose about 51.7% 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 | Cook County | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 52.8% | 61.4% | 58.2% |
| Rental Rate | 39.0% | 30.5% | 31.3% |
| Vacancy Rate | 8.2% | 8.1% | 10.6% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Cook County has a homeownership rate of 52.8%, lower than the Illinois average of 61.4%. Its housing vacancy rate is 8.2%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Cook County | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.45 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1961 | 1968 | 1978 |
| Median Number of Rooms | 5.1 | 5.6 | 5.5 |
The typical housing unit in Cook County was built around 1961. On average, 2.4 people live in a home with about 5.1 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Cook County, Illinois.
What is the median home price in Cook County, Illinois?
The median home price in Cook County, Illinois is $262,784, higher than the Illinois average of $162,405.
What is the average home price in Cook County, 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 Cook County, Illinois?
The median gross rent in Cook County, Illinois is $1,381 per month, higher than the Illinois average of $1,226.
What was the median gross rent in Cook County in 2020?
In 2020, the median gross rent in Cook County, Illinois was $1,160 per month.
What is the price-to-rent ratio in Cook County, Illinois?
The price-to-rent ratio in Cook County, Illinois is about 15.9, meaning it would take roughly 15.9 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 Cook County.
Are home prices or rent rising faster in Cook County, Illinois?
Both home prices and rent are rising in Cook County, up about 7.2% and 4.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Cook County, Illinois?
52.8% of households in Cook County, Illinois own their home, lower than the Illinois average of 61.4%.
What is the vacancy rate in Cook County, Illinois?
The housing vacancy rate in Cook County, Illinois is 8.2%, higher than the Illinois average of 8.1%.