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 | Des Plaines | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $221,623 | $162,405 | $242,182 |
| Price Trend (Annual %) | 0.5% | 3.9% | 8.2% |
| Median Gross Rent | $1,390 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 5.0% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Des Plaines is about 36% 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 Des Plaines, up about 0.5% and 5.0% a year respectively. Rent is changing faster.
Median rent in Des Plaines rose about 40.2% between 2015 and 2023, from $991 to $1,390. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Des Plaines.
Buying the median-priced home in Des Plaines costs roughly 13.3 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Des Plaines. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Des Plaines | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $221,623 | $162,405 | $242,182 |
| Median Household Income | $91,184 | $82,179 | $78,145 |
| Price-to-Income Ratio | 2.4 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Des Plaines rose about 1.0%, while median household income rose about 58.0% between 2009 and 2023 — 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 | Des Plaines | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.0% | 61.4% | 58.2% |
| Rental Rate | 24.0% | 30.5% | 31.3% |
| Vacancy Rate | 6.0% | 8.1% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Des Plaines has a homeownership rate of 70.0%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 6.0%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Des Plaines | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.58 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1970 | 1968 | 1978 |
| Median Number of Rooms | 5.3 | 5.6 | 5.5 |
The typical housing unit in Des Plaines was built around 1970. On average, 2.6 people live in a home with about 5.3 rooms, staying for about 18.0 years on average.
Des Plaines, IL Housing Compared With Nearby Cities
How Des Plaines, IL compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Des Plaines, IL | 60,755 | $221,623 #3/3 | $1,390 #3/3 | 74.5% #2/3 |
| Mount Prospect, IL | 51,830 | $289,069 | $1,451 | 70.3% |
| Park Ridge, IL | 35,960 | $578,655 | $1,577 | 85.4% |
Frequently Asked Questions
Common questions about the housing market in Des Plaines, Illinois.
What is the median home price in Des Plaines, Illinois?
The median home price in Des Plaines, Illinois is $221,623, higher than the Illinois average of $162,405.
What is the average home price in Des Plaines, 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 Des Plaines, Illinois?
The median gross rent in Des Plaines, Illinois is $1,390 per month, higher than the Illinois average of $1,226.
What was the median gross rent in Des Plaines in 2020?
In 2020, the median gross rent in Des Plaines, Illinois was $1,131 per month.
What is the price-to-rent ratio in Des Plaines, Illinois?
The price-to-rent ratio in Des Plaines, Illinois is about 13.3, meaning it would take roughly 13.3 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Des Plaines.
Are home prices or rent rising faster in Des Plaines, Illinois?
Both home prices and rent are rising in Des Plaines, up about 0.5% and 5.0% a year respectively. Rent is changing faster.
What is the homeownership rate in Des Plaines, Illinois?
70.0% of households in Des Plaines, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Des Plaines, Illinois?
The housing vacancy rate in Des Plaines, Illinois is 6.0%, lower than the Illinois average of 8.1%.