Elgin, Illinois Housing Market Prices
Elgin 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 24% above the Illinois median$185,826
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Median rent 8% above the Illinois median$1,376
Housing Market Overview
| Metric | Elgin | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $185,826 | $149,936 | $248,835 |
| Price Trend (Annual %) | 7.7% | 2.5% | 7.5% |
| Median Gross Rent | $1,376 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 4.2% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Elgin is about 24% higher than in Illinois. Rent is about 8% 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 Elgin, up about 7.7% and 4.2% a year respectively. Home prices are changing faster.
Median rent in Elgin rose about 40.3% between 2015 and 2024, from $980 to $1,376. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 2.0 yearly household incomes in Elgin.
Buying the median-priced home in Elgin costs roughly 11.3 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 Elgin. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Elgin | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $185,826 | $149,936 | $248,835 |
| Median Household Income | $91,871 | $84,042 | $80,455 |
| Price-to-Income Ratio | 2.0 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Elgin rose about 73.6%, while median household income rose about 45.5% between 2009 and 2025 — 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 | Elgin | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 69.6% | 61.9% | 58.5% |
| Rental Rate | 27.5% | 30.4% | 31.2% |
| Vacancy Rate | 2.9% | 7.7% | 10.2% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Elgin has a homeownership rate of 69.6%, higher than the Illinois average of 61.9%. Its housing vacancy rate is 2.9%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Elgin | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.82 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1975 | 1969 | 1978 |
| Median Number of Rooms | 5.8 | 5.6 | 5.5 |
The typical housing unit in Elgin was built around 1975. On average, 2.8 people live in a home with about 5.8 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Elgin, Illinois.
What is the median home price in Elgin, Illinois?
The median home price in Elgin, Illinois is $185,826, higher than the Illinois average of $149,936.
What is the average home price in Elgin, Illinois?
The typical home price in Elgin, Illinois, reported as the median sale price, is $185,826. 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 Elgin, Illinois?
The median gross rent in Elgin, Illinois is $1,376 per month, higher than the Illinois average of $1,274.
What was the median gross rent in Elgin in 2020?
In 2020, the median gross rent in Elgin, Illinois was $1,104 per month.
What is the price-to-rent ratio in Elgin, Illinois?
The price-to-rent ratio in Elgin, Illinois is about 11.3, meaning it would take roughly 11.3 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 Elgin.
Are home prices or rent rising faster in Elgin, Illinois?
Both home prices and rent are rising in Elgin, up about 7.7% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Elgin, Illinois?
69.6% of households in Elgin, Illinois own their home, higher than the Illinois average of 61.9%.
What is the vacancy rate in Elgin, Illinois?
The housing vacancy rate in Elgin, Illinois is 2.9%, lower than the Illinois average of 7.7%.
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