Elk Grove Village, Illinois Housing Market Prices
Updated
Elk Grove Village 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 45% above the Illinois median$218,073
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Median rent 25% above the Illinois median$1,593
Housing Market Overview
| Metric | Elk Grove Village | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $218,073 | $149,936 | $248,835 |
| Price Trend (Annual %) | 91.2% | 2.5% | 7.5% |
| Median Gross Rent | $1,593 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 5.6% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Elk Grove Village is about 45% higher than in Illinois. Rent is about 25% 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 Elk Grove Village, up about 91.2% and 5.6% a year respectively. Home prices are changing faster.
Median rent in Elk Grove Village rose about 58.4% between 2015 and 2024, from $1,005 to $1,593. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in Elk Grove Village.
Buying the median-priced home in Elk Grove Village costs roughly 11.4 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 Elk Grove Village. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Elk Grove Village | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $218,073 | $149,936 | $248,835 |
| Median Household Income | $92,860 | $84,042 | $80,455 |
| Price-to-Income Ratio | 2.3 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Elk Grove Village rose about 19.4%, while median household income rose about 33.4% 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 | Elk Grove Village | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 68.1% | 61.9% | 58.5% |
| Rental Rate | 28.0% | 30.4% | 31.2% |
| Vacancy Rate | 3.9% | 7.7% | 10.2% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Elk Grove Village has a homeownership rate of 68.1%, higher than the Illinois average of 61.9%. Its housing vacancy rate is 3.9%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Elk Grove Village | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.55 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1976 | 1969 | 1978 |
| Median Number of Rooms | 5.5 | 5.6 | 5.5 |
The typical housing unit in Elk Grove Village was built around 1976. On average, 2.6 people live in a home with about 5.5 rooms, staying for about 17.0 years on average.
Elk Grove Village, IL Housing Compared With Nearby Cities
How Elk Grove Village, IL compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Elk Grove Village, IL | 27,591 | $218,073 #2/3 | $1,593 #2/3 | 70.9% #1/3 |
| Rolling Meadows, IL | 24,014 | $319,595 | $1,703 | 69.5% |
| Addison, IL | 33,056 | $162,667 | $1,295 | 67.4% |
Frequently Asked Questions
Common questions about the housing market in Elk Grove Village, Illinois.
What is the median home price in Elk Grove Village, Illinois?
The median home price in Elk Grove Village, Illinois is $218,073, higher than the Illinois average of $149,936.
What is the average home price in Elk Grove Village, Illinois?
The typical home price in Elk Grove Village, Illinois, reported as the median sale price, is $218,073. 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 Elk Grove Village, Illinois?
The median gross rent in Elk Grove Village, Illinois is $1,593 per month, higher than the Illinois average of $1,274.
What was the median gross rent in Elk Grove Village in 2020?
In 2020, the median gross rent in Elk Grove Village, Illinois was $1,283 per month.
What is the price-to-rent ratio in Elk Grove Village, Illinois?
The price-to-rent ratio in Elk Grove Village, Illinois is about 11.4, meaning it would take roughly 11.4 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 Elk Grove Village.
Are home prices or rent rising faster in Elk Grove Village, Illinois?
Both home prices and rent are rising in Elk Grove Village, up about 91.2% and 5.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Elk Grove Village, Illinois?
68.1% of households in Elk Grove Village, Illinois own their home, higher than the Illinois average of 61.9%.
What is the vacancy rate in Elk Grove Village, Illinois?
The housing vacancy rate in Elk Grove Village, Illinois is 3.9%, lower than the Illinois average of 7.7%.
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