Elmwood Park, Illinois Housing Market Prices
Elmwood Park 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 49% below the Illinois median$76,236
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Median rent 5% above the Illinois median$1,333
Housing Market Overview
| Metric | Elmwood Park | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $76,236 | $149,936 | $248,835 |
| Price Trend (Annual %) | -0.2% | 2.5% | 7.5% |
| Median Gross Rent | $1,333 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 4.2% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Elmwood Park is about 49% lower than in Illinois. Rent is about 5% higher than the Illinois average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Elmwood Park: home prices fell about 0.2% a year while rent rose about 4.2% a year. That is an unusual pattern worth watching.
Median rent in Elmwood Park rose about 41.3% between 2015 and 2024, from $943 to $1,333. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 0.8 yearly household incomes in Elmwood Park.
Buying the median-priced home in Elmwood Park costs roughly 4.8 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 Elmwood Park. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Elmwood Park | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $76,236 | $149,936 | $248,835 |
| Median Household Income | $90,261 | $84,042 | $80,455 |
| Price-to-Income Ratio | 0.8 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Elmwood Park fell about 53.6%, while median household income rose about 48.7% 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 | Elmwood Park | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.2% | 61.9% | 58.5% |
| Rental Rate | 32.7% | 30.4% | 31.2% |
| Vacancy Rate | 6.0% | 7.7% | 10.2% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Elmwood Park has a homeownership rate of 61.2%, lower than the Illinois average of 61.9%. Its housing vacancy rate is 6.0%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Elmwood Park | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.55 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1955 | 1969 | 1978 |
| Median Number of Rooms | 5.5 | 5.6 | 5.5 |
The typical housing unit in Elmwood Park was built around 1955. On average, 2.6 people live in a home with about 5.5 rooms, staying for about 15.0 years on average.
Elmwood Park, IL Housing Compared With Nearby Cities
How Elmwood Park, IL compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Elmwood Park, IL | 23,868 | $76,236 #1/2 | $1,333 #2/2 | 65.2% #1/2 |
| Oak Park, IL | 53,290 | $23,715 | $1,592 | 60.0% |
Frequently Asked Questions
Common questions about the housing market in Elmwood Park, Illinois.
What is the median home price in Elmwood Park, Illinois?
The median home price in Elmwood Park, Illinois is $76,236, lower than the Illinois average of $149,936.
What is the average home price in Elmwood Park, Illinois?
The typical home price in Elmwood Park, Illinois, reported as the median sale price, is $76,236. 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 Elmwood Park, Illinois?
The median gross rent in Elmwood Park, Illinois is $1,333 per month, higher than the Illinois average of $1,274.
What was the median gross rent in Elmwood Park in 2020?
In 2020, the median gross rent in Elmwood Park, Illinois was $1,191 per month.
What is the price-to-rent ratio in Elmwood Park, Illinois?
The price-to-rent ratio in Elmwood Park, Illinois is about 4.8, meaning it would take roughly 4.8 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 Elmwood Park.
Are home prices or rent rising faster in Elmwood Park, Illinois?
Home prices and rent are moving in opposite directions in Elmwood Park: home prices fell about 0.2% a year while rent rose about 4.2% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Elmwood Park, Illinois?
61.2% of households in Elmwood Park, Illinois own their home, lower than the Illinois average of 61.9%.
What is the vacancy rate in Elmwood Park, Illinois?
The housing vacancy rate in Elmwood Park, Illinois is 6.0%, lower than the Illinois average of 7.7%.
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