Gurnee, Illinois Housing Market Prices
Gurnee 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 201% above the Illinois median$450,867
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Median rent 11% above the Illinois median$1,413
Housing Market Overview
| Metric | Gurnee | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $450,867 | $149,936 | $248,835 |
| Price Trend (Annual %) | 12.6% | 2.5% | 7.5% |
| Median Gross Rent | $1,413 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 3.4% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Gurnee is about 201% higher than in Illinois. Rent is about 11% 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 Gurnee, up about 12.6% and 3.4% a year respectively. Home prices are changing faster.
Median rent in Gurnee rose about 37.3% between 2015 and 2024, from $1,030 to $1,413. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Gurnee.
Buying the median-priced home in Gurnee costs roughly 26.6 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Gurnee. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Gurnee | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $450,867 | $149,936 | $248,835 |
| Median Household Income | $116,909 | $84,042 | $80,455 |
| Price-to-Income Ratio | 3.9 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Gurnee rose about 31.3%, while median household income rose about 34.1% 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 | Gurnee | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 73.9% | 61.9% | 58.5% |
| Rental Rate | 24.2% | 30.4% | 31.2% |
| Vacancy Rate | 1.8% | 7.7% | 10.2% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Gurnee has a homeownership rate of 73.9%, higher than the Illinois average of 61.9%. Its housing vacancy rate is 1.8%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Gurnee | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.63 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1989 | 1969 | 1978 |
| Median Number of Rooms | 6.7 | 5.6 | 5.5 |
The typical housing unit in Gurnee was built around 1989. On average, 2.6 people live in a home with about 6.7 rooms, staying for about 14.0 years on average.
Gurnee, IL Housing Compared With Nearby Cities
How Gurnee, IL compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Gurnee, IL | 23,970 | $450,867 #1/2 | $1,413 #1/2 | 75.3% #1/2 |
| Waukegan, IL | 86,567 | $255,219 | $1,203 | 52.5% |
Frequently Asked Questions
Common questions about the housing market in Gurnee, Illinois.
What is the median home price in Gurnee, Illinois?
The median home price in Gurnee, Illinois is $450,867, higher than the Illinois average of $149,936.
What is the average home price in Gurnee, Illinois?
The typical home price in Gurnee, Illinois, reported as the median sale price, is $450,867. 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 Gurnee, Illinois?
The median gross rent in Gurnee, Illinois is $1,413 per month, higher than the Illinois average of $1,274.
What was the median gross rent in Gurnee in 2020?
In 2020, the median gross rent in Gurnee, Illinois was $1,165 per month.
What is the price-to-rent ratio in Gurnee, Illinois?
The price-to-rent ratio in Gurnee, Illinois is about 26.6, meaning it would take roughly 26.6 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Gurnee.
Are home prices or rent rising faster in Gurnee, Illinois?
Both home prices and rent are rising in Gurnee, up about 12.6% and 3.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Gurnee, Illinois?
73.9% of households in Gurnee, Illinois own their home, higher than the Illinois average of 61.9%.
What is the vacancy rate in Gurnee, Illinois?
The housing vacancy rate in Gurnee, Illinois is 1.8%, lower than the Illinois average of 7.7%.
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