Hanover Park, Illinois Housing Market Prices
Updated
Hanover 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 79% above the Illinois median$267,954
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Median rent 28% above the Illinois median$1,635
Housing Market Overview
| Metric | Hanover Park | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $267,954 | $149,936 | $248,835 |
| Price Trend (Annual %) | 10.9% | 2.5% | 7.5% |
| Median Gross Rent | $1,635 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 4.2% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hanover Park is about 79% higher than in Illinois. Rent is about 28% 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 Hanover Park, up about 10.9% and 4.2% a year respectively. Home prices are changing faster.
Median rent in Hanover Park rose about 43.9% between 2015 and 2024, from $1,136 to $1,635. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Hanover Park.
Buying the median-priced home in Hanover Park costs roughly 13.7 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 Hanover Park. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Hanover Park | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $267,954 | $149,936 | $248,835 |
| Median Household Income | $93,488 | $84,042 | $80,455 |
| Price-to-Income Ratio | 2.9 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Hanover Park rose about 97.3%, while median household income rose about 33.2% 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 | Hanover Park | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 75.2% | 61.9% | 58.5% |
| Rental Rate | 21.6% | 30.4% | 31.2% |
| Vacancy Rate | 3.2% | 7.7% | 10.2% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Hanover Park has a homeownership rate of 75.2%, higher than the Illinois average of 61.9%. Its housing vacancy rate is 3.2%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Hanover Park | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.12 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1978 | 1969 | 1978 |
| Median Number of Rooms | 5.8 | 5.6 | 5.5 |
The typical housing unit in Hanover Park was built around 1978. On average, 3.1 people live in a home with about 5.8 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hanover Park, Illinois.
What is the median home price in Hanover Park, Illinois?
The median home price in Hanover Park, Illinois is $267,954, higher than the Illinois average of $149,936.
What is the average home price in Hanover Park, Illinois?
The typical home price in Hanover Park, Illinois, reported as the median sale price, is $267,954. 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 Hanover Park, Illinois?
The median gross rent in Hanover Park, Illinois is $1,635 per month, higher than the Illinois average of $1,274.
What was the median gross rent in Hanover Park in 2020?
In 2020, the median gross rent in Hanover Park, Illinois was $1,383 per month.
What is the price-to-rent ratio in Hanover Park, Illinois?
The price-to-rent ratio in Hanover Park, Illinois is about 13.7, meaning it would take roughly 13.7 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 Hanover Park.
Are home prices or rent rising faster in Hanover Park, Illinois?
Both home prices and rent are rising in Hanover Park, up about 10.9% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hanover Park, Illinois?
75.2% of households in Hanover Park, Illinois own their home, higher than the Illinois average of 61.9%.
What is the vacancy rate in Hanover Park, Illinois?
The housing vacancy rate in Hanover Park, Illinois is 3.2%, lower than the Illinois average of 7.7%.
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