Highland Park, Illinois Housing Market Prices
Updated
Highland 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 125% above the Illinois median$337,081
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Median rent 44% above the Illinois median$1,837
Housing Market Overview
| Metric | Highland Park | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $337,081 | $149,936 | $248,835 |
| Price Trend (Annual %) | 2.3% | 2.5% | 7.5% |
| Median Gross Rent | $1,837 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 3.4% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Highland Park is about 125% higher than in Illinois. Rent is about 44% 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 Highland Park, up about 2.3% and 3.4% a year respectively. Rent is changing faster.
Median rent in Highland Park rose about 25.2% between 2015 and 2024, from $1,467 to $1,837. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 1.9 yearly household incomes in Highland Park.
Buying the median-priced home in Highland Park costs roughly 15.3 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Highland Park. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Highland Park | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $337,081 | $149,936 | $248,835 |
| Median Household Income | $181,844 | $84,042 | $80,455 |
| Price-to-Income Ratio | 1.9 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Highland Park fell about 39.7%, while median household income rose about 56.6% 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 | Highland Park | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 79.7% | 61.9% | 58.5% |
| Rental Rate | 14.3% | 30.4% | 31.2% |
| Vacancy Rate | 5.9% | 7.7% | 10.2% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Highland Park has a homeownership rate of 79.7%, higher than the Illinois average of 61.9%. Its housing vacancy rate is 5.9%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Highland Park | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.57 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1964 | 1969 | 1978 |
| Median Number of Rooms | 7.4 | 5.6 | 5.5 |
The typical housing unit in Highland Park was built around 1964. On average, 2.6 people live in a home with about 7.4 rooms, staying for about 17.0 years on average.
Highland Park, IL Housing Compared With Nearby Cities
How Highland Park, IL compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Highland Park, IL | 26,861 | $337,081 #2/2 | $1,837 #2/2 | 84.7% #1/2 |
| Northbrook, IL | 32,185 | $764,513 | $2,507 | 84.4% |
Frequently Asked Questions
Common questions about the housing market in Highland Park, Illinois.
What is the median home price in Highland Park, Illinois?
The median home price in Highland Park, Illinois is $337,081, higher than the Illinois average of $149,936.
What is the average home price in Highland Park, Illinois?
The typical home price in Highland Park, Illinois, reported as the median sale price, is $337,081. 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 Highland Park, Illinois?
The median gross rent in Highland Park, Illinois is $1,837 per month, higher than the Illinois average of $1,274.
What was the median gross rent in Highland Park in 2020?
In 2020, the median gross rent in Highland Park, Illinois was $1,575 per month.
What is the price-to-rent ratio in Highland Park, Illinois?
The price-to-rent ratio in Highland Park, Illinois is about 15.3, meaning it would take roughly 15.3 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Highland Park.
Are home prices or rent rising faster in Highland Park, Illinois?
Both home prices and rent are rising in Highland Park, up about 2.3% and 3.4% a year respectively. Rent is changing faster.
What is the homeownership rate in Highland Park, Illinois?
79.7% of households in Highland Park, Illinois own their home, higher than the Illinois average of 61.9%.
What is the vacancy rate in Highland Park, Illinois?
The housing vacancy rate in Highland Park, Illinois is 5.9%, lower than the Illinois average of 7.7%.
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