Hoffman Estates, Illinois Housing Market Prices
Updated
Hoffman Estates 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 113% above the Illinois median$319,257
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Median rent 38% above the Illinois median$1,758
Housing Market Overview
| Metric | Hoffman Estates | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $319,257 | $149,936 | $248,835 |
| Price Trend (Annual %) | 8.4% | 2.5% | 7.5% |
| Median Gross Rent | $1,758 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 5.2% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hoffman Estates is about 113% higher than in Illinois. Rent is about 38% 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 Hoffman Estates, up about 8.4% and 5.2% a year respectively. Home prices are changing faster.
Median rent in Hoffman Estates rose about 54.7% between 2015 and 2024, from $1,137 to $1,758. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 3.1 yearly household incomes in Hoffman Estates.
Buying the median-priced home in Hoffman Estates costs roughly 15.1 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 Hoffman Estates. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Hoffman Estates | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $319,257 | $149,936 | $248,835 |
| Median Household Income | $102,235 | $84,042 | $80,455 |
| Price-to-Income Ratio | 3.1 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Hoffman Estates rose about 77.9%, while median household income rose about 38.8% 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 | Hoffman Estates | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.1% | 61.9% | 58.5% |
| Rental Rate | 29.8% | 30.4% | 31.2% |
| Vacancy Rate | 5.1% | 7.7% | 10.2% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Hoffman Estates has a homeownership rate of 65.1%, higher than the Illinois average of 61.9%. Its housing vacancy rate is 5.1%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Hoffman Estates | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.65 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1977 | 1969 | 1978 |
| Median Number of Rooms | 5.7 | 5.6 | 5.5 |
The typical housing unit in Hoffman Estates was built around 1977. On average, 2.7 people live in a home with about 5.7 rooms, staying for about 15.0 years on average.
Hoffman Estates, IL Housing Compared With Nearby Cities
How Hoffman Estates, IL compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Hoffman Estates, IL | 48,159 | $319,257 #1/2 | $1,758 #2/2 | 68.6% #1/2 |
| Schaumburg, IL | 78,574 | $265,775 | $1,776 | 67.4% |
Frequently Asked Questions
Common questions about the housing market in Hoffman Estates, Illinois.
What is the median home price in Hoffman Estates, Illinois?
The median home price in Hoffman Estates, Illinois is $319,257, higher than the Illinois average of $149,936.
What is the average home price in Hoffman Estates, Illinois?
The typical home price in Hoffman Estates, Illinois, reported as the median sale price, is $319,257. 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 Hoffman Estates, Illinois?
The median gross rent in Hoffman Estates, Illinois is $1,758 per month, higher than the Illinois average of $1,274.
What was the median gross rent in Hoffman Estates in 2020?
In 2020, the median gross rent in Hoffman Estates, Illinois was $1,407 per month.
What is the price-to-rent ratio in Hoffman Estates, Illinois?
The price-to-rent ratio in Hoffman Estates, Illinois is about 15.1, meaning it would take roughly 15.1 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 Hoffman Estates.
Are home prices or rent rising faster in Hoffman Estates, Illinois?
Both home prices and rent are rising in Hoffman Estates, up about 8.4% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hoffman Estates, Illinois?
65.1% of households in Hoffman Estates, Illinois own their home, higher than the Illinois average of 61.9%.
What is the vacancy rate in Hoffman Estates, Illinois?
The housing vacancy rate in Hoffman Estates, Illinois is 5.1%, lower than the Illinois average of 7.7%.
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