Illinois Housing Market Prices
Illinois 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 40% below the US median Cheaper than 75% of states in US$149,936
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Median rent 9% below the US median$1,274
Median Home Price Map: Counties in Illinois
Housing Market Overview
| Metric | Illinois | US Average |
|---|---|---|
| Median Home Price | $149,936 | $248,835 |
| Price Trend (Annual %) | 2.5% | 7.5% |
| Median Gross Rent | $1,274 | $1,407 |
| Rent Trend (Annual %) | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in Illinois is about 40% lower than in US. Rent is about 9% lower than the US 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 Illinois, up about 2.5% and 4.1% a year respectively. Rent is changing faster.
Median rent in Illinois rose about 40.4% between 2015 and 2024, from $907 to $1,274. Over the same span, rent in US rose about 52.1%.
Affordability
On average, housing unit costs 1.8 yearly household incomes in Illinois.
Buying the median-priced home in Illinois costs roughly 9.8 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 Illinois. The price-to-rent ratio in US is about 14.7.
| Metric | Illinois | US Average |
|---|---|---|
| Median Home Price | $149,936 | $248,835 |
| Median Household Income | $84,042 | $80,455 |
| Price-to-Income Ratio | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Illinois rose about 20.6%, while median household income rose about 48.3% 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 | Illinois | US Average |
|---|---|---|
| Homeownership Rate | 61.9% | 58.5% |
| Rental Rate | 30.4% | 31.2% |
| Vacancy Rate | 7.7% | 10.2% |
| Median Tenure (years) | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 |
Illinois has a homeownership rate of 61.9%, higher than the US average of 58.5%. Its housing vacancy rate is 7.7%, compared with 10.2% in US.
Housing Stock
| Metric | Illinois | US Average |
|---|---|---|
| Average Household Size | 2.46 people | 2.53 people |
| Median Structure Built Year | 1969 | 1978 |
| Median Number of Rooms | 5.6 | 5.5 |
The typical housing unit in Illinois was built around 1969. On average, 2.5 people live in a home with about 5.6 rooms, staying for about 16.0 years on average.
Illinois Housing Compared With Nearby States
Illinois is the largest of the 6 states compared here, 12,692,444 residents against a local median of 5,910,864. Where Illinois breaks from the states next to it is median rent, sitting 23% above the local median of $1,033 at $1,274.
The states themselves sit within $120 of each other on median rent, a tighter band than the gap between any of them and Illinois, which makes it a genuine outlier here rather than one end of a wide local spread. Illinois has the highest median rent of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Illinois | 12,692,444 | $149,936 #3/6 | $1,274 #1/6 | 67.1% #6/6 |
| Indiana | 6,845,048 | $142,738 | $1,062 | 70.6% |
| Missouri | 6,186,340 | $145,462 | $1,033 | 68.1% |
| Wisconsin | 5,910,864 | $170,479 | $1,087 | 67.8% |
| Kentucky | 4,533,530 | $118,017 | $967 | 68.3% |
| Iowa | 3,204,793 | $153,425 | $971 | 71.7% |
Frequently Asked Questions
Common questions about the housing market in Illinois.
What is the median home price in Illinois?
The median home price in Illinois is $149,936, lower than the US average of $248,835.
What is the average home price in Illinois?
The typical home price in Illinois, reported as the median sale price, is $149,936. 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 Illinois?
The median gross rent in Illinois is $1,274 per month, lower than the US average of $1,407.
What was the median gross rent in Illinois in 2020?
In 2020, the median gross rent in Illinois was $1,037 per month.
What is the price-to-rent ratio in Illinois?
The price-to-rent ratio in Illinois is about 9.8, meaning it would take roughly 9.8 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 Illinois.
Are home prices or rent rising faster in Illinois?
Both home prices and rent are rising in Illinois, up about 2.5% and 4.1% a year respectively. Rent is changing faster.
What is the homeownership rate in Illinois?
61.9% of households in Illinois own their home, higher than the US average of 58.5%.
What is the vacancy rate in Illinois?
The housing vacancy rate in Illinois is 7.7%, lower than the US average of 10.2%.
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