Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Melrose Park | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $282,969 | $162,405 | $242,182 |
| Price Trend (Annual %) | 8.1% | 3.9% | 8.2% |
| Median Gross Rent | $1,181 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 4.4% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Melrose Park is about 74% higher than in Illinois. Rent is about 4% lower than the Illinois average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Melrose Park, up about 8.1% and 4.4% a year respectively. Home prices are changing faster.
Median rent in Melrose Park rose about 36.0% between 2015 and 2023, from $869 to $1,181. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 4.1 yearly household incomes in Melrose Park.
Buying the median-priced home in Melrose Park costs roughly 20.0 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 Melrose Park. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Melrose Park | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $282,969 | $162,405 | $242,182 |
| Median Household Income | $68,689 | $82,179 | $78,145 |
| Price-to-Income Ratio | 4.1 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Melrose Park rose about 75.7%, while median household income rose about 60.3% between 2009 and 2023 — 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 | Melrose Park | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.4% | 61.4% | 58.2% |
| Rental Rate | 34.8% | 30.5% | 31.3% |
| Vacancy Rate | 6.8% | 8.1% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Melrose Park has a homeownership rate of 58.4%, lower than the Illinois average of 61.4%. Its housing vacancy rate is 6.8%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Melrose Park | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.95 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1957 | 1968 | 1978 |
| Median Number of Rooms | 5.3 | 5.6 | 5.5 |
The typical housing unit in Melrose Park was built around 1957. On average, 3.0 people live in a home with about 5.3 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Melrose Park, Illinois.
What is the median home price in Melrose Park, Illinois?
The median home price in Melrose Park, Illinois is $282,969, higher than the Illinois average of $162,405.
What is the average home price in Melrose Park, Illinois?
The typical home price in %s, reported as the median sale price, is %s. 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 Melrose Park, Illinois?
The median gross rent in Melrose Park, Illinois is $1,181 per month, lower than the Illinois average of $1,226.
What was the median gross rent in Melrose Park in 2020?
In 2020, the median gross rent in Melrose Park, Illinois was $1,047 per month.
What is the price-to-rent ratio in Melrose Park, Illinois?
The price-to-rent ratio in Melrose Park, Illinois is about 20.0, meaning it would take roughly 20.0 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 Melrose Park.
Are home prices or rent rising faster in Melrose Park, Illinois?
Both home prices and rent are rising in Melrose Park, up about 8.1% and 4.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Melrose Park, Illinois?
58.4% of households in Melrose Park, Illinois own their home, lower than the Illinois average of 61.4%.
What is the vacancy rate in Melrose Park, Illinois?
The housing vacancy rate in Melrose Park, Illinois is 6.8%, lower than the Illinois average of 8.1%.