Melrose Park, Illinois Housing Market Prices
Melrose 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.
-
Median home price 83% above the Illinois median$274,284
-
Median rent 9% below the Illinois median$1,165
Housing Market Overview
| Metric | Melrose Park | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $274,284 | $149,936 | $248,835 |
| Price Trend (Annual %) | 6.7% | 2.5% | 7.5% |
| Median Gross Rent | $1,165 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 3.7% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Melrose Park is about 83% higher than in Illinois. Rent is about 9% lower 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 Melrose Park, up about 6.7% and 3.7% a year respectively. Home prices are changing faster.
Median rent in Melrose Park rose about 34.1% between 2015 and 2024, from $869 to $1,165. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 4.0 yearly household incomes in Melrose Park.
Buying the median-priced home in Melrose Park costs roughly 19.6 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 9.8.
| Metric | Melrose Park | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $274,284 | $149,936 | $248,835 |
| Median Household Income | $68,933 | $84,042 | $80,455 |
| Price-to-Income Ratio | 4.0 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Melrose Park rose about 70.3%, while median household income rose about 51.7% 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 | Melrose Park | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.9% | 61.9% | 58.5% |
| Rental Rate | 35.3% | 30.4% | 31.2% |
| Vacancy Rate | 6.8% | 7.7% | 10.2% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Melrose Park has a homeownership rate of 57.9%, lower than the Illinois average of 61.9%. Its housing vacancy rate is 6.8%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Melrose Park | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.89 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1959 | 1969 | 1978 |
| Median Number of Rooms | 5.1 | 5.6 | 5.5 |
The typical housing unit in Melrose Park was built around 1959. On average, 2.9 people live in a home with about 5.1 rooms, staying for about 15.0 years on average.
Melrose Park, IL Housing Compared With Nearby Cities
How Melrose Park, IL compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Melrose Park, IL | 25,390 | $274,284 #1/2 | $1,165 #2/2 | 62.1% #1/2 |
| Maywood, IL | 22,673 | $187,384 | $1,219 | 60.5% |
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 $274,284, higher than the Illinois average of $149,936.
What is the average home price in Melrose Park, Illinois?
The typical home price in Melrose Park, Illinois, reported as the median sale price, is $274,284. 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 $1,165 per month, lower than the Illinois average of $1,274.
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 19.6, meaning it would take roughly 19.6 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 6.7% and 3.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Melrose Park, Illinois?
57.9% of households in Melrose Park, Illinois own their home, lower than the Illinois average of 61.9%.
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 7.7%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →