Morton Grove, Illinois Housing Market Prices
Updated
Morton Grove 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 97% above the Illinois median$295,492
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Median rent 58% above the Illinois median$2,013
Housing Market Overview
| Metric | Morton Grove | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $295,492 | $149,936 | $248,835 |
| Price Trend (Annual %) | 6.5% | 2.5% | 7.5% |
| Median Gross Rent | $2,013 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 7.1% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Morton Grove is about 97% higher than in Illinois. Rent is about 58% 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 Morton Grove, up about 6.5% and 7.1% a year respectively. Rent is changing faster.
Median rent in Morton Grove rose about 81.4% between 2015 and 2024, from $1,110 to $2,013. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 2.7 yearly household incomes in Morton Grove.
Buying the median-priced home in Morton Grove costs roughly 12.2 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 Morton Grove. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Morton Grove | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $295,492 | $149,936 | $248,835 |
| Median Household Income | $108,920 | $84,042 | $80,455 |
| Price-to-Income Ratio | 2.7 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Morton Grove rose about 53.9%, while median household income rose about 46.2% 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 | Morton Grove | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 79.8% | 61.9% | 58.5% |
| Rental Rate | 16.0% | 30.4% | 31.2% |
| Vacancy Rate | 4.2% | 7.7% | 10.2% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Morton Grove has a homeownership rate of 79.8%, higher than the Illinois average of 61.9%. Its housing vacancy rate is 4.2%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Morton Grove | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.60 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1969 | 1969 | 1978 |
| Median Number of Rooms | 5.8 | 5.6 | 5.5 |
The typical housing unit in Morton Grove was built around 1969. On average, 2.6 people live in a home with about 5.8 rooms, staying for about 18.0 years on average.
Morton Grove, IL Housing Compared With Nearby Cities
How Morton Grove, IL compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Morton Grove, IL | 25,227 | $295,492 #3/3 | $2,013 #1/3 | 83.3% #1/3 |
| Skokie, IL | 65,951 | $605,908 | $1,560 | 74.8% |
| Glenview, IL | 47,742 | $728,638 | $1,884 | 76.6% |
Frequently Asked Questions
Common questions about the housing market in Morton Grove, Illinois.
What is the median home price in Morton Grove, Illinois?
The median home price in Morton Grove, Illinois is $295,492, higher than the Illinois average of $149,936.
What is the average home price in Morton Grove, Illinois?
The typical home price in Morton Grove, Illinois, reported as the median sale price, is $295,492. 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 Morton Grove, Illinois?
The median gross rent in Morton Grove, Illinois is $2,013 per month, higher than the Illinois average of $1,274.
What was the median gross rent in Morton Grove in 2020?
In 2020, the median gross rent in Morton Grove, Illinois was $1,882 per month.
What is the price-to-rent ratio in Morton Grove, Illinois?
The price-to-rent ratio in Morton Grove, Illinois is about 12.2, meaning it would take roughly 12.2 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 Morton Grove.
Are home prices or rent rising faster in Morton Grove, Illinois?
Both home prices and rent are rising in Morton Grove, up about 6.5% and 7.1% a year respectively. Rent is changing faster.
What is the homeownership rate in Morton Grove, Illinois?
79.8% of households in Morton Grove, Illinois own their home, higher than the Illinois average of 61.9%.
What is the vacancy rate in Morton Grove, Illinois?
The housing vacancy rate in Morton Grove, Illinois is 4.2%, lower than the Illinois average of 7.7%.
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