Mount Prospect, Illinois Housing Market Prices
Updated
Mount Prospect 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 140% above the Illinois median$360,128
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Median rent 20% above the Illinois median$1,532
Housing Market Overview
| Metric | Mount Prospect | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $360,128 | $149,936 | $248,835 |
| Price Trend (Annual %) | 11.0% | 2.5% | 7.5% |
| Median Gross Rent | $1,532 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 5.6% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Mount Prospect is about 140% higher than in Illinois. Rent is about 20% 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 Mount Prospect, up about 11.0% and 5.6% a year respectively. Home prices are changing faster.
Median rent in Mount Prospect rose about 54.8% between 2015 and 2024, from $990 to $1,532. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Mount Prospect.
Buying the median-priced home in Mount Prospect 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 Mount Prospect. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Mount Prospect | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $360,128 | $149,936 | $248,835 |
| Median Household Income | $100,972 | $84,042 | $80,455 |
| Price-to-Income Ratio | 3.6 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Mount Prospect rose about 69.5%, while median household income rose about 48.6% 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 | Mount Prospect | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.4% | 61.9% | 58.5% |
| Rental Rate | 29.5% | 30.4% | 31.2% |
| Vacancy Rate | 4.0% | 7.7% | 10.2% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Mount Prospect has a homeownership rate of 66.4%, higher than the Illinois average of 61.9%. Its housing vacancy rate is 4.0%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Mount Prospect | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.59 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1971 | 1969 | 1978 |
| Median Number of Rooms | 5.6 | 5.6 | 5.5 |
The typical housing unit in Mount Prospect was built around 1971. On average, 2.6 people live in a home with about 5.6 rooms, staying for about 15.0 years on average.
Mount Prospect, IL Housing Compared With Nearby Cities
Mount Prospect, IL is typical in size for this group, 54,782 residents against a local median of 61,932, so the measures below are close to a like for like comparison. The measure that sets Mount Prospect, IL apart most is median home price: $360,128, 57% above the local median of $229,587.
The cities themselves sit within $70,900 of each other on median home price, a tighter band than the gap between any of them and Mount Prospect, IL, which makes it a genuine outlier here rather than one end of a wide local spread. Mount Prospect, IL has the highest median home price of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Mount Prospect, IL | 54,782 | $360,128 #1/4 | $1,532 #3/4 | 69.2% #3/4 |
| Des Plaines, IL | 61,932 | $169,438 | $1,520 | 73.4% |
| Arlington Heights, IL | 77,229 | $240,337 | $1,691 | 71.8% |
| Wheeling, IL | 35,608 | $229,587 | $1,672 | 68.1% |
Frequently Asked Questions
Common questions about the housing market in Mount Prospect, Illinois.
What is the median home price in Mount Prospect, Illinois?
The median home price in Mount Prospect, Illinois is $360,128, higher than the Illinois average of $149,936.
What is the average home price in Mount Prospect, Illinois?
The typical home price in Mount Prospect, Illinois, reported as the median sale price, is $360,128. 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 Mount Prospect, Illinois?
The median gross rent in Mount Prospect, Illinois is $1,532 per month, higher than the Illinois average of $1,274.
What was the median gross rent in Mount Prospect in 2020?
In 2020, the median gross rent in Mount Prospect, Illinois was $1,172 per month.
What is the price-to-rent ratio in Mount Prospect, Illinois?
The price-to-rent ratio in Mount Prospect, 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 Mount Prospect.
Are home prices or rent rising faster in Mount Prospect, Illinois?
Both home prices and rent are rising in Mount Prospect, up about 11.0% and 5.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Mount Prospect, Illinois?
66.4% of households in Mount Prospect, Illinois own their home, higher than the Illinois average of 61.9%.
What is the vacancy rate in Mount Prospect, Illinois?
The housing vacancy rate in Mount Prospect, Illinois is 4.0%, lower than the Illinois average of 7.7%.
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