New Lenox, Illinois Housing Market Prices
New Lenox 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 185% above the Illinois median$427,389
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Median rent 14% above the Illinois median$1,455
Housing Market Overview
| Metric | New Lenox | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $427,389 | $149,936 | $248,835 |
| Price Trend (Annual %) | 11.8% | 2.5% | 7.5% |
| Median Gross Rent | $1,455 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 4.6% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in New Lenox is about 185% higher than in Illinois. Rent is about 14% 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 New Lenox, up about 11.8% and 4.6% a year respectively. Home prices are changing faster.
Median rent in New Lenox rose about 50.7% between 2015 and 2024, from $966 to $1,455. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 3.3 yearly household incomes in New Lenox.
Buying the median-priced home in New Lenox costs roughly 24.5 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in New Lenox. The price-to-rent ratio in Illinois is about 9.8.
| Metric | New Lenox | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $427,389 | $149,936 | $248,835 |
| Median Household Income | $130,579 | $84,042 | $80,455 |
| Price-to-Income Ratio | 3.3 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in New Lenox rose about 81.9%, while median household income rose about 38.1% 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 | New Lenox | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 87.8% | 61.9% | 58.5% |
| Rental Rate | 7.3% | 30.4% | 31.2% |
| Vacancy Rate | 4.9% | 7.7% | 10.2% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
New Lenox has a homeownership rate of 87.8%, higher than the Illinois average of 61.9%. Its housing vacancy rate is 4.9%, compared with 7.7% in Illinois.
Housing Stock
| Metric | New Lenox | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.90 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1993 | 1969 | 1978 |
| Median Number of Rooms | 7.1 | 5.6 | 5.5 |
The typical housing unit in New Lenox was built around 1993. On average, 2.9 people live in a home with about 7.1 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in New Lenox, Illinois.
What is the median home price in New Lenox, Illinois?
The median home price in New Lenox, Illinois is $427,389, higher than the Illinois average of $149,936.
What is the average home price in New Lenox, Illinois?
The typical home price in New Lenox, Illinois, reported as the median sale price, is $427,389. 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 New Lenox, Illinois?
The median gross rent in New Lenox, Illinois is $1,455 per month, higher than the Illinois average of $1,274.
What was the median gross rent in New Lenox in 2020?
In 2020, the median gross rent in New Lenox, Illinois was $1,211 per month.
What is the price-to-rent ratio in New Lenox, Illinois?
The price-to-rent ratio in New Lenox, Illinois is about 24.5, meaning it would take roughly 24.5 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in New Lenox.
Are home prices or rent rising faster in New Lenox, Illinois?
Both home prices and rent are rising in New Lenox, up about 11.8% and 4.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in New Lenox, Illinois?
87.8% of households in New Lenox, Illinois own their home, higher than the Illinois average of 61.9%.
What is the vacancy rate in New Lenox, Illinois?
The housing vacancy rate in New Lenox, Illinois is 4.9%, lower than the Illinois average of 7.7%.
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