Niles, Illinois Housing Market Prices
Updated
Niles 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 58% above the Illinois median$236,458
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Median rent 7% above the Illinois median$1,361
Housing Market Overview
| Metric | Niles | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $236,458 | $149,936 | $248,835 |
| Price Trend (Annual %) | 9.0% | 2.5% | 7.5% |
| Median Gross Rent | $1,361 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 3.5% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Niles is about 58% higher than in Illinois. Rent is about 7% 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 Niles, up about 9.0% and 3.5% a year respectively. Home prices are changing faster.
Median rent in Niles rose about 36.3% between 2015 and 2024, from $998 to $1,361. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Niles.
Buying the median-priced home in Niles costs roughly 14.5 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 Niles. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Niles | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $236,458 | $149,936 | $248,835 |
| Median Household Income | $82,819 | $84,042 | $80,455 |
| Price-to-Income Ratio | 2.9 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Niles rose about 29.4%, while median household income rose about 49.2% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Niles | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.9% | 61.9% | 58.5% |
| Rental Rate | 22.6% | 30.4% | 31.2% |
| Vacancy Rate | 4.5% | 7.7% | 10.2% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Niles has a homeownership rate of 72.9%, higher than the Illinois average of 61.9%. Its housing vacancy rate is 4.5%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Niles | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.58 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1966 | 1969 | 1978 |
| Median Number of Rooms | 5.4 | 5.6 | 5.5 |
The typical housing unit in Niles was built around 1966. On average, 2.6 people live in a home with about 5.4 rooms, staying for about 15.0 years on average.
Niles, IL Housing Compared With Nearby Cities
Niles, IL is the 3rd largest of the 4 cities compared here, 28,688 residents against a local median of 37,584. The measure that sets Niles, IL apart most is median home price: $236,458, 62% below the local median of $614,769.
Median rent tells the same story from another angle: $1,361 against a local median of $1,884, 28% below it. The cities themselves spread $433,146 on median home price, so Niles, IL sits at one end of an already wide local range rather than apart from it. Niles, IL has the 4th highest median home price of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Niles, IL | 28,688 | $236,458 #4/4 | $1,361 #4/4 | 76.4% #4/4 |
| Morton Grove, IL | 25,227 | $295,492 | $2,013 | 83.3% |
| Park Ridge, IL | 37,584 | $614,769 | $1,683 | 84.2% |
| Glenview, IL | 47,742 | $728,638 | $1,884 | 76.6% |
Frequently Asked Questions
Common questions about the housing market in Niles, Illinois.
What is the median home price in Niles, Illinois?
The median home price in Niles, Illinois is $236,458, higher than the Illinois average of $149,936.
What is the average home price in Niles, Illinois?
The typical home price in Niles, Illinois, reported as the median sale price, is $236,458. 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 Niles, Illinois?
The median gross rent in Niles, Illinois is $1,361 per month, higher than the Illinois average of $1,274.
What was the median gross rent in Niles in 2020?
In 2020, the median gross rent in Niles, Illinois was $1,145 per month.
What is the price-to-rent ratio in Niles, Illinois?
The price-to-rent ratio in Niles, Illinois is about 14.5, meaning it would take roughly 14.5 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 Niles.
Are home prices or rent rising faster in Niles, Illinois?
Both home prices and rent are rising in Niles, up about 9.0% and 3.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Niles, Illinois?
72.9% of households in Niles, Illinois own their home, higher than the Illinois average of 61.9%.
What is the vacancy rate in Niles, Illinois?
The housing vacancy rate in Niles, Illinois is 4.5%, lower than the Illinois average of 7.7%.
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