Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Niles | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $244,952 | $162,405 | $242,182 |
| Price Trend (Annual %) | 10.7% | 3.9% | 8.2% |
| Median Gross Rent | $1,302 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 3.3% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Niles is about 51% higher than in Illinois. Rent is about 6% higher than the Illinois average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Niles, up about 10.7% and 3.3% a year respectively. Home prices are changing faster.
Median rent in Niles rose about 30.4% between 2015 and 2023, from $998 to $1,302. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Niles.
Buying the median-priced home in Niles costs roughly 15.7 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 Niles. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Niles | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $244,952 | $162,405 | $242,182 |
| Median Household Income | $85,477 | $82,179 | $78,145 |
| Price-to-Income Ratio | 2.9 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Niles rose about 34.0%, while median household income rose about 62.4% between 2009 and 2023 — 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 | 73.4% | 61.4% | 58.2% |
| Rental Rate | 21.9% | 30.5% | 31.3% |
| Vacancy Rate | 4.7% | 8.1% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Niles has a homeownership rate of 73.4%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 4.7%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Niles | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.63 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1966 | 1968 | 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 16.0 years on average.
Niles, IL Housing Compared With Nearby Cities
Niles, IL is the 3rd largest of the 4 cities compared here, 26,538 residents against a local median of 35,960. The measure that sets Niles, IL apart most is median home price: $244,952, 58% below the local median of $578,655.
Median rent tells the same story from another angle: $1,302 against a local median of $1,812, 28% below it. The cities themselves spread $249,643 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 | 26,538 | $244,952 #4/4 | $1,302 #4/4 | 77.0% #3/4 |
| Morton Grove, IL | 23,502 | $349,715 | $2,064 | 82.9% |
| Park Ridge, IL | 35,960 | $578,655 | $1,577 | 85.4% |
| Glenview, IL | 46,451 | $599,358 | $1,812 | 76.0% |
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 $244,952, higher than the Illinois average of $162,405.
What is the average home price in Niles, Illinois?
The typical home price in %s, reported as the median sale price, is %s. 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 $1,302 per month, higher than the Illinois average of $1,226.
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 15.7, meaning it would take roughly 15.7 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 Niles.
Are home prices or rent rising faster in Niles, Illinois?
Both home prices and rent are rising in Niles, up about 10.7% and 3.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Niles, Illinois?
73.4% of households in Niles, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Niles, Illinois?
The housing vacancy rate in Niles, Illinois is 4.7%, lower than the Illinois average of 8.1%.