Oak Forest, Illinois Housing Market Prices
Oak Forest 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 133% above the Illinois median$348,615
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Median rent 6% above the Illinois median$1,355
Housing Market Overview
| Metric | Oak Forest | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $348,615 | $149,936 | $248,835 |
| Price Trend (Annual %) | 17.6% | 2.5% | 7.5% |
| Median Gross Rent | $1,355 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 4.4% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Oak Forest is about 133% higher than in Illinois. Rent is about 6% 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 Oak Forest, up about 17.6% and 4.4% a year respectively. Home prices are changing faster.
Median rent in Oak Forest rose about 40.2% between 2015 and 2024, from $966 to $1,355. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Oak Forest.
Buying the median-priced home in Oak Forest costs roughly 21.4 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 Oak Forest. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Oak Forest | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $348,615 | $149,936 | $248,835 |
| Median Household Income | $88,955 | $84,042 | $80,455 |
| Price-to-Income Ratio | 3.9 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Oak Forest rose about 210.0%, while median household income rose about 30.7% 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 | Oak Forest | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 76.8% | 61.9% | 58.5% |
| Rental Rate | 20.2% | 30.4% | 31.2% |
| Vacancy Rate | 3.0% | 7.7% | 10.2% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Oak Forest has a homeownership rate of 76.8%, higher than the Illinois average of 61.9%. Its housing vacancy rate is 3.0%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Oak Forest | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.60 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1976 | 1969 | 1978 |
| Median Number of Rooms | 6.0 | 5.6 | 5.5 |
The typical housing unit in Oak Forest was built around 1976. On average, 2.6 people live in a home with about 6.0 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Oak Forest, Illinois.
What is the median home price in Oak Forest, Illinois?
The median home price in Oak Forest, Illinois is $348,615, higher than the Illinois average of $149,936.
What is the average home price in Oak Forest, Illinois?
The typical home price in Oak Forest, Illinois, reported as the median sale price, is $348,615. 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 Oak Forest, Illinois?
The median gross rent in Oak Forest, Illinois is $1,355 per month, higher than the Illinois average of $1,274.
What was the median gross rent in Oak Forest in 2020?
In 2020, the median gross rent in Oak Forest, Illinois was $1,094 per month.
What is the price-to-rent ratio in Oak Forest, Illinois?
The price-to-rent ratio in Oak Forest, Illinois is about 21.4, meaning it would take roughly 21.4 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 Oak Forest.
Are home prices or rent rising faster in Oak Forest, Illinois?
Both home prices and rent are rising in Oak Forest, up about 17.6% and 4.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Oak Forest, Illinois?
76.8% of households in Oak Forest, Illinois own their home, higher than the Illinois average of 61.9%.
What is the vacancy rate in Oak Forest, Illinois?
The housing vacancy rate in Oak Forest, Illinois is 3.0%, lower than the Illinois average of 7.7%.
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