Oak Lawn, Illinois Housing Market Prices
Oak Lawn 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 9% below the Illinois median$136,823
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Median rent 3% above the Illinois median$1,317
Housing Market Overview
| Metric | Oak Lawn | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $136,823 | $149,936 | $248,835 |
| Price Trend (Annual %) | 1.9% | 2.5% | 7.5% |
| Median Gross Rent | $1,317 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 3.6% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Oak Lawn is about 9% lower than in Illinois. Rent is about 3% 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 Lawn, up about 1.9% and 3.6% a year respectively. Rent is changing faster.
Median rent in Oak Lawn rose about 29.1% between 2015 and 2024, from $1,021 to $1,317. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 1.6 yearly household incomes in Oak Lawn.
Buying the median-priced home in Oak Lawn costs roughly 8.7 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 Oak Lawn. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Oak Lawn | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $136,823 | $149,936 | $248,835 |
| Median Household Income | $85,202 | $84,042 | $80,455 |
| Price-to-Income Ratio | 1.6 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Oak Lawn fell about 18.1%, while median household income rose about 37.2% 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 | Oak Lawn | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 77.4% | 61.9% | 58.5% |
| Rental Rate | 16.9% | 30.4% | 31.2% |
| Vacancy Rate | 5.7% | 7.7% | 10.2% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Oak Lawn has a homeownership rate of 77.4%, higher than the Illinois average of 61.9%. Its housing vacancy rate is 5.7%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Oak Lawn | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.62 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1968 | 1969 | 1978 |
| Median Number of Rooms | 5.8 | 5.6 | 5.5 |
The typical housing unit in Oak Lawn was built around 1968. On average, 2.6 people live in a home with about 5.8 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Oak Lawn, Illinois.
What is the median home price in Oak Lawn, Illinois?
The median home price in Oak Lawn, Illinois is $136,823, lower than the Illinois average of $149,936.
What is the average home price in Oak Lawn, Illinois?
The typical home price in Oak Lawn, Illinois, reported as the median sale price, is $136,823. 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 Lawn, Illinois?
The median gross rent in Oak Lawn, Illinois is $1,317 per month, higher than the Illinois average of $1,274.
What was the median gross rent in Oak Lawn in 2020?
In 2020, the median gross rent in Oak Lawn, Illinois was $1,099 per month.
What is the price-to-rent ratio in Oak Lawn, Illinois?
The price-to-rent ratio in Oak Lawn, Illinois is about 8.7, meaning it would take roughly 8.7 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 Oak Lawn.
Are home prices or rent rising faster in Oak Lawn, Illinois?
Both home prices and rent are rising in Oak Lawn, up about 1.9% and 3.6% a year respectively. Rent is changing faster.
What is the homeownership rate in Oak Lawn, Illinois?
77.4% of households in Oak Lawn, Illinois own their home, higher than the Illinois average of 61.9%.
What is the vacancy rate in Oak Lawn, Illinois?
The housing vacancy rate in Oak Lawn, Illinois is 5.7%, lower than the Illinois average of 7.7%.
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