Oak Park, Illinois Housing Market Prices
Oak Park 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 84% below the Illinois median$23,715
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Median rent 25% above the Illinois median$1,592
Housing Market Overview
| Metric | Oak Park | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $23,715 | $149,936 | $248,835 |
| Price Trend (Annual %) | -9.9% | 2.5% | 7.5% |
| Median Gross Rent | $1,592 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 5.4% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Oak Park is about 84% lower than in Illinois. Rent is about 25% higher than the Illinois average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Oak Park: home prices fell about 9.9% a year while rent rose about 5.4% a year. That is an unusual pattern worth watching.
Median rent in Oak Park rose about 54.2% between 2015 and 2024, from $1,033 to $1,592. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 0.2 yearly household incomes in Oak Park.
Buying the median-priced home in Oak Park costs roughly 1.2 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 Park. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Oak Park | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $23,715 | $149,936 | $248,835 |
| Median Household Income | $109,851 | $84,042 | $80,455 |
| Price-to-Income Ratio | 0.2 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Oak Park fell about 92.5%, while median household income rose about 41.1% 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 Park | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.4% | 61.9% | 58.5% |
| Rental Rate | 37.6% | 30.4% | 31.2% |
| Vacancy Rate | 6.0% | 7.7% | 10.2% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Oak Park has a homeownership rate of 56.4%, lower than the Illinois average of 61.9%. Its housing vacancy rate is 6.0%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Oak Park | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.26 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1948 | 1969 | 1978 |
| Median Number of Rooms | 5.4 | 5.6 | 5.5 |
The typical housing unit in Oak Park was built around 1948. On average, 2.3 people live in a home with about 5.4 rooms, staying for about 13.0 years on average.
Oak Park, IL Housing Compared With Nearby Cities
Oak Park, IL is typical in size for this group, 53,290 residents against a local median of 55,595, so the measures below are close to a like for like comparison. The measure that sets Oak Park, IL apart most is median home price: $23,715, 93% below the local median of $316,248.
Median rent tells the same story from another angle: $1,592 against a local median of $1,214, 31% above it. The cities themselves spread $337,634 on median home price, so Oak Park, IL sits at one end of an already wide local range rather than apart from it. Oak Park, IL has the 4th highest median home price of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Oak Park, IL | 53,290 | $23,715 #4/4 | $1,592 #1/4 | 60.0% #3/4 |
| Berwyn, IL | 55,595 | $413,871 | $1,214 | 61.1% |
| Elmwood Park, IL | 23,868 | $76,236 | $1,333 | 65.2% |
| Cicero, IL | 82,796 | $316,248 | $1,154 | 54.6% |
Frequently Asked Questions
Common questions about the housing market in Oak Park, Illinois.
What is the median home price in Oak Park, Illinois?
The median home price in Oak Park, Illinois is $23,715, lower than the Illinois average of $149,936.
What is the average home price in Oak Park, Illinois?
The typical home price in Oak Park, Illinois, reported as the median sale price, is $23,715. 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 Park, Illinois?
The median gross rent in Oak Park, Illinois is $1,592 per month, higher than the Illinois average of $1,274.
What was the median gross rent in Oak Park in 2020?
In 2020, the median gross rent in Oak Park, Illinois was $1,212 per month.
What is the price-to-rent ratio in Oak Park, Illinois?
The price-to-rent ratio in Oak Park, Illinois is about 1.2, meaning it would take roughly 1.2 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 Park.
Are home prices or rent rising faster in Oak Park, Illinois?
Home prices and rent are moving in opposite directions in Oak Park: home prices fell about 9.9% a year while rent rose about 5.4% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Oak Park, Illinois?
56.4% of households in Oak Park, Illinois own their home, lower than the Illinois average of 61.9%.
What is the vacancy rate in Oak Park, Illinois?
The housing vacancy rate in Oak Park, Illinois is 6.0%, lower than the Illinois average of 7.7%.
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