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 | Oswego | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $65,527 | $162,405 | $242,182 |
| Price Trend (Annual %) | -22.3% | 3.9% | 8.2% |
| Median Gross Rent | $1,699 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 4.0% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Oswego is about 60% lower than in Illinois. Rent is about 39% higher than the Illinois average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2019
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Oswego: home prices fell about 22.3% a year while rent rose about 4.0% a year. That is an unusual pattern worth watching.
Median rent in Oswego rose about 19.9% between 2015 and 2023, from $1,418 to $1,699. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 0.6 yearly household incomes in Oswego.
Buying the median-priced home in Oswego costs roughly 3.2 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 Oswego. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Oswego | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $65,527 | $162,405 | $242,182 |
| Median Household Income | $108,709 | $82,179 | $78,145 |
| Price-to-Income Ratio | 0.6 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2019, the median home price in Oswego fell about 44.0%, while median household income rose about 23.8% 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 | Oswego | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 82.6% | 61.4% | 58.2% |
| Rental Rate | 15.6% | 30.5% | 31.3% |
| Vacancy Rate | 1.8% | 8.1% | 10.6% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Oswego has a homeownership rate of 82.6%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 1.8%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Oswego | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.83 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1998 | 1968 | 1978 |
| Median Number of Rooms | 6.7 | 5.6 | 5.5 |
The typical housing unit in Oswego was built around 1998. On average, 2.8 people live in a home with about 6.7 rooms, staying for about 14.0 years on average.
Oswego, IL Housing Compared With Nearby Cities
How Oswego, IL compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Oswego, IL | 24,439 | $65,527 #2/2 | $1,699 #1/2 | 84.1% #1/2 |
| Aurora, IL | 177,409 | $219,144 | $1,520 | 66.2% |
Frequently Asked Questions
Common questions about the housing market in Oswego, Illinois.
What is the median home price in Oswego, Illinois?
The median home price in Oswego, Illinois is $65,527, lower than the Illinois average of $162,405.
What is the average home price in Oswego, 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 Oswego, Illinois?
The median gross rent in Oswego, Illinois is $1,699 per month, higher than the Illinois average of $1,226.
What was the median gross rent in Oswego in 2020?
In 2020, the median gross rent in Oswego, Illinois was $1,185 per month.
What is the price-to-rent ratio in Oswego, Illinois?
The price-to-rent ratio in Oswego, Illinois is about 3.2, meaning it would take roughly 3.2 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 Oswego.
Are home prices or rent rising faster in Oswego, Illinois?
Home prices and rent are moving in opposite directions in Oswego: home prices fell about 22.3% a year while rent rose about 4.0% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Oswego, Illinois?
82.6% of households in Oswego, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Oswego, Illinois?
The housing vacancy rate in Oswego, Illinois is 1.8%, lower than the Illinois average of 8.1%.