Park Ridge, Illinois Housing Market Prices
Updated
Park Ridge 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.
-
Median home price 310% above the Illinois median$614,769
-
Median rent 32% above the Illinois median$1,683
Housing Market Overview
| Metric | Park Ridge | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $614,769 | $149,936 | $248,835 |
| Price Trend (Annual %) | 11.4% | 2.5% | 7.5% |
| Median Gross Rent | $1,683 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 3.6% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Park Ridge is about 310% higher than in Illinois. Rent is about 32% 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 Park Ridge, up about 11.4% and 3.6% a year respectively. Home prices are changing faster.
Median rent in Park Ridge rose about 36.2% between 2015 and 2024, from $1,235 to $1,683. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 4.2 yearly household incomes in Park Ridge.
Buying the median-priced home in Park Ridge costs roughly 30.4 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 Park Ridge. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Park Ridge | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $614,769 | $149,936 | $248,835 |
| Median Household Income | $145,996 | $84,042 | $80,455 |
| Price-to-Income Ratio | 4.2 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Park Ridge rose about 128.1%, while median household income rose about 55.9% 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 | Park Ridge | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 79.8% | 61.9% | 58.5% |
| Rental Rate | 14.9% | 30.4% | 31.2% |
| Vacancy Rate | 5.3% | 7.7% | 10.2% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Park Ridge has a homeownership rate of 79.8%, higher than the Illinois average of 61.9%. Its housing vacancy rate is 5.3%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Park Ridge | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.60 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1959 | 1969 | 1978 |
| Median Number of Rooms | 6.6 | 5.6 | 5.5 |
The typical housing unit in Park Ridge was built around 1959. On average, 2.6 people live in a home with about 6.6 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Park Ridge, Illinois.
What is the median home price in Park Ridge, Illinois?
The median home price in Park Ridge, Illinois is $614,769, higher than the Illinois average of $149,936.
What is the average home price in Park Ridge, Illinois?
The typical home price in Park Ridge, Illinois, reported as the median sale price, is $614,769. 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 Park Ridge, Illinois?
The median gross rent in Park Ridge, Illinois is $1,683 per month, higher than the Illinois average of $1,274.
What was the median gross rent in Park Ridge in 2020?
In 2020, the median gross rent in Park Ridge, Illinois was $1,430 per month.
What is the price-to-rent ratio in Park Ridge, Illinois?
The price-to-rent ratio in Park Ridge, Illinois is about 30.4, meaning it would take roughly 30.4 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 Park Ridge.
Are home prices or rent rising faster in Park Ridge, Illinois?
Both home prices and rent are rising in Park Ridge, up about 11.4% and 3.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Park Ridge, Illinois?
79.8% of households in Park Ridge, Illinois own their home, higher than the Illinois average of 61.9%.
What is the vacancy rate in Park Ridge, Illinois?
The housing vacancy rate in Park Ridge, Illinois is 5.3%, lower than the Illinois average of 7.7%.
Size up the neighborhood around one home
Home values, rent, homeownership, schools, crime, health and nearby amenities for any US address, in one neighborhood report. Ready in about 3 minutes, in your browser or as a PDF.
Explore My Address →