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 | Rolling Meadows | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $322,503 | $162,405 | $242,182 |
| Price Trend (Annual %) | 22.2% | 3.9% | 8.2% |
| Median Gross Rent | $1,670 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 4.4% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Rolling Meadows is about 99% higher than in Illinois. Rent is about 36% higher than the Illinois average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Rolling Meadows, up about 22.2% and 4.4% a year respectively. Home prices are changing faster.
Median rent in Rolling Meadows rose about 40.1% between 2015 and 2023, from $1,192 to $1,670. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 3.3 yearly household incomes in Rolling Meadows.
Buying the median-priced home in Rolling Meadows costs roughly 16.1 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Rolling Meadows. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Rolling Meadows | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $322,503 | $162,405 | $242,182 |
| Median Household Income | $96,654 | $82,179 | $78,145 |
| Price-to-Income Ratio | 3.3 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Rolling Meadows rose about 87.5%, while median household income rose about 64.4% between 2009 and 2023 — 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 | Rolling Meadows | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.3% | 61.4% | 58.2% |
| Rental Rate | 27.9% | 30.5% | 31.3% |
| Vacancy Rate | 5.7% | 8.1% | 10.6% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Rolling Meadows has a homeownership rate of 66.3%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 5.7%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Rolling Meadows | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.49 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1971 | 1968 | 1978 |
| Median Number of Rooms | 5.2 | 5.6 | 5.5 |
The typical housing unit in Rolling Meadows was built around 1971. On average, 2.5 people live in a home with about 5.2 rooms, staying for about 13.0 years on average.
Rolling Meadows, IL Housing Compared With Nearby Cities
Rolling Meadows, IL is the smallest of the 4 cities compared here, 23,336 residents against a local median of 74,627. Nothing separates Rolling Meadows, IL sharply from the cities around it. Each measure below lands within 15% of the local median, close enough that the differences are within what survey sampling alone would produce.
The largest of those small differences is median home price, 13% above the local median at $322,503 against $286,315. Rolling Meadows, IL has the 2nd highest median home price of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Rolling Meadows, IL | 23,336 | $322,503 #2/4 | $1,670 #2/4 | 70.3% #2/4 |
| Palatine, IL | 56,455 | $411,512 | $1,433 | 69.7% |
| Arlington Heights, IL | 74,627 | $286,315 | $1,652 | 71.8% |
| Schaumburg, IL | 75,461 | $244,256 | $1,752 | 65.7% |
Frequently Asked Questions
Common questions about the housing market in Rolling Meadows, Illinois.
What is the median home price in Rolling Meadows, Illinois?
The median home price in Rolling Meadows, Illinois is $322,503, higher than the Illinois average of $162,405.
What is the average home price in Rolling Meadows, 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 Rolling Meadows, Illinois?
The median gross rent in Rolling Meadows, Illinois is $1,670 per month, higher than the Illinois average of $1,226.
What was the median gross rent in Rolling Meadows in 2020?
In 2020, the median gross rent in Rolling Meadows, Illinois was $1,437 per month.
What is the price-to-rent ratio in Rolling Meadows, Illinois?
The price-to-rent ratio in Rolling Meadows, Illinois is about 16.1, meaning it would take roughly 16.1 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Rolling Meadows.
Are home prices or rent rising faster in Rolling Meadows, Illinois?
Both home prices and rent are rising in Rolling Meadows, up about 22.2% and 4.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Rolling Meadows, Illinois?
66.3% of households in Rolling Meadows, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Rolling Meadows, Illinois?
The housing vacancy rate in Rolling Meadows, Illinois is 5.7%, lower than the Illinois average of 8.1%.