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 | Romeoville | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $247,225 | $162,405 | $242,182 |
| Price Trend (Annual %) | 13.8% | 3.9% | 8.2% |
| Median Gross Rent | $1,891 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 4.2% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Romeoville is about 52% higher than in Illinois. Rent is about 54% 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 Romeoville, up about 13.8% and 4.2% a year respectively. Home prices are changing faster.
Median rent in Romeoville rose about 36.8% between 2015 and 2023, from $1,383 to $1,891. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Romeoville.
Buying the median-priced home in Romeoville costs roughly 10.9 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 Romeoville. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Romeoville | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $247,225 | $162,405 | $242,182 |
| Median Household Income | $97,441 | $82,179 | $78,145 |
| Price-to-Income Ratio | 2.5 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Romeoville rose about 81.1%, while median household income rose about 53.1% 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 | Romeoville | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 79.0% | 61.4% | 58.2% |
| Rental Rate | 16.4% | 30.5% | 31.3% |
| Vacancy Rate | 4.6% | 8.1% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Romeoville has a homeownership rate of 79.0%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 4.6%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Romeoville | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.02 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1992 | 1968 | 1978 |
| Median Number of Rooms | 6.0 | 5.6 | 5.5 |
The typical housing unit in Romeoville was built around 1992. On average, 3.0 people live in a home with about 6.0 rooms, staying for about 17.0 years on average.
Romeoville, IL Housing Compared With Nearby Cities
How Romeoville, IL compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Romeoville, IL | 37,292 | $247,225 #1/2 | $1,891 #1/2 | 82.8% #1/2 |
| Bolingbrook, IL | 75,045 | $242,509 | $1,719 | 78.6% |
Frequently Asked Questions
Common questions about the housing market in Romeoville, Illinois.
What is the median home price in Romeoville, Illinois?
The median home price in Romeoville, Illinois is $247,225, higher than the Illinois average of $162,405.
What is the average home price in Romeoville, 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 Romeoville, Illinois?
The median gross rent in Romeoville, Illinois is $1,891 per month, higher than the Illinois average of $1,226.
What was the median gross rent in Romeoville in 2020?
In 2020, the median gross rent in Romeoville, Illinois was $1,624 per month.
What is the price-to-rent ratio in Romeoville, Illinois?
The price-to-rent ratio in Romeoville, Illinois is about 10.9, meaning it would take roughly 10.9 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 Romeoville.
Are home prices or rent rising faster in Romeoville, Illinois?
Both home prices and rent are rising in Romeoville, up about 13.8% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Romeoville, Illinois?
79.0% of households in Romeoville, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Romeoville, Illinois?
The housing vacancy rate in Romeoville, Illinois is 4.6%, lower than the Illinois average of 8.1%.