Skokie, Illinois Housing Market Prices
Updated
Skokie 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 304% above the Illinois median$605,908
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Median rent 22% above the Illinois median$1,560
Housing Market Overview
| Metric | Skokie | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $605,908 | $149,936 | $248,835 |
| Price Trend (Annual %) | 12.7% | 2.5% | 7.5% |
| Median Gross Rent | $1,560 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 3.8% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Skokie is about 304% higher than in Illinois. Rent is about 22% 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 Skokie, up about 12.7% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Skokie rose about 38.0% between 2015 and 2024, from $1,130 to $1,560. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 6.3 yearly household incomes in Skokie.
Buying the median-priced home in Skokie costs roughly 32.4 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 Skokie. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Skokie | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $605,908 | $149,936 | $248,835 |
| Median Household Income | $96,867 | $84,042 | $80,455 |
| Price-to-Income Ratio | 6.3 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Skokie rose about 137.2%, while median household income rose about 33.9% 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 | Skokie | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.4% | 61.9% | 58.5% |
| Rental Rate | 24.4% | 30.4% | 31.2% |
| Vacancy Rate | 3.2% | 7.7% | 10.2% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Skokie has a homeownership rate of 72.4%, higher than the Illinois average of 61.9%. Its housing vacancy rate is 3.2%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Skokie | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.70 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1963 | 1969 | 1978 |
| Median Number of Rooms | 5.6 | 5.6 | 5.5 |
The typical housing unit in Skokie was built around 1963. On average, 2.7 people live in a home with about 5.6 rooms, staying for about 15.0 years on average.
Skokie, IL Housing Compared With Nearby Cities
How Skokie, IL compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Skokie, IL | 65,951 | $605,908 #1/3 | $1,560 #3/3 | 74.8% #2/3 |
| Evanston, IL | 67,656 | $315,872 | $1,760 | 56.0% |
| Morton Grove, IL | 25,227 | $295,492 | $2,013 | 83.3% |
Frequently Asked Questions
Common questions about the housing market in Skokie, Illinois.
What is the median home price in Skokie, Illinois?
The median home price in Skokie, Illinois is $605,908, higher than the Illinois average of $149,936.
What is the average home price in Skokie, Illinois?
The typical home price in Skokie, Illinois, reported as the median sale price, is $605,908. 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 Skokie, Illinois?
The median gross rent in Skokie, Illinois is $1,560 per month, higher than the Illinois average of $1,274.
What was the median gross rent in Skokie in 2020?
In 2020, the median gross rent in Skokie, Illinois was $1,276 per month.
What is the price-to-rent ratio in Skokie, Illinois?
The price-to-rent ratio in Skokie, Illinois is about 32.4, meaning it would take roughly 32.4 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 Skokie.
Are home prices or rent rising faster in Skokie, Illinois?
Both home prices and rent are rising in Skokie, up about 12.7% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Skokie, Illinois?
72.4% of households in Skokie, Illinois own their home, higher than the Illinois average of 61.9%.
What is the vacancy rate in Skokie, Illinois?
The housing vacancy rate in Skokie, Illinois is 3.2%, lower than the Illinois average of 7.7%.
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