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 | Vernon Hills | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,120,831 | $162,405 | $242,182 |
| Price Trend (Annual %) | 22.2% | 3.9% | 8.2% |
| Median Gross Rent | $1,842 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 3.4% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Vernon Hills is about 590% higher than in Illinois. Rent is about 50% 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 Vernon Hills, up about 22.2% and 3.4% a year respectively. Home prices are changing faster.
Median rent in Vernon Hills rose about 23.8% between 2015 and 2023, from $1,488 to $1,842. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 8.6 yearly household incomes in Vernon Hills.
Buying the median-priced home in Vernon Hills costs roughly 50.7 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 Vernon Hills. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Vernon Hills | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,120,831 | $162,405 | $242,182 |
| Median Household Income | $130,888 | $82,179 | $78,145 |
| Price-to-Income Ratio | 8.6 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Vernon Hills rose about 177.9%, while median household income rose about 36.4% 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 | Vernon Hills | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 69.2% | 61.4% | 58.2% |
| Rental Rate | 26.5% | 30.5% | 31.3% |
| Vacancy Rate | 4.4% | 8.1% | 10.6% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Vernon Hills has a homeownership rate of 69.2%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 4.4%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Vernon Hills | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.54 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1986 | 1968 | 1978 |
| Median Number of Rooms | 6.1 | 5.6 | 5.5 |
The typical housing unit in Vernon Hills was built around 1986. On average, 2.5 people live in a home with about 6.1 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Vernon Hills, Illinois.
What is the median home price in Vernon Hills, Illinois?
The median home price in Vernon Hills, Illinois is $1,120,831, higher than the Illinois average of $162,405.
What is the average home price in Vernon Hills, 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 Vernon Hills, Illinois?
The median gross rent in Vernon Hills, Illinois is $1,842 per month, higher than the Illinois average of $1,226.
What was the median gross rent in Vernon Hills in 2020?
In 2020, the median gross rent in Vernon Hills, Illinois was $1,706 per month.
What is the price-to-rent ratio in Vernon Hills, Illinois?
The price-to-rent ratio in Vernon Hills, Illinois is about 50.7, meaning it would take roughly 50.7 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 Vernon Hills.
Are home prices or rent rising faster in Vernon Hills, Illinois?
Both home prices and rent are rising in Vernon Hills, up about 22.2% and 3.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Vernon Hills, Illinois?
69.2% of households in Vernon Hills, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Vernon Hills, Illinois?
The housing vacancy rate in Vernon Hills, Illinois is 4.4%, lower than the Illinois average of 8.1%.