Waukegan, Illinois Housing Market Prices
Waukegan 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 70% above the Illinois median$255,219
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Median rent 6% below the Illinois median$1,203
Housing Market Overview
| Metric | Waukegan | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $255,219 | $149,936 | $248,835 |
| Price Trend (Annual %) | 18.4% | 2.5% | 7.5% |
| Median Gross Rent | $1,203 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 3.8% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Waukegan is about 70% higher than in Illinois. Rent is about 6% lower 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 Waukegan, up about 18.4% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Waukegan rose about 37.5% between 2015 and 2024, from $875 to $1,203. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Waukegan.
Buying the median-priced home in Waukegan costs roughly 17.7 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 Waukegan. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Waukegan | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $255,219 | $149,936 | $248,835 |
| Median Household Income | $71,030 | $84,042 | $80,455 |
| Price-to-Income Ratio | 3.6 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Waukegan rose about 165.3%, while median household income rose about 40.0% 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 | Waukegan | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.5% | 61.9% | 58.5% |
| Rental Rate | 45.7% | 30.4% | 31.2% |
| Vacancy Rate | 3.8% | 7.7% | 10.2% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Waukegan has a homeownership rate of 50.5%, lower than the Illinois average of 61.9%. Its housing vacancy rate is 3.8%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Waukegan | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.77 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1967 | 1969 | 1978 |
| Median Number of Rooms | 5.0 | 5.6 | 5.5 |
The typical housing unit in Waukegan was built around 1967. On average, 2.8 people live in a home with about 5.0 rooms, staying for about 13.0 years on average.
Waukegan, IL Housing Compared With Nearby Cities
How Waukegan, IL compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Waukegan, IL | 86,567 | $255,219 #1/2 | $1,203 #2/2 | 52.5% #1/2 |
| North Chicago, IL | 25,553 | $157,844 | $1,373 | 35.0% |
Frequently Asked Questions
Common questions about the housing market in Waukegan, Illinois.
What is the median home price in Waukegan, Illinois?
The median home price in Waukegan, Illinois is $255,219, higher than the Illinois average of $149,936.
What is the average home price in Waukegan, Illinois?
The typical home price in Waukegan, Illinois, reported as the median sale price, is $255,219. 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 Waukegan, Illinois?
The median gross rent in Waukegan, Illinois is $1,203 per month, lower than the Illinois average of $1,274.
What was the median gross rent in Waukegan in 2020?
In 2020, the median gross rent in Waukegan, Illinois was $968 per month.
What is the price-to-rent ratio in Waukegan, Illinois?
The price-to-rent ratio in Waukegan, Illinois is about 17.7, meaning it would take roughly 17.7 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 Waukegan.
Are home prices or rent rising faster in Waukegan, Illinois?
Both home prices and rent are rising in Waukegan, up about 18.4% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Waukegan, Illinois?
50.5% of households in Waukegan, Illinois own their home, lower than the Illinois average of 61.9%.
What is the vacancy rate in Waukegan, Illinois?
The housing vacancy rate in Waukegan, Illinois is 3.8%, lower than the Illinois average of 7.7%.
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