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 | Wheaton | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $411,706 | $162,405 | $242,182 |
| Price Trend (Annual %) | 6.7% | 3.9% | 8.2% |
| Median Gross Rent | $1,730 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 4.9% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wheaton is about 154% higher than in Illinois. Rent is about 41% 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 Wheaton, up about 6.7% and 4.9% a year respectively. Home prices are changing faster.
Median rent in Wheaton rose about 40.5% between 2015 and 2023, from $1,231 to $1,730. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 3.5 yearly household incomes in Wheaton.
Buying the median-priced home in Wheaton costs roughly 19.8 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 Wheaton. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Wheaton | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $411,706 | $162,405 | $242,182 |
| Median Household Income | $117,814 | $82,179 | $78,145 |
| Price-to-Income Ratio | 3.5 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Wheaton rose about 50.8%, while median household income rose about 39.4% 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 | Wheaton | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 68.9% | 61.4% | 58.2% |
| Rental Rate | 26.5% | 30.5% | 31.3% |
| Vacancy Rate | 4.6% | 8.1% | 10.6% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Wheaton has a homeownership rate of 68.9%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 4.6%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Wheaton | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.50 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1975 | 1968 | 1978 |
| Median Number of Rooms | 6.4 | 5.6 | 5.5 |
The typical housing unit in Wheaton was built around 1975. On average, 2.5 people live in a home with about 6.4 rooms, staying for about 14.0 years on average.
Wheaton, IL Housing Compared With Nearby Cities
How Wheaton, IL compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Wheaton, IL | 45,588 | $411,706 #2/2 | $1,730 #1/2 | 72.2% #1/2 |
| Lisle, IL | 21,854 | $540,545 | $1,579 | 56.0% |
Frequently Asked Questions
Common questions about the housing market in Wheaton, Illinois.
What is the median home price in Wheaton, Illinois?
The median home price in Wheaton, Illinois is $411,706, higher than the Illinois average of $162,405.
What is the average home price in Wheaton, 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 Wheaton, Illinois?
The median gross rent in Wheaton, Illinois is $1,730 per month, higher than the Illinois average of $1,226.
What was the median gross rent in Wheaton in 2020?
In 2020, the median gross rent in Wheaton, Illinois was $1,458 per month.
What is the price-to-rent ratio in Wheaton, Illinois?
The price-to-rent ratio in Wheaton, Illinois is about 19.8, meaning it would take roughly 19.8 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 Wheaton.
Are home prices or rent rising faster in Wheaton, Illinois?
Both home prices and rent are rising in Wheaton, up about 6.7% and 4.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Wheaton, Illinois?
68.9% of households in Wheaton, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Wheaton, Illinois?
The housing vacancy rate in Wheaton, Illinois is 4.6%, lower than the Illinois average of 8.1%.