Wheeling, Illinois Housing Market Prices
Updated
Wheeling 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 53% above the Illinois median$229,587
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Median rent 31% above the Illinois median$1,672
Housing Market Overview
| Metric | Wheeling | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $229,587 | $149,936 | $248,835 |
| Price Trend (Annual %) | 18.1% | 2.5% | 7.5% |
| Median Gross Rent | $1,672 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 5.1% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wheeling is about 53% higher than in Illinois. Rent is about 31% 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 Wheeling, up about 18.1% and 5.1% a year respectively. Home prices are changing faster.
Median rent in Wheeling rose about 52.3% between 2015 and 2024, from $1,098 to $1,672. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in Wheeling.
Buying the median-priced home in Wheeling costs roughly 11.4 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 Wheeling. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Wheeling | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $229,587 | $149,936 | $248,835 |
| Median Household Income | $86,844 | $84,042 | $80,455 |
| Price-to-Income Ratio | 2.6 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Wheeling rose about 93.8%, while median household income rose about 39.8% 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 | Wheeling | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.3% | 61.9% | 58.5% |
| Rental Rate | 30.1% | 30.4% | 31.2% |
| Vacancy Rate | 5.6% | 7.7% | 10.2% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Wheeling has a homeownership rate of 64.3%, higher than the Illinois average of 61.9%. Its housing vacancy rate is 5.6%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Wheeling | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.53 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1980 | 1969 | 1978 |
| Median Number of Rooms | 4.9 | 5.6 | 5.5 |
The typical housing unit in Wheeling was built around 1980. On average, 2.5 people live in a home with about 4.9 rooms, staying for about 14.0 years on average.
Wheeling, IL Housing Compared With Nearby Cities
How Wheeling, IL compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Wheeling, IL | 35,608 | $229,587 #1/2 | $1,672 #2/2 | 68.1% #2/2 |
| Buffalo Grove, IL | 36,064 | $217,650 | $2,017 | 83.5% |
Frequently Asked Questions
Common questions about the housing market in Wheeling, Illinois.
What is the median home price in Wheeling, Illinois?
The median home price in Wheeling, Illinois is $229,587, higher than the Illinois average of $149,936.
What is the average home price in Wheeling, Illinois?
The typical home price in Wheeling, Illinois, reported as the median sale price, is $229,587. 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 Wheeling, Illinois?
The median gross rent in Wheeling, Illinois is $1,672 per month, higher than the Illinois average of $1,274.
What was the median gross rent in Wheeling in 2020?
In 2020, the median gross rent in Wheeling, Illinois was $1,228 per month.
What is the price-to-rent ratio in Wheeling, Illinois?
The price-to-rent ratio in Wheeling, Illinois is about 11.4, meaning it would take roughly 11.4 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 Wheeling.
Are home prices or rent rising faster in Wheeling, Illinois?
Both home prices and rent are rising in Wheeling, up about 18.1% and 5.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Wheeling, Illinois?
64.3% of households in Wheeling, Illinois own their home, higher than the Illinois average of 61.9%.
What is the vacancy rate in Wheeling, Illinois?
The housing vacancy rate in Wheeling, Illinois is 5.6%, lower than the Illinois average of 7.7%.
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