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 | Wilmette | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $861,508 | $162,405 | $242,182 |
| Price Trend (Annual %) | 7.6% | 3.9% | 8.2% |
| Median Gross Rent | $1,937 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 2.6% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wilmette is about 430% higher than in Illinois. Rent is about 58% 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 Wilmette, up about 7.6% and 2.6% a year respectively. Home prices are changing faster.
Median rent in Wilmette rose about 14.5% between 2015 and 2023, from $1,691 to $1,937. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 4.7 yearly household incomes in Wilmette.
Buying the median-priced home in Wilmette costs roughly 37.1 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 Wilmette. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Wilmette | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $861,508 | $162,405 | $242,182 |
| Median Household Income | $185,041 | $82,179 | $78,145 |
| Price-to-Income Ratio | 4.7 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Wilmette rose about 94.0%, while median household income rose about 49.0% 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 | Wilmette | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 83.7% | 61.4% | 58.2% |
| Rental Rate | 12.0% | 30.5% | 31.3% |
| Vacancy Rate | 4.3% | 8.1% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Wilmette has a homeownership rate of 83.7%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 4.3%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Wilmette | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.68 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1955 | 1968 | 1978 |
| Median Number of Rooms | 7.4 | 5.6 | 5.5 |
The typical housing unit in Wilmette was built around 1955. On average, 2.7 people live in a home with about 7.4 rooms, staying for about 17.0 years on average.
Wilmette, IL Housing Compared With Nearby Cities
How Wilmette, IL compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Wilmette, IL | 23,735 | $861,508 #1/3 | $1,937 #1/3 | 87.5% #1/3 |
| Skokie, IL | 61,912 | $646,104 | $1,495 | 74.2% |
| Evanston, IL | 63,574 | $339,593 | $1,702 | 55.7% |
Frequently Asked Questions
Common questions about the housing market in Wilmette, Illinois.
What is the median home price in Wilmette, Illinois?
The median home price in Wilmette, Illinois is $861,508, higher than the Illinois average of $162,405.
What is the average home price in Wilmette, 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 Wilmette, Illinois?
The median gross rent in Wilmette, Illinois is $1,937 per month, higher than the Illinois average of $1,226.
What was the median gross rent in Wilmette in 2020?
In 2020, the median gross rent in Wilmette, Illinois was $1,482 per month.
What is the price-to-rent ratio in Wilmette, Illinois?
The price-to-rent ratio in Wilmette, Illinois is about 37.1, meaning it would take roughly 37.1 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 Wilmette.
Are home prices or rent rising faster in Wilmette, Illinois?
Both home prices and rent are rising in Wilmette, up about 7.6% and 2.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Wilmette, Illinois?
83.7% of households in Wilmette, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Wilmette, Illinois?
The housing vacancy rate in Wilmette, Illinois is 4.3%, lower than the Illinois average of 8.1%.