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 | Woodridge | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $411,139 | $162,405 | $242,182 |
| Price Trend (Annual %) | 8.4% | 3.9% | 8.2% |
| Median Gross Rent | $1,491 | $1,226 | $1,342 |
| Rent Trend (Annual %) | 3.9% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Woodridge is about 153% higher than in Illinois. Rent is about 22% 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 Woodridge, up about 8.4% and 3.9% a year respectively. Home prices are changing faster.
Median rent in Woodridge rose about 35.4% between 2015 and 2023, from $1,101 to $1,491. Over the same span, rent in Illinois rose about 35.1%.
Affordability
On average, housing unit costs 4.1 yearly household incomes in Woodridge.
Buying the median-priced home in Woodridge costs roughly 23.0 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 Woodridge. The price-to-rent ratio in Illinois is about 11.0.
| Metric | Woodridge | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $411,139 | $162,405 | $242,182 |
| Median Household Income | $99,748 | $82,179 | $78,145 |
| Price-to-Income Ratio | 4.1 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Woodridge rose about 104.4%, while median household income rose about 41.6% 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 | Woodridge | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.2% | 61.4% | 58.2% |
| Rental Rate | 29.7% | 30.5% | 31.3% |
| Vacancy Rate | 3.1% | 8.1% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Woodridge has a homeownership rate of 67.2%, higher than the Illinois average of 61.4%. Its housing vacancy rate is 3.1%, compared with 8.1% in Illinois.
Housing Stock
| Metric | Woodridge | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.60 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1979 | 1968 | 1978 |
| Median Number of Rooms | 6.0 | 5.6 | 5.5 |
The typical housing unit in Woodridge was built around 1979. On average, 2.6 people live in a home with about 6.0 rooms, staying for about 16.0 years on average.
Woodridge, IL Housing Compared With Nearby Cities
Woodridge, IL is typical in size for this group, 31,506 residents against a local median of 36,761, so the measures below are close to a like for like comparison. There is no headline here. Every measure below sits within 15% of the median across the nearest cities, which makes Woodridge, IL an unremarkable member of its own neighbourhood rather than an outlier in it.
The largest of those small differences is median home price, 5% below the local median at $411,139 against $433,524. Woodridge, IL has the 3rd highest median home price of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Woodridge, IL | 31,506 | $411,139 #3/5 | $1,491 #4/5 | 69.4% #3/5 |
| Downers Grove, IL | 50,363 | $467,459 | $1,505 | 74.3% |
| Lisle, IL | 21,854 | $540,545 | $1,579 | 56.0% |
| Bolingbrook, IL | 75,045 | $242,509 | $1,719 | 78.6% |
| Westmont, IL | 23,160 | $399,590 | $1,456 | 68.8% |
Frequently Asked Questions
Common questions about the housing market in Woodridge, Illinois.
What is the median home price in Woodridge, Illinois?
The median home price in Woodridge, Illinois is $411,139, higher than the Illinois average of $162,405.
What is the average home price in Woodridge, 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 Woodridge, Illinois?
The median gross rent in Woodridge, Illinois is $1,491 per month, higher than the Illinois average of $1,226.
What was the median gross rent in Woodridge in 2020?
In 2020, the median gross rent in Woodridge, Illinois was $1,347 per month.
What is the price-to-rent ratio in Woodridge, Illinois?
The price-to-rent ratio in Woodridge, Illinois is about 23.0, meaning it would take roughly 23.0 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 Woodridge.
Are home prices or rent rising faster in Woodridge, Illinois?
Both home prices and rent are rising in Woodridge, up about 8.4% and 3.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Woodridge, Illinois?
67.2% of households in Woodridge, Illinois own their home, higher than the Illinois average of 61.4%.
What is the vacancy rate in Woodridge, Illinois?
The housing vacancy rate in Woodridge, Illinois is 3.1%, lower than the Illinois average of 8.1%.