Special Report
The Cheapest and Most Expensive Places to Buy a House in Illinois
Published:
Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.
Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.
Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some Illinois cities are far more affordable than others.
According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in Illinois is worth $239,100. But across the 41 cities, towns, and unincorporated communities in the state with populations of at least 40,000, median home values range from less than $100,000 to nearly $600,000.
In any local market, home prices are often a reflection of what residents can afford. In Illinois, many of the least expensive cities for homebuyers are not high-income areas. Of the 41 Illinois cities with available data from the ACS, 14 have a median home value that is less than the statewide median. In all but two of these places, the typical household earns less than the statewide median household income of $78,433. Similarly, most of Illinois’ more expensive housing markets have higher earning populations.
These are the cheapest and most expensive housing markets in Illinois.
41. Decatur
- Median home value: $96,800
- Homes worth over $1 million: 0.4%
- Homeownership rate: 61.2%
- Median household income: $49,039
- Total population: 70,975
40. Rockford
- Median home value: $114,100
- Homes worth over $1 million: 0.2%
- Homeownership rate: 54.1%
- Median household income: $50,744
- Total population: 148,173
39. Belleville
- Median home value: $122,700
- Homes worth over $1 million: 0.2%
- Homeownership rate: 62.5%
- Median household income: $60,573
- Total population: 42,155
38. Moline
- Median home value: $141,100
- Homes worth over $1 million: 0.2%
- Homeownership rate: 66.3%
- Median household income: $63,553
- Total population: 42,452
37. Peoria
- Median home value: $146,700
- Homes worth over $1 million: 0.3%
- Homeownership rate: 56.3%
- Median household income: $58,068
- Total population: 113,054
36. Springfield
- Median home value: $147,700
- Homes worth over $1 million: 0.6%
- Homeownership rate: 62.4%
- Median household income: $62,419
- Total population: 114,214
35. Waukegan
- Median home value: $164,400
- Homes worth over $1 million: 1.0%
- Homeownership rate: 48.9%
- Median household income: $66,077
- Total population: 89,435
34. Bloomington
- Median home value: $190,700
- Homes worth over $1 million: 0.0%
- Homeownership rate: 61.1%
- Median household income: $73,119
- Total population: 78,788
33. Champaign
- Median home value: $191,200
- Homes worth over $1 million: 0.2%
- Homeownership rate: 45.4%
- Median household income: $58,273
- Total population: 88,628
32. DeKalb
- Median home value: $192,200
- Homes worth over $1 million: 0.0%
- Homeownership rate: 42.1%
- Median household income: $47,410
- Total population: 40,697
31. Normal
- Median home value: $194,400
- Homes worth over $1 million: 0.6%
- Homeownership rate: 55.8%
- Median household income: $63,965
- Total population: 52,920
30. Cicero
- Median home value: $224,300
- Homes worth over $1 million: 0.2%
- Homeownership rate: 54.6%
- Median household income: $64,325
- Total population: 84,189
29. Joliet
- Median home value: $233,800
- Homes worth over $1 million: 0.5%
- Homeownership rate: 72.4%
- Median household income: $84,971
- Total population: 150,221
28. Romeoville
- Median home value: $233,900
- Homes worth over $1 million: 0.4%
- Homeownership rate: 83.8%
- Median household income: $96,409
- Total population: 40,132
27. Aurora
- Median home value: $241,600
- Homes worth over $1 million: 0.8%
- Homeownership rate: 66.8%
- Median household income: $85,943
- Total population: 181,405
26. Elgin
- Median home value: $242,500
- Homes worth over $1 million: 0.9%
- Homeownership rate: 71.2%
- Median household income: $85,998
- Total population: 114,190
25. Oak Lawn
- Median home value: $250,900
- Homes worth over $1 million: 0.2%
- Homeownership rate: 81.9%
- Median household income: $77,221
- Total population: 57,665
24. Crystal Lake
- Median home value: $271,100
- Homes worth over $1 million: 0.3%
- Homeownership rate: 78.1%
- Median household income: $103,018
- Total population: 40,463
23. Berwyn
- Median home value: $272,900
- Homes worth over $1 million: 0.6%
- Homeownership rate: 60.4%
- Median household income: $71,300
- Total population: 56,556
22. Bolingbrook
- Median home value: $276,400
- Homes worth over $1 million: 0.8%
- Homeownership rate: 78.8%
- Median household income: $102,057
- Total population: 73,755
21. Tinley Park
- Median home value: $278,300
- Homes worth over $1 million: 0.8%
- Homeownership rate: 87.5%
- Median household income: $99,628
- Total population: 55,571
20. Schaumburg
- Median home value: $303,000
- Homes worth over $1 million: 0.4%
- Homeownership rate: 61.2%
- Median household income: $92,818
- Total population: 77,571
19. Des Plaines
- Median home value: $304,100
- Homes worth over $1 million: 0.4%
- Homeownership rate: 78.6%
- Median household income: $86,552
- Total population: 60,087
18. Chicago
- Median home value: $304,500
- Homes worth over $1 million: 5.6%
- Homeownership rate: 45.6%
- Median household income: $71,673
- Total population: 2,721,914
17. Lombard
- Median home value: $308,900
- Homes worth over $1 million: 0.3%
- Homeownership rate: 69.9%
- Median household income: $95,509
- Total population: 44,055
16. Hoffman Estates
- Median home value: $330,300
- Homes worth over $1 million: 0.5%
- Homeownership rate: 74.0%
- Median household income: $107,428
- Total population: 51,744
15. Bartlett
- Median home value: $334,600
- Homes worth over $1 million: 0.2%
- Homeownership rate: 86.4%
- Median household income: $126,555
- Total population: 40,829
14. Palatine
- Median home value: $337,200
- Homes worth over $1 million: 0.3%
- Homeownership rate: 67.5%
- Median household income: $93,383
- Total population: 67,223
13. Orland Park
- Median home value: $337,800
- Homes worth over $1 million: 0.9%
- Homeownership rate: 85.9%
- Median household income: $97,365
- Total population: 58,345
12. Skokie
- Median home value: $362,500
- Homes worth over $1 million: 1.6%
- Homeownership rate: 74.6%
- Median household income: $91,892
- Total population: 67,076
11. Mount Prospect
- Median home value: $367,900
- Homes worth over $1 million: 0.3%
- Homeownership rate: 69.9%
- Median household income: $100,526
- Total population: 56,191
10. Plainfield
- Median home value: $377,200
- Homes worth over $1 million: 0.8%
- Homeownership rate: 89.7%
- Median household income: $143,064
- Total population: 44,941
9. Buffalo Grove
- Median home value: $380,700
- Homes worth over $1 million: 0.0%
- Homeownership rate: 83.2%
- Median household income: $127,553
- Total population: 42,934
8. Arlington Heights
- Median home value: $396,500
- Homes worth over $1 million: 2.2%
- Homeownership rate: 72.7%
- Median household income: $113,502
- Total population: 76,794
7. Downers Grove
- Median home value: $425,000
- Homes worth over $1 million: 3.9%
- Homeownership rate: 75.2%
- Median household income: $115,461
- Total population: 49,996
6. Wheaton
- Median home value: $430,600
- Homes worth over $1 million: 2.8%
- Homeownership rate: 72.6%
- Median household income: $113,523
- Total population: 53,673
5. Oak Park
- Median home value: $440,500
- Homes worth over $1 million: 2.9%
- Homeownership rate: 59.5%
- Median household income: $103,264
- Total population: 53,834
4. Evanston
- Median home value: $454,600
- Homes worth over $1 million: 10.3%
- Homeownership rate: 55.9%
- Median household income: $93,188
- Total population: 77,181
3. Naperville
- Median home value: $482,600
- Homes worth over $1 million: 4.4%
- Homeownership rate: 74.4%
- Median household income: $143,754
- Total population: 149,089
2. Elmhurst
- Median home value: $516,900
- Homes worth over $1 million: 11.4%
- Homeownership rate: 79.8%
- Median household income: $143,492
- Total population: 45,648
1. Glenview
- Median home value: $590,600
- Homes worth over $1 million: 12.4%
- Homeownership rate: 77.8%
- Median household income: $134,910
- Total population: 47,896
| Rank | Places in Illinois with at least 40,000 residents | Median home value ($) | Homeownership rate (%) | Median household income ($) | Total Population |
|---|---|---|---|---|---|
| 1 | Glenview | 590,600 | 77.8 | 134,910 | 47,896 |
| 2 | Elmhurst | 516,900 | 79.8 | 143,492 | 45,648 |
| 3 | Naperville | 482,600 | 74.4 | 143,754 | 149,089 |
| 4 | Evanston | 454,600 | 55.9 | 93,188 | 77,181 |
| 5 | Oak Park | 440,500 | 59.5 | 103,264 | 53,834 |
| 6 | Wheaton | 430,600 | 72.6 | 113,523 | 53,673 |
| 7 | Downers Grove | 425,000 | 75.2 | 115,461 | 49,996 |
| 8 | Arlington Heights | 396,500 | 72.7 | 113,502 | 76,794 |
| 9 | Buffalo Grove | 380,700 | 83.2 | 127,553 | 42,934 |
| 10 | Plainfield | 377,200 | 89.7 | 143,064 | 44,941 |
| 11 | Mount Prospect | 367,900 | 69.9 | 100,526 | 56,191 |
| 12 | Skokie | 362,500 | 74.6 | 91,892 | 67,076 |
| 13 | Orland Park | 337,800 | 85.9 | 97,365 | 58,345 |
| 14 | Palatine | 337,200 | 67.5 | 93,383 | 67,223 |
| 15 | Bartlett | 334,600 | 86.4 | 126,555 | 40,829 |
| 16 | Hoffman Estates | 330,300 | 74.0 | 107,428 | 51,744 |
| 17 | Lombard | 308,900 | 69.9 | 95,509 | 44,055 |
| 18 | Chicago | 304,500 | 45.6 | 71,673 | 2,721,914 |
| 19 | Des Plaines | 304,100 | 78.6 | 86,552 | 60,087 |
| 20 | Schaumburg | 303,000 | 61.2 | 92,818 | 77,571 |
| 21 | Tinley Park | 278,300 | 87.5 | 99,628 | 55,571 |
| 22 | Bolingbrook | 276,400 | 78.8 | 102,057 | 73,755 |
| 23 | Berwyn | 272,900 | 60.4 | 71,300 | 56,556 |
| 24 | Crystal Lake | 271,100 | 78.1 | 103,018 | 40,463 |
| 25 | Oak Lawn | 250,900 | 81.9 | 77,221 | 57,665 |
| 26 | Elgin | 242,500 | 71.2 | 85,998 | 114,190 |
| 27 | Aurora | 241,600 | 66.8 | 85,943 | 181,405 |
| 28 | Romeoville | 233,900 | 83.8 | 96,409 | 40,132 |
| 29 | Joliet | 233,800 | 72.4 | 84,971 | 150,221 |
| 30 | Cicero | 224,300 | 54.6 | 64,325 | 84,189 |
| 31 | Normal | 194,400 | 55.8 | 63,965 | 52,920 |
| 32 | DeKalb | 192,200 | 42.1 | 47,410 | 40,697 |
| 33 | Champaign | 191,200 | 45.4 | 58,273 | 88,628 |
| 34 | Bloomington | 190,700 | 61.1 | 73,119 | 78,788 |
| 35 | Waukegan | 164,400 | 48.9 | 66,077 | 89,435 |
| 36 | Springfield | 147,700 | 62.4 | 62,419 | 114,214 |
| 37 | Peoria | 146,700 | 56.3 | 58,068 | 113,054 |
| 38 | Moline | 141,100 | 66.3 | 63,553 | 42,452 |
| 39 | Belleville | 122,700 | 62.5 | 60,573 | 42,155 |
| 40 | Rockford | 114,100 | 54.1 | 50,744 | 148,173 |
| 41 | Decatur | 96,800 | 61.2 | 49,039 | 70,975 |
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