The Cheapest and Most Expensive Places to Buy a House in Illinois

Special Report

Published: March 28, 2024 12:50 pm

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

Lombard Dairy Queen (CC BY-SA 3.0) by Em-jay-es

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

Emeritus of Hoffman Estates, Illinois, USA front picture by Raj A. Upadhyaya

Emeritus of Hoffman Estates, Illinois, USA front picture (CC BY-SA 3.0) by Raj A. Upadhyaya

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

Read more: Special Report, acs, census bureau, cheapest city to buy a home in Illinois, cheapest place to own a home in Illinois, home prices in Illinois, median home value, most affordable housing market in Illinois, most and least expensive Illinois cities, most expensive place to buy a home in Illinois, Housing

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.

Has Apple Sold 20 Million iPhone 15s?

5 Sizzling Cathie Wood ARK Investment Stocks Trade...

The State With The Highest Divorce Rate

These Americans Own the Most Guns: Every State Ranked