Special Report

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

jferrer / iStock via Getty Images

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

Source: Public Domain / Wikimedia Commons
  • 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

Source: benkrut / iStock via Getty Images
  • 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

Source: Xing979 at English Wikipedia / Public Domain / Wikimedia Commons
  • 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

Source: rruntsch / iStock via Getty Images
  • 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

Source: ghornephoto / iStock via Getty Images
  • 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

Source: fotoguy22 / iStock via Getty Images
  • 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

Source: patty_c / iStock via Getty Images
  • 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

Source: ghornephoto / iStock via Getty Images
  • 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

Source: Michael Reaves / Getty Images Sport via Getty Images
  • 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

Source: benkrut / iStock via Getty Images
  • 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

Source: davidwilson1949 / Flickr
  • 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

Source: pom-angers / Flickr
  • 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

Source: DenisTangneyJr / iStock via Getty Images
  • 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

Source: roadgeek / Flickr
  • 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

Source: DenisTangneyJr / iStock via Getty Images
  • 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

Source: DenisTangneyJr / iStock via Getty Images
  • 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

Source: oaklawnillinois / Flickr
  • 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

Source: Jacob Boomsma / iStock via Getty Images
  • 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

Source: davidwilson1949 / Flickr
  • 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

Source: vandervliet93 / Getty Images
  • 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

Source: gnagel / iStock Editorial via Getty Images
  • 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

Source: benkrut / Getty Images
  • 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

Source: blanscape / iStock Editorial via Getty Images
  • 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

Source: Sean Pavone/Shutterstock
  • 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

Source: davidwilson1949 / Flickr
  • 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

Source: Mysterymanblue / Wikimedia Commons
  • 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

Source: roadgeek / Flickr
  • 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

Source: Ken Lund / Wikimedia Commons
  • 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

Source: roadgeek / Flickr
  • 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

Source: dougtone / Flickr
  • 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

Source: plunkettb / Flickr
  • 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

Arlington Park Exterior Views
Source: 2021 Getty Images / Getty Images Sport via Getty Images
  • 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

Source: davidwilson1949 / Flickr
  • 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

Source: davidwilson1949 / Flickr
  • 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

Source: crawfordbrian / Flickr
  • 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

Source: pics721 / iStock via Getty Images
  • 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

Source: EAGiven / iStock Editorial via Getty Images
  • 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

Source: davidwilson1949 / Flickr
  • 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

Source: Tim Boyle / Getty Images News via Getty Images
  • 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

Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)

Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.

Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.

Click here now to get started.

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