What is the median home value in Chicago, IL?

The median value of an owner-occupied home in Chicago is $315,200, according to Census Bureau ACS 5-year estimates (table B25077).

How much is rent in Chicago, IL?

Median gross rent — contract rent plus tenant-paid utilities — is $1,380 a month in Chicago (ACS table B25064). Renters at the median spend 29% of household income on it.

Cook County · Illinois

Chicago, IL housing costs

What a home costs to buy and to rent here, how old the housing stock is, and how much of a paycheck rent takes — all from Census ACS 5-year estimates.

Quick answer

The median home in Chicago, IL is worth $315,200 and median gross rent is $1,380 a month. That is 4% above the national median home value of $303,400. 45.5% of occupied homes are owner-occupied, against 65% nationally.

Median home value: $315,200#50 of 94 metros
Median gross rent: $1,380/mo#45 of 94 metros
Owner-occupied: 45.5%US average 65%
Median year built: 1952Half the homes here are older than this

Can a median household here buy a median home?

Price-to-income is the plainest affordability yardstick there is.

Chicago's median household earns $71,673 a year while the median home is worth $315,200. That is a price-to-income ratio of 4.4×, against roughly 3.9× nationally. Lenders have historically treated anything above 4× as stretched. Renters at the median put 29% of household income into gross rent; 30% is the federal threshold for “cost-burdened”.

Related data for Chicago

The same household, seen from three angles.

Source: US Census Bureau, American Community Survey 5-year estimates

Tables B25077, B25064, B25003, B25035 and B25071, 2019-2023 ACS 5-year, Census place 1,714,000. Values are place-level, not metro-area-wide.