Barrington, IL Real Estate & Homes For Sale

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Barrington Real Estate Market Facts

$493,000Median home price
182% higher than Illinois
$1,220Median rent asked
32% higher than Illinois
74.2%Home owners
13% higher than Illinois
2.5People per home
3% lower than Illinois

The above shows an overview of the real estate market in Barrington, IL. Note how the median home price for Barrington, IL runs $493,000, which is 182% higher than the average property price for Illinois. So you’re going to get real estate in Barrington, IL that is on-average less affordable than what you’ll find in the rest of Illinois. As for rent, the median for Barrington, IL runs $1,220, which is comparatively 32% higher than the average rent for Illinois. For Barrington, IL, about 74.2% of the population consist of home owners with about 2.5 people living in each property on average. Whether you’re looking for condos or townhomes that are low-maintenance and affordable or sprawling mansions, Barrington, IL offers a wide variety of real estate. To find your perfect home in Barrington, IL, filter your choice by price, location, and number of beds and baths using the search area above.

Barrington Home Affordability

$493,000Median home price
182% higher than Illinois
$119,688Median home income
102% higher than Illinois
4.1xHome price to income ratio
39% higher than Illinois

When deciding where to purchase Barrington, IL real estate, home affordability is one of the top deciding factors. One way that you can calculate the affordability of your next home is to use this formula: median home price to median household income ratio. In Barrington, IL the median home price is $493,000 and $119,688 is the median household income. As a result, the home price to income ratio in Barrington, IL is 4.1x, which is 39% higher than the Illinois average. In order to determine the home affordability ratio, you would divide the median home price by the median home income. If you find that in Barrington, IL the home price to income ratio is lower than average, that means that in general, housing is more affordable. While there more than just one factor in deciding home affordability, you can use the home affordability calculator below as an additional tool when deciding how much you can and should pay for real estate in Barrington, IL.

Barrington Affordability Calculator

You can afford a home up to:

Debt-to-income ratio

Monthly income breakdown

Monthly income
Monthly payment
Debt payment
Income taxes
Remainder

When looking for real estate in Barrington, IL, finding one that won't strain your budget is imperative. That's when the home affordability calculator comes in handy. It allows you to calculate the cost of a property in Barrington, IL, not only by considering your income, but debts and down payment amounts as well. You can personalize the home affordability calculator even further by adding in additional factors like length of mortgage term, property taxes, home insurance costs, mortgage rate, and HOA dues. The calculator will come up with an estimated cost of home ownership and display an amount that would fit within your budget. Knowing this figure will help you find a home that you can afford in Barrington, IL and keep you from looking at places that are out of financial reach. Therefore, you can avoid disappointment and emotional attachment to homes you would not be able to afford. Additionally, this tool allows you to balance your budget because it also calculates the amount of money left over for savings and other expenses.

Barrington Mortgage Calculator

Your monthly payment will be:

Monthly payment breakdown

Monthly payment
Mortgage
PMI fees
Property tax
Home insurance
HOA dues

If I buy a real estate in Barrington, IL, what can I expect to pay monthly? There are a number of different factors that will go in to determining your monthly cost. While most people understand how significant the overall price of the house goes into determining the payment amount, it's also important to know that there are a variety of other variables to consider. These include things such as property taxes, private mortgage insurance (PMI), home owner's association dues, interest rate, and how much of a down payment has been made on the house. Understanding these is a great way to reduce overall payment. For example, you can reduce the private mortgage insurance by making a down payment of 20%. The mortgage calculator above will have all of these variables already filled out with default data, but you can customize it to give you a much more accurate reading. Generally speaking, you want to keep your debt to income ratio at about 36% when calculating your monthly house payment, which means paying no more than 36% of your monthly salary towards your housing and other debts.

Barrington Demographics

10,449Population
2,268People / sq mile
43.6Median age
0.9:1Male/Female ratio

Nearby cities with low home prices

City, State	Population	Home Price	National Avg.
Park City, IL	7,402	$27,900	85%
North Chicago, IL	30,023	$106,500	42%
McCullom Lake, IL	1,011	$110,600	40%
Waukegan, IL	88,159	$118,600	36%
Round Lake Park, IL	7,989	$120,000	35%
Barrington, IL	10,449	$493,000	167%

Cities with similar population

City, State	Population	Home Price	National Avg.
Fairview Shores, FL	10,450	$144,400	22%
Beverly Hills, MI	10,450	$320,200	73%
Manville, NJ	10,448	$248,900	35%
Struthers, OH	10,445	$71,900	61%
Hillsdale, NJ	10,454	$515,800	179%
Barrington, IL	10,449	$493,000	167%

Source: The Barrington, IL housing data displayed above is derived from the 2016 United States Census Bureau American Community Survey (ACS).