Downers Grove, Illinois Real Estate & Housing Market

Downers Grove, IL Listings

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Downers Grove Housing Information

Index	Downers Grove	Illinois	National
Median home price	$331,600	$174,800	$184,700
Median rent asked	$1,181	$925	$949
Avg. people per household	2.3	2.6	2.6
Owner occupied households	74.9%	66.0%	63.6%
Renter occupied households	25.1%	34.0%	36.4%

The above shows an overview of the real estate market in Downers Grove, IL. Note how the median home price for Downers Grove, IL runs $331,600, which is 90% higher than the average property price for Illinois. So you’re going to get real estate in Downers Grove, IL that is on-average less affordable than what you’ll find in the rest of Illinois. As for rent, the median for Downers Grove, IL runs $1,181, which is comparatively 28% higher than the average rent for Illinois. For Downers Grove, IL, about 74.9% of the population consist of home owners with about 2.3 people living in each property on average. Whether you’re looking for condos or townhomes that are low-maintenance and affordable or sprawling mansions, Downers Grove, IL offers a wide variety of real estate. To find your perfect home in Downers Grove, IL, filter your choice by price, location, and number of beds and baths using the search area above.

Downers Grove Home Affordability

When deciding where to purchase Downers Grove, 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 Downers Grove, IL the median home price is $331,600 and $85,171 is the median household income. As a result, the home price to income ratio in Downers Grove, IL is 3.9x, which is 32% 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 Downers Grove, 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 Downers Grove, IL.

Nearby cities with low home prices

City, State	Population	Home Price	National Avg.
Hodgkins, IL	1,960	$32,300	83%
Hometown, IL	4,343	$104,600	43%
Bellwood, IL	19,146	$116,000	37%
Stone Park, IL	4,936	$121,100	34%
Cicero, IL	83,972	$129,000	30%
Downers Grove, IL	49,555	$331,600	80%

Cities with similar population

City, State	Population	Home Price	National Avg.
Wilson, NC	49,558	$134,900	27%
Logan, UT	49,539	$164,000	11%
Olympia, WA	49,608	$246,100	33%
Florin, CA	49,486	$165,000	11%
Galveston, TX	49,443	$154,400	16%
Downers Grove, IL	49,555	$331,600	80%

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