Gurnee, Illinois Real Estate & Housing Market

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Gurnee Housing Information

Index	Gurnee	Illinois	National
Median home price	$251,300	$174,800	$184,700
Median rent asked	$1,179	$925	$949
Avg. people per household	2.6	2.6	2.6
Owner occupied households	70.3%	66.0%	63.6%
Renter occupied households	29.7%	34.0%	36.4%

Above is a snapshot look at the real estate market in Gurnee, IL. In Gurnee, IL, the median house price is $251,300, making the price 44% higher than that the average for Illinois. Therefore, the affordability of Gurnee, IL area real estate is less affordable than the real estate in other areas of Illinois. In addition, Gurnee, IL has a median rent price of $1,179; this price is 27% higher than that the average rental price for Illinois. 70.3% of residents in Gurnee, IL are homeowners, and the average amount of people who reside in each home is 2.6. Gurnee, IL has a wide array of real estate options available, ranging from cost-friendly condos to high-end luxury homes. We filter listings by number of bathrooms and bedrooms, price and area to simplify the search process for Gurnee, IL real estate for sale.

Gurnee Home Affordability

When looking for real estate in Gurnee, IL, nothing is more important than affordability. There are several methods to calculate the affordability of a home, but perhaps the best way is the home price to median household income ratio. In Gurnee, IL, the median price of a home is $251,300 and $88,553 is the median household income. This means that the home price to income ratio is 2.8x, a ratio that is 4% lower than the average in Illinois. The median home price is divided by the median home income to calculate the home affordability ratio. Homes in Gurnee, IL will be more financially accessable if the ratio has a lower than average home price to home income. These are not the only aspects to look at when determining the affordability of a home. A home affordability calculator offers a much more exact overview of the true affordability of a property. Use the calculator below to better determine how much you can pay for real estate in Gurnee, IL.

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%
Zion, IL	24,195	$116,800	37%
Waukegan, IL	88,159	$118,600	36%
Round Lake Park, IL	7,989	$120,000	35%
Gurnee, IL	31,070	$251,300	36%

Cities with similar population

City, State	Population	Home Price	National Avg.
Meadow Woods, FL	31,077	$161,000	13%
Shawnee, OK	31,091	$96,800	48%
Dania Beach, FL	31,046	$167,300	9%
Wheat Ridge, CO	31,044	$278,700	51%
San Luis, AZ	31,118	$112,100	39%
Gurnee, IL	31,070	$251,300	36%

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