Hoffman Estates, Illinois Real Estate & Housing Market

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Hoffman Estates Housing Information

Index	Hoffman Estates	Illinois	National
Median home price	$252,600	$174,800	$184,700
Median rent asked	$1,177	$925	$949
Avg. people per household	2.9	2.6	2.6
Owner occupied households	74.8%	66.0%	63.6%
Renter occupied households	25.2%	34.0%	36.4%

Above, you will see a summary of real estate in Hoffman Estates, IL. On average, homes in Hoffman Estates, IL cost $252,600, a value that is 45% higher than the average in Illinois. In general terms, this results in Hoffman Estates, IL real estate being less affordable than Illinois real estate. On average, people who rent houses in Hoffman Estates, IL pay $1,177; this value is 27% higher than the average amount renters pay in Illinois. 74.8% of Hoffman Estates, IL residents own their own homes and, on average, each of the homes has 2.9 occupants. Hoffman Estates, IL real estate features a range of homes, which include everthing from large houses to small condos to stacked townhomes. Accessing real estate listings and homes that are up for sale in Hoffman Estates, IL is easy because in our search area shown above, we categorize real estate and homes based on location, price, and the number of bedrooms and bathrooms.

Hoffman Estates Home Affordability

It’s advisable to look at home affordability when trying to find the ideal place to find real estate in Hoffman Estates, IL. To estimate home affordability, one method is to use the ratio of home price to median household income. The Hoffman Estates, IL’s median home price stands at $252,600 while $88,733 is the value of the average household income. The resulting home price to income ratio, which is 2.8x, differs from the Illinois average as the ratio is 4% lower than the state’s average. The average home price divided by the median home income results in the home affordability ratio. Considering the comparison between the home price and home income, homes in Hoffman Estates, IL are considered less expensive if the ratio of home price to income is lower. Besides the home price to median household income ratio, other considerable factors do apply in determining home affordability. Using the home affordability calculator displayed below can help determine the exact price that suits any budget when searching for real estate in Hoffman Estates, IL.

Nearby cities with low home prices

City, State	Population	Home Price	National Avg.
Bellwood, IL	19,146	$116,000	37%
Stone Park, IL	4,936	$121,100	34%
Carpentersville, IL	38,275	$151,300	18%
Hillside, IL	8,165	$151,400	18%
Island Lake, IL	8,025	$154,900	16%
Hoffman Estates, IL	51,727	$252,600	37%

Cities with similar population

City, State	Population	Home Price	National Avg.
Commerce City, CO	51,731	$228,500	24%
Huntersville, NC	51,701	$259,200	40%
Battle Creek, MI	51,763	$80,600	56%
Minnetonka, MN	51,651	$301,400	63%
Southaven, MS	51,816	$139,400	25%
Hoffman Estates, IL	51,727	$252,600	37%

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