Lake Villa, Illinois Real Estate & Housing Market

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Lake Villa Housing Information

Index	Lake Villa	Illinois	National
Median home price	$233,600	$174,800	$184,700
Median rent asked	$991	$925	$949
Avg. people per household	2.6	2.6	2.6
Owner occupied households	76.5%	66.0%	63.6%
Renter occupied households	23.5%	34.0%	36.4%

Above is a snapshot look at the real estate market in Lake Villa, IL. In Lake Villa, IL, the median house price is $233,600, making the price 34% higher than that the average for Illinois. Therefore, the affordability of Lake Villa, IL area real estate is less affordable than the real estate in other areas of Illinois. In addition, Lake Villa, IL has a median rent price of $991; this price is 7% higher than that the average rental price for Illinois. 76.5% of residents in Lake Villa, IL are homeowners, and the average amount of people who reside in each home is 2.6. Lake Villa, 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 Lake Villa, IL real estate for sale.

Lake Villa Home Affordability

When looking for real estate in Lake Villa, 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 Lake Villa, IL, the median price of a home is $233,600 and $91,220 is the median household income. This means that the home price to income ratio is 2.6x, a ratio that is 13% 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 Lake Villa, 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 Lake Villa, 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%
McCullom Lake, IL	1,011	$110,600	40%
Zion, IL	24,195	$116,800	37%
Waukegan, IL	88,159	$118,600	36%
Lake Villa, IL	8,916	$233,600	26%

Cities with similar population

City, State	Population	Home Price	National Avg.
Pitman, NJ	8,916	$188,300	2%
Atoka, TN	8,917	$172,400	7%
Purcellville, VA	8,914	$426,500	131%
Cape St. Claire, MD	8,918	$362,600	96%
Pulaski, VA	8,918	$98,800	47%
Lake Villa, IL	8,916	$233,600	26%

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