Oak Lawn, Illinois Real Estate & Housing Market

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Oak Lawn Housing Information

Index	Oak Lawn	Illinois	National
Median home price	$187,300	$174,800	$184,700
Median rent asked	$1,002	$925	$949
Avg. people per household	2.5	2.6	2.6
Owner occupied households	79.8%	66.0%	63.6%
Renter occupied households	20.2%	34.0%	36.4%

The above shows an overview of the real estate market in Oak Lawn, IL. Note how the median home price for Oak Lawn, IL runs $187,300, which is 7% higher than the average property price for Illinois. So you’re going to get real estate in Oak Lawn, IL that is on-average less affordable than what you’ll find in the rest of Illinois. As for rent, the median for Oak Lawn, IL runs $1,002, which is comparatively 8% higher than the average rent for Illinois. For Oak Lawn, IL, about 79.8% 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, Oak Lawn, IL offers a wide variety of real estate. To find your perfect home in Oak Lawn, IL, filter your choice by price, location, and number of beds and baths using the search area above.

Oak Lawn Home Affordability

When deciding where to purchase Oak Lawn, 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 Oak Lawn, IL the median home price is $187,300 and $58,707 is the median household income. As a result, the home price to income ratio in Oak Lawn, IL is 3.2x, which is 8% 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 Oak Lawn, 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 Oak Lawn, IL.

Nearby cities with low home prices

City, State	Population	Home Price	National Avg.
Hodgkins, IL	1,960	$32,300	83%
Dixmoor, IL	3,614	$44,200	76%
Ford Heights, IL	2,775	$58,800	68%
Phoenix, IL	2,042	$71,600	61%
Robbins, IL	5,216	$72,500	61%
Oak Lawn, IL	56,774	$187,300	1%

Cities with similar population

City, State	Population	Home Price	National Avg.
Valdosta, GA	56,717	$121,000	34%
Santee, CA	56,839	$363,000	97%
Fountain Valley, CA	56,670	$626,600	239%
Brentwood, CA	56,923	$428,500	132%
Midwest City, OK	56,930	$101,500	45%
Oak Lawn, IL	56,774	$187,300	1%

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