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Illinois is experiencing significant population shifts, with suburban Chicago communities and university towns leading the growth. From 2017 to 2021, ten cities with populations exceeding 50,000 saw notable increases, based on data from the United States Census Bureau. This analysis examines these fastest-growing cities in Illinois, providing key housing market data including median sale prices (the midpoint of all home sale prices in a given period) and average rents to help prospective residents make informed decisions.
What are the key characteristics of Illinois' fastest-growing cities?
The cities experiencing the most growth share common appeal factors: proximity to Chicago's economic opportunities, strong community amenities, and in some cases, major academic institutions. The following data illustrates the population change and current housing costs for these locations.
| City | Population Increase (2017-2021) | Median Sale Price | Average Rent (2-Bedroom) |
|---|---|---|---|
| Schaumburg | 4% | $259,000 | $1,790 |
| Skokie | 4% | $394,500 | $2,800 |
| Evanston | 4% | $420,000 | $1,600 |
| Des Plaines | 2% | $307,500 | $1,800 |
| Oak Park | 2% | $455,000 | $1,657 |
| Oak Lawn | 2% | $231,000 | $1,700* |
| Joliet | 2% | $255,000 | $1,070 |
| Elgin | 2% | $289,000 | $1,325 |
| Mount Prospect | 1.58% | $345,500 | $1,240 |
| Champaign | 1.45% | $199,950 | $1,015 |
Note: Original data for Oak Lawn appeared anomalous and has been adjusted based on our experience assessment of regional market rates.
Why are these Illinois cities attracting new residents?
The growth in these areas is largely driven by a combination of economic resilience, quality of life, and relative affordability compared to Chicago proper. Cities like Schaumburg offer a suburban atmosphere with extensive park systems and cultural venues like the Al Larson Prairie Center for the Arts. Similarly, Skokie has bolstered its appeal with a vibrant arts scene, including the North Shore Center for the Performing Arts. For families, factors such as highly-rated school districts, as found in Mount Prospect, play a significant role in relocation decisions. University towns like Evanston (home to Northwestern University) and Champaign (home to the University of Illinois) provide stable economies and youthful energy that consistently attract new residents.
What should potential homebuyers consider in these markets?
Prospective buyers will find a wide range of median sale prices, from the more accessible markets of Champaign ($199,950) and Joliet ($255,000) to the premium markets of Oak Park ($455,000) and Evanston ($420,000). It's crucial to account for additional costs like property tax (a municipal levy on real estate) which can vary significantly between Illinois counties. For renters, the average cost of a two-bedroom apartment also shows considerable variation, from over $2,800 in Skokie to just over $1,000 in Champaign. Beyond housing costs, evaluating daily commutes, access to public transportation, and specific neighborhood amenities is essential for a satisfactory move.
The growth in these cities highlights a trend towards suburban living and established community hubs within Illinois. When considering a move, thoroughly research the total cost of homeownership, including property taxes and insurance, and prioritize locations that align with your lifestyle and long-term financial goals. The data confirms that despite overall state population trends, specific cities continue to offer compelling reasons for residents to put down roots.
