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City Report · IL

Homewood

Pop. 19,294·13th most expensive in Illinois·Rental market data updated monthly for Homewood, IL
Median rent (all units)
$2,524/mo
Year-over-Year
Stable
Month-over-Month
-4.7%
vs US Median
+$559
Falling (Monthly)
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Most AffordableMost Expensive
Homewood · $2,524
More expensive than 80% of US cities · National median $1,965/mo
Affordability
30% of income
MODERATE
0%30% benchmark60%+

At $2,524/mo, rent takes about 30% of the local median household income, slightly above the 30% benchmark.

Income to afford
$101,000/yr
Local median income
$100,139/yr
Based on the 30%-of-income rule using Homewood's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$1,410
1 BR
$1,510
2 BR
$1,700
3 BR
$2,180
4 BR+
$2,560
Research median
$1,700/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$30,288/yr
At $2,524/mo median
Rent Market Meter
Strong Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are down 0.0% year-over-year. Push hard on price, concessions, and lease terms.
Based on rent-price momentum (+0.0% YoY, -4.7% MoM), not inventory.
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Demographics

Who lives here

Homewood, IL is majority owner-occupied, has a large share of families with children, has a median income above the national average, 47.4% of residents hold a bachelor's degree or higher.

Population
19,294
Median income
$100,139
Median age
40.2
Renters
18.3%
Age distribution
27%
15.6%
25.4%
13.4%
18.6%
Under 1827%
18–3415.6%
35–5425.4%
55–6413.4%
65+18.6%
Gender
50.9%
49.1%
Male50.9%
Female49.1%
Race & ethnicity
45.1%
43.3%
White45.1%
Black43.3%
Hispanic6.4%
Asian1.4%
Other3.9%
Education (25+)
19.4%
29.6%
47.4%
No HS diploma3.6%
HS diploma19.4%
Some college29.6%
Bachelor's+47.4%
Housing tenure
81.7%
18.3%
Owner81.7%
Renter18.3%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Homewood, IL has changed in 5 years

Income
$81,940 → $100,139
up 22.2%
Population
19,716 → 19,294
down 2.1%
Renter share
21.6% → 18.3%
-3.3 pts
Bachelor's+
42.9% → 47.4%
+4.5 pts
Median age
39.2 → 40.2
+1.0 yrs

On the earnings side, the typical household in Homewood, IL now reports about $100,139, up from $81,940 in 2021. The population has contracted by 2.1% since 2021, moving from about 19,716 residents to roughly 19,294. Renters now make up 18.3% of households, compared with 21.6% five years ago. College-educated residents now make up 47.4% of adults here, versus 42.9% in 2021.

Community

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View Homewood rent history (2015–2026) →
Salary vs rent

Can you afford rent in Homewood on your salary?

At $2,524/mo, how Homewood rent compares to typical pay (30% rule).

By apartment size

Homewood rent by bedroom count

Median rent for each apartment size in Homewood. Click any size for full breakdown.

Local insights

Tips for renters in Homewood

About renting in Homewood, IL

Last updated: July 20, 2026

The median rent in Homewood is $2,524/mo as of July 2026. A studio apartment averages $1,410/mo while a 2-bedroom runs $1,700/mo. One-bedroom apartments average $1,510/mo and 3-bedroom units go for $2,180/mo.

At 30% of local median household income ($100,139/yr), Homewood ranks as moderate compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

Is Homewood an affordable city for renters?

Homewood is considered moderate for renters. At $2,524/mo, rent takes approximately 30% of the local median household income ($100,139/yr). The standard benchmark is 30%. Homewood slightly exceeds that threshold, so budgeting carefully matters here.

How much income do you need to rent in Homewood?

To keep rent at or below 30% of gross income, you would need to earn at least $101,000/year (~$49/hour full-time) to afford the median rent of $2,524/mo in Homewood. The local median household income is $100,139/yr, meaning the typical Homewood household falls short of that threshold.

Is rent going up or down in Homewood?

Rent in Homewood has been relatively stable over the past year, with a 0.0% change year over year as of July 2026.

How does Homewood rent compare to other cities in Illinois?

Homewood is one of the pricier cities in Illinois for rent, ranking #13 out of 142 tracked cities at $2,524/mo.

Which nearby cities are cheaper to rent in than Homewood?

Several nearby cities have lower median rents than Homewood ($2,524/mo): Riverdale ($1,232/mo), Chicago Heights ($1,498/mo), Park Forest ($1,981/mo).

What percentage of Homewood residents rent vs. own?

According to Census data, approximately 18.3% of Homewood households are renters, while 81.7% are owner-occupied. Homewood leans toward homeownership, which can mean a smaller rental inventory.

How does Homewood rent compare to the national average?

Homewood's median rent of $2,524/mo is $559 (28%) above the US national median of $1,965/mo. Within Illinois, it ranks #13 out of 142 tracked cities.
Income Affordability
30%
MODERATE

At $2,524/mo, rent takes ~30% of Homewood's median household income ($100,139/yr). The standard benchmark is 30%.

Homewood 30%Benchmark 30%
State income tax4.95%
Run the Homewood affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Homewood, IL

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