Morton Grove, IL—60053
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Morton Grove, IL
As of Oct '25, the median home price in Morton Grove, IL is $416,000, with a year-over-year change of 5.8%. This indicates that home prices in Morton Grove, IL are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $416,000 | 5.8% |
| Single Family | $434,000 | 6.1% |
| Condos | $288,000 | 3.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $181,000 | 2.8% |
2 Bed | $325,000 | 6.2% |
3 Bed | $414,000 | 6.4% |
4 Bed | $501,000 | 6.1% |
| 5 Bed | $672,000 | 5.5% |
% of Housing Stock
Rental Trends — Morton Grove, IL
As of July '25, Rentcast reports the average rent in Morton Grove, IL is $2,350, with a year-over-year rent change of 9.3%. Per bedroom, the median rent as of July '25 in Morton Grove, IL is studios: $1,900, 1-bedrooms: $1,500, 2-bedrooms: $2,480, 3-bedrooms: $3,110, 4-bedrooms: $3,500. The most common rental property sizes in Morton Grove, IL are 2-bedroom and 3-bedroom, accounting for 48.1% and 32.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,550 | $2,350 |
| Studio Rent | $1,900 | $1,900 |
| 1 Bed Rent | $1,500 | $1,500 |
| 2 Bed Rent | $2,600 | $2,480 |
| 3 Bed Rent | $3,000 | $3,110 |
| 4 Bed Rent | $3,750 | $3,500 |
% of Rental Stock
Property Listings — Morton Grove, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Morton Grove, IL is 39. This is a decrease of -6.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 5.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $532,000 | 15.0% |
Listing Count | 77 | -15.0% |
| Listings as % of Homes | 0.5% | -15.0% |
Days on Market | 39 | -6.0% |
Demographics — Morton Grove, IL
As of the latest ACS Survey released in 2023, Morton Grove, IL has a population of 24,700, which has increased by 6.2% over the past 5 years. Morton Grove, IL is a moderately popular place for families, as children make up 22.3% of the population. The area has a highly educated workforce, with 52.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,700 | 6.2% |
% Under 18 | 22.3% | 19.9% |
% Seniors | 22.5% | -7.4% |
% WFH | 15.6% | 160.0% |
% w/ College Degree | 52.1% | 18.1% |
As of the latest ACS Survey released in 2023, Morton Grove, IL is a predominantly white area, with 53.2% of the population identifying as white. The white population has shrunk by 8.7% in the last 5 years. The second most common race or ethnicity in Morton Grove, IL is asian, making up 31.8% of the population. Foreign-born residents account for 38.1% of the population in Morton Grove, IL, and this percentage has decreased by 4.0% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 53.2% | -8.7% |
% Black | 1.8% | -40.0% |
% Hispanic | 7.9% | 27.4% |
% Asian | 31.8% | 2.9% |
% Foreign Born | 38.1% | -4.0% |
Mortgage and Risk — Morton Grove, IL
According to HUD data as of 2023, there were 344 mortgage originations in Morton Grove, IL, of which 90.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 22.0% above 90% LTV (very high). This implies large mortgage risk in Morton Grove, IL. Investor activity is low, as 1.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 344 |
% Conventional Loans | 90.0% |
% Government Loans | 10.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Morton Grove, IL
As of 2024, the percent of homes in Morton Grove, IL under the Section 8 program is 5.7%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Morton Grove, IL, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 89 |
Total Units Section 8 | 89 |
% Rentals under Section 8 | 5.7% |
% Occupied Section 8 | 95.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $840 | $1,500 | $2,340 |
| 2 Bedroom | $40 | $2,600 | $2,640 |
| 3 Bedroom | $390 | $3,000 | $3,390 |
| 4 Bedroom | $230 | $3,750 | $3,980 |
Affordability — Morton Grove, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.3 |
| Median Home Price | $416,000 |
| Median Household Income | $106,000 |