Wheeling, IL—60090
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Wheeling, IL
As of Oct '25, the median home price in Wheeling, IL is $299,000, with a year-over-year change of 3.7%. This indicates that home prices in Wheeling, IL are increasing. According to Zillow, the 1-year price projection is 1.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $299,000 | 3.7% |
| Single Family | $346,000 | 3.9% |
| Condos | $243,000 | 2.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $165,000 | 5.8% |
2 Bed | $253,000 | 5.4% |
3 Bed | $324,000 | 3.8% |
4 Bed | $461,000 | 5.7% |
| 5 Bed | $491,000 | 4.9% |
% of Housing Stock
Rental Trends — Wheeling, IL
As of July '25, Rentcast reports the average rent in Wheeling, IL is $2,360, with a year-over-year rent change of 5.8%. Per bedroom, the median rent as of July '25 in Wheeling, IL is studios: $1,510, 1-bedrooms: $1,750, 2-bedrooms: $2,130, 3-bedrooms: $2,870, 4-bedrooms: $3,290. The most common rental property sizes in Wheeling, IL are 2-bedroom and 1-bedroom, accounting for 46.4% and 37.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,200 | $2,360 |
| Studio Rent | $1,040 | $1,510 |
| 1 Bed Rent | $1,650 | $1,750 |
| 2 Bed Rent | $2,050 | $2,130 |
| 3 Bed Rent | $2,700 | $2,870 |
| 4 Bed Rent | $3,200 | $3,290 |
% of Rental Stock
Property Listings — Wheeling, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Wheeling, IL is 40. This is a increase of 20.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 23.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $325,000 | 0.0% |
Listing Count | 106 | 39.0% |
| Listings as % of Homes | 0.3% | 39.0% |
Days on Market | 40 | 20.0% |
Demographics — Wheeling, IL
As of the latest ACS Survey released in 2023, Wheeling, IL has a population of 38,300, which has remained stable by -0.4% over the past 5 years. Wheeling, IL is a moderately popular place for families, as children make up 19.4% of the population. The area has a moderately educated workforce, with 40.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 38,300 | -0.4% |
% Under 18 | 19.4% | -8.5% |
% Seniors | 16.9% | 21.6% |
% WFH | 11.2% | 300.0% |
% w/ College Degree | 40.5% | 3.8% |
As of the latest ACS Survey released in 2023, Wheeling, IL is a predominantly white area, with 47.3% of the population identifying as white. The white population has grown by 3.1% in the last 5 years. The second most common race or ethnicity in Wheeling, IL is hispanic, making up 32.0% of the population. Foreign-born residents account for 45.0% of the population in Wheeling, IL, and this percentage has increased by 4.7% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 47.3% | 3.1% |
% Black | 2.4% | -22.6% |
% Hispanic | 32.0% | 4.6% |
% Asian | 16.1% | -11.0% |
% Foreign Born | 45.0% | 4.7% |
Mortgage and Risk — Wheeling, IL
According to HUD data as of 2023, there were 437 mortgage originations in Wheeling, IL, of which 89.0% of loans were conventional mortgages. The average loan-to-value was 71.0%, with 31.0% above 90% LTV (very high). This implies large mortgage risk in Wheeling, IL. Investor activity is low, as 3.0% 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 | 437 |
% Conventional Loans | 89.0% |
% Government Loans | 11.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Wheeling, IL
As of 2024, the percent of homes in Wheeling, IL under the Section 8 program is 5.2%. 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. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Wheeling, IL, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 316 |
Total Units Section 8 | 301 |
% Rentals under Section 8 | 5.2% |
% Occupied Section 8 | 92.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $30 | $1,650 | $1,680 |
| 2 Bedroom | -$150 | $2,050 | $1,900 |
| 3 Bedroom | -$260 | $2,700 | $2,440 |
| 4 Bedroom | -$330 | $3,200 | $2,870 |
Affordability — Wheeling, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.9 |
| Median Home Price | $299,000 |
| Median Household Income | $83,400 |