Burbank, IL—60459
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Burbank, IL
As of Oct '25, the median home price in Burbank, IL is $295,000, with a year-over-year change of 3.2%. This indicates that home prices in Burbank, IL are increasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $295,000 | 3.2% |
| Single Family | $299,000 | 3.5% |
| Condos | $188,000 | -2.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $227,000 | 4.6% |
3 Bed | $289,000 | 4.3% |
4 Bed | $347,000 | 1.8% |
| 5 Bed | $373,000 | 1.4% |
% of Housing Stock
Rental Trends — Burbank, IL
As of July '25, Rentcast reports the average rent in Burbank, IL is $1,990, with a year-over-year rent change of 1.5%. Per bedroom, the median rent as of July '25 in Burbank, IL is 1-bedrooms: $1,220, 2-bedrooms: $1,620, 3-bedrooms: $2,450, 4-bedrooms: $2,800. The most common rental property sizes in Burbank, IL are 2-bedroom and 3-bedroom, accounting for 38.6% and 27.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,800 | $1,990 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,200 | $1,220 |
| 2 Bed Rent | $1,600 | $1,620 |
| 3 Bed Rent | $2,200 | $2,450 |
| 4 Bed Rent | $2,400 | $2,800 |
% of Rental Stock
Property Listings — Burbank, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Burbank, IL is 32. This is a decrease of -8.0% 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 21.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $344,000 | 1.0% |
Listing Count | 85 | 6.0% |
| Listings as % of Homes | 0.6% | 6.0% |
Days on Market | 32 | -8.0% |
Demographics — Burbank, IL
As of the latest ACS Survey released in 2023, Burbank, IL has a population of 28,800, which has remained stable by -0.3% over the past 5 years. Burbank, IL is a moderately popular place for families, as children make up 25.0% of the population. The area has a poorly educated workforce, with 15.5% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 28,800 | -0.3% |
% Under 18 | 25.0% | 2.9% |
% Seniors | 15.1% | 10.2% |
% WFH | 5.5% | 243.8% |
% w/ College Degree | 15.5% | 7.6% |
As of the latest ACS Survey released in 2023, Burbank, IL is a predominantly hispanic area, with 49.7% of the population identifying as hispanic. The hispanic population has grown by 60.3% in the last 5 years. The second most common race or ethnicity in Burbank, IL is white, making up 44.4% of the population. Foreign-born residents account for 31.6% of the population in Burbank, IL, and this percentage has increased by 21.5% 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 | 44.4% | -29.9% |
% Black | 1.7% | -45.2% |
% Hispanic | 49.7% | 60.3% |
% Asian | 2.7% | 68.8% |
% Foreign Born | 31.6% | 21.5% |
Mortgage and Risk — Burbank, IL
According to HUD data as of 2023, there were 363 mortgage originations in Burbank, IL, of which 75.0% of loans were conventional mortgages. The average loan-to-value was 70.0%, with 41.0% above 90% LTV (very high). This implies large mortgage risk in Burbank, IL. Investor activity is low, as 2.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 363 |
% Conventional Loans | 75.0% |
% Government Loans | 25.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Burbank, IL
As of 2024, the percent of homes in Burbank, IL under the Section 8 program is 1.8%. 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 and 2-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Burbank, IL, because HUD payments exceed market rent, while 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 29 |
Total Units Section 8 | 29 |
% Rentals under Section 8 | 1.8% |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $230 | $1,200 | $1,430 |
| 2 Bedroom | $20 | $1,600 | $1,620 |
| 3 Bedroom | -$120 | $2,200 | $2,080 |
| 4 Bedroom | $40 | $2,400 | $2,440 |
Affordability — Burbank, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $295,000 |
| Median Household Income | $84,000 |