Palatine, IL—60074
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Palatine, IL
Home Price Trends — Palatine, IL
As of Oct '25, the median home price in Palatine, IL is $294,000, with a year-over-year change of 2.6%. This indicates that home prices in Palatine, IL are increasing. According to Zillow, the 1-year price projection is 1.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $294,000 | 2.6% |
| Single Family | $402,000 | 3.9% |
| Condos | $208,000 | 5.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $164,000 | 7.9% |
2 Bed | $224,000 | 4.2% |
3 Bed | $365,000 | 4.6% |
4 Bed | $477,000 | 5.5% |
| 5 Bed | $559,000 | 4.7% |
% of Housing Stock
Rental Trends — Palatine, IL
As of July '25, Rentcast reports the average rent in Palatine, IL is $2,150, with a year-over-year rent change of -4.0%. Per bedroom, the median rent as of July '25 in Palatine, IL is studios: $1,530, 1-bedrooms: $1,530, 2-bedrooms: $1,860, 3-bedrooms: $2,920, 4-bedrooms: $3,770. The most common rental property sizes in Palatine, IL are 2-bedroom and 1-bedroom, accounting for 49.4% and 29.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,850 | $2,150 |
| Studio Rent | $1,520 | $1,530 |
| 1 Bed Rent | $1,550 | $1,530 |
| 2 Bed Rent | $1,850 | $1,860 |
| 3 Bed Rent | $3,000 | $2,920 |
| 4 Bed Rent | $3,900 | $3,770 |
% of Rental Stock
Property Listings — Palatine, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Palatine, IL is 33. This is a increase of 2.0% 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 20.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $291,000 | 4.0% |
Listing Count | 98 | -3.0% |
| Listings as % of Homes | 0.3% | -3.0% |
Days on Market | 33 | 2.0% |
Demographics — Palatine, IL
As of the latest ACS Survey released in 2023, Palatine, IL has a population of 36,300, which has decreased by -8.1% over the past 5 years. Palatine, IL is a moderately popular place for families, as children make up 23.4% of the population. The area has a moderately educated workforce, with 42.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 14.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 36,300 | -8.1% |
% Under 18 | 23.4% | -7.9% |
% Seniors | 14.5% | 26.1% |
% WFH | 14.3% | 276.3% |
% w/ College Degree | 42.0% | 4.5% |
As of the latest ACS Survey released in 2023, Palatine, IL is a predominantly white area, with 52.0% of the population identifying as white. The white population has shrunk by 4.4% in the last 5 years. The second most common race or ethnicity in Palatine, IL is hispanic, making up 30.8% of the population. Foreign-born residents account for 27.1% of the population in Palatine, IL, and this percentage has decreased by 17.9% 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 | 52.0% | -4.4% |
% Black | 6.4% | 137.0% |
% Hispanic | 30.8% | -3.4% |
% Asian | 8.5% | -4.5% |
% Foreign Born | 27.1% | -17.9% |
Mortgage and Risk — Palatine, IL
According to HUD data as of 2023, there were 465 mortgage originations in Palatine, IL, of which 94.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 28.0% above 90% LTV (very high). This implies large mortgage risk in Palatine, IL. Investor activity is low, as 5.0% 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 | 465 |
% Conventional Loans | 94.0% |
% Government Loans | 6.0% |
% Investor Loans | 5.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Palatine, IL
As of 2024, the percent of homes in Palatine, IL under the Section 8 program is 7.5%. 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 Palatine, 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 | 481 |
Total Units Section 8 | 406 |
% Rentals under Section 8 | 7.5% |
% Occupied Section 8 | 91.6% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $90 | $1,550 | $1,640 |
| 2 Bedroom | $0 | $1,850 | $1,850 |
| 3 Bedroom | -$620 | $3,000 | $2,380 |
| 4 Bedroom | -$1,110 | $3,900 | $2,790 |
Affordability — Palatine, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $294,000 |
| Median Household Income | $81,900 |