Average Rent and Home Prices in Evanston, IL

The Housing Market in Evanston Today

The rental market in Evanston has tightened in recent years, with vacancy rates dipping below 5% in 2022. This limited availability has put upward pressure on rents across the city. At the same time, new apartment developments are rising in downtown areas, expanding options for renters who prioritize walkability and urban amenities.

On the homeownership front, Evanston’s housing market remains competitive. Inventory is relatively low, with well-maintained homes often selling quickly and at premium prices. The city’s proximity to Chicago, strong school system, and vibrant cultural scene continue to attract buyers despite rising costs.

While housing expenses have climbed in Evanston, the city’s diverse economy and well-compensated workforce help to offset affordability challenges for many residents. Understanding the nuances of renting versus owning is key to making smart housing decisions in this dynamic market.

Renting in Evanston: What’s Typical?

As of 2023, the average rent for a one-bedroom apartment in Evanston is approximately $1,800 per month. Upgrading to a two-bedroom unit will cost around $2,400 on average. These figures represent a notable increase from five years prior, when a one-bedroom went for closer to $1,500.

Renters can find more affordable options in neighborhoods farther from the lake and downtown core. However, even traditionally lower-cost areas have seen an uptick in rents lately. Apartments are in particularly high demand among young professionals, graduate students, and downsizing seniors.

While rent consumes a sizable portion of income for many Evanstonians, renting remains the most accessible path to living in the city. Rental inventory is more readily available than starter homes, and the costs of entry are significantly lower for apartments. Many newer rental developments offer attractive amenities, such as in-unit laundry, fitness centers, and rooftop lounges.

Owning a Home in Evanston

The path to homeownership is often steeper in Evanston. As of 2023, the median home price has risen to $450,000. For a buyer putting 10% down on a 30-year mortgage at 6.5% interest, this equates to a monthly payment of approximately $2,600 before taxes and insurance.

On top of the mortgage, Evanston homeowners must account for substantial property taxes. The average effective property tax rate in the city is 2.1%, meaning the owner of a $450,000 home would owe nearly $9,500 per year. Homeowners insurance tacks on another $100 or so per month.

For homes in planned developments or condominiums, monthly HOA dues often apply. These fees, which can range from $200 to $1,000, cover shared costs like exterior maintenance, landscaping, and amenities. While steep, these added expenses are essential to factor into any home-buying budget.

Renters vs. Homeowners: Who Lives Where?

Evanston’s homeownership rate sits at around 56%, slightly lower than the national average. The city’s significant student population and abundance of young renters contribute to this dynamic. Families are more likely to own than rent, especially as children reach school age.

Geographically, renters are concentrated in denser neighborhoods like Downtown Evanston, whereas owners are more evenly dispersed throughout the city’s residential areas. This pattern reflects the distribution of housing types, with apartments clustered in urban cores and single-family homes dominating outlying neighborhoods.

Financially, homeownership remains out of reach for many working-class and middle-income Evanstonians. Saving for a down payment is a formidable challenge in the face of rising rents and student loan obligations. This affordability crisis has spurred the city to explore initiatives aimed at expanding access to homeownership.

Typical Monthly Housing Costs in Evanston

Here’s what housing costs might look like each month in Evanston:

Estimates reflect mid-range properties and average usage.

What’s Driving Costs Up or Down?

Several factors are putting upward pressure on housing costs in Evanston. On the demand side, the city’s proximity to Chicago and well-regarded schools make it an attractive destination for families and professionals. This sustained interest in living in Evanston has kept competition for homes elevated.

In terms of supply, Evanston has limited undeveloped land available. This scarcity constrains new construction and keeps inventory tight. While zoning changes have allowed for higher-density developments in some areas, the pace of building has not kept up with demand.

Economic trends also play a role. The Evanston job market has shown resilience, with unemployment remaining low. This stability bodes well for housing demand but also exerts upward pressure on prices. While rising interest rates have cooled the market slightly, they have also erected new barriers for budget-conscious buyers.

FAQs About Housing in Evanston

• Is Evanston affordable to live in? Evanston is relatively expensive compared to the national average, but pockets of affordability exist. Renting is more accessible than buying for many residents.
• Why are housing prices changing? Limited housing supply, strong demand from neighboring Chicago, and economic factors like interest rates and wage growth all influence Evanston’s housing market.
• How does Evanston compare to nearby cities? Evanston is pricier than many surrounding suburbs but offers a unique blend of urban amenities, lakefront access, and residential charm that commands a premium.

Making Smart Housing Decisions in Evanston

For renters in Evanston, budgeting around $2,000 per month for a well-located one-bedroom apartment is prudent. Prospective homebuyers should anticipate monthly costs exceeding $4,000 for a mid-range single-family home. These figures underscore the importance of aligning housing choices with long-term financial goals.

Ultimately, the decision to rent or buy depends on individual circumstances. Factors like career stability, family size, and savings all shape which path makes sense. Evanston offers a range of options for both renters and buyers, but tradeoffs are often necessary.

To explore housing costs in more detail, check out our guide to Monthly Budget Examples for Evanston Residents. For a broader look at expenses across categories, see the Cost of Living in Evanston (2025 Guide).