The Housing Market in Bolingbrook Today
Bolingbrook, Illinois is a vibrant suburb located about 30 miles southwest of Chicago. In recent years, the local housing market has experienced notable shifts. Inventory has tightened as demand for homes in the area remains strong. New housing developments are rising downtown and in neighborhoods across Bolingbrook to keep up with the influx of residents attracted to the suburb’s family-friendly amenities, diverse community, and proximity to the city.
The economic context in Bolingbrook is characterized by steady job growth across industries like healthcare, retail, and manufacturing. Major employers include Adventist Bolingbrook Hospital, WeatherTech, and Ulta Beauty. This robust job market fuels demand for housing as workers relocate to the area or look to upgrade their living situation. With mortgage rates on the rise nationally, some would-be buyers are opting to continue renting, putting pressure on the rental market as well.
Despite these trends, Bolingbrook remains relatively affordable compared to other Chicago suburbs. The village offers a range of housing options to suit different budgets and preferences, from apartments and condos to single-family homes and townhouses. For those considering a move to Bolingbrook or current residents evaluating their housing choices, it’s important to understand the costs associated with renting versus owning a home in the area.
Renting in Bolingbrook: What’s Typical?
Apartments are a popular housing choice in Bolingbrook, especially for young professionals, small families, and those who prefer the flexibility and amenities of rental living. As of 2023, the average rent for a one-bedroom apartment in Bolingbrook is around $1,400 per month. For a two-bedroom unit, renters can expect to pay closer to $1,800 monthly. These figures include many, but not all, typical utilities like water, trash, and gas.
Rent prices in Bolingbrook have risen steadily over the past few years, in line with national trends. However, the village remains more affordable than nearby suburbs like Naperville and Oak Brook. Availability of rental units is moderate, with an average vacancy rate of 5-7%. Popular areas for renters include the downtown district, which offers walkable access to shops, restaurants, and public transit, as well as newer apartment complexes in residential neighborhoods with amenities like pools, fitness centers, and dog parks.
The renter population in Bolingbrook is diverse, spanning multiple age groups and family sizes. Young professionals are drawn to the area for its strong job market and relatively affordable cost of living compared to Chicago proper. Families appreciate the highly-rated schools, safe neighborhoods, and kid-friendly activities. Some older residents also choose to rent in Bolingbrook, downsizing from larger homes while staying close to family and friends in the area.
Owning a Home in Bolingbrook
For those looking to put down roots in Bolingbrook, homeownership is an attractive option. The median home price in the village is around $300,000, which is more affordable than many other Chicago suburbs. With a 10% down payment and a 30-year fixed mortgage at 6.5% interest, a typical buyer in Bolingbrook can expect a monthly mortgage payment of roughly $2,450.
In addition to the mortgage, homeowners in Bolingbrook must budget for property taxes, insurance, and any applicable HOA dues. The average property tax rate in Will County, where Bolingbrook is located, is 2.31%. For a home valued at $300,000, that translates to approximately $6,930 per year or $578 per month. Homeowners insurance costs vary depending on the property value, location, and coverage levels, but a typical policy for a Bolingbrook home might run $100-150 per month. Some neighborhoods in the village have HOA fees to maintain common areas and amenities, which can add $100-300+ to the monthly cost of ownership.
While these additional costs can add up, many Bolingbrook residents find that owning a home is a worthwhile investment. Building equity, having more control over the property, and putting down long-term roots in the community are just a few of the benefits of homeownership. Plus, certain expenses like property taxes and mortgage interest are tax-deductible, helping to offset the overall cost.
Renters vs. Homeowners: Who Lives Where?
In Bolingbrook, the homeownership rate is around 75%, slightly higher than the national average. This means that three out of every four households in the village own their homes, while the remaining 25% rent. The higher ownership rate is influenced by factors like the relative affordability of homes, the strong job market, and the family-oriented nature of the community.
Renters and homeowners in Bolingbrook tend to have different demographic profiles and living situations. Younger residents, including singles and couples just starting out, are more likely to rent apartments or condos in the downtown area or newer complexes. They prioritize amenities, flexibility, and proximity to work and entertainment. Families, both young and established, often gravitate towards owning single-family homes in residential neighborhoods with good schools and more space. Retirees in Bolingbrook may downsize to a smaller home or condo, or choose to rent in a senior living community.
While homeownership is the norm in Bolingbrook, there are still barriers that prevent some residents from making the leap. Saving for a down payment, qualifying for a mortgage, and affording the ongoing costs of ownership can be challenging, especially for lower-income households or those with significant debt. Additionally, some residents simply prefer the flexibility and convenience of renting, or are not ready to commit to a particular location long-term.
Typical Monthly Housing Costs in Bolingbrook
Here’s what housing costs might look like each month in Bolingbrook:
| Expense | Renting (1BR) | Renting (2BR) | Owning ($300K home) |
|---|---|---|---|
| Rent/Mortgage | $1,400 | $1,800 | $2,450 |
| Property Tax | – | – | $578 |
| Insurance | $15 (renters) | $18 (renters) | $125 (homeowners) |
| Utilities | $80 | $120 | $250 |
| HOA | – | – | $150 |
| Total | $1,495 | $1,938 | $3,553 |
Estimates reflect mid-range properties and average usage.
What’s Driving Costs Up or Down?
Several factors influence housing costs in Bolingbrook, both for renters and homeowners. On the demand side, the strong local job market and influx of new residents put upward pressure on prices. As more people move to the area for work or to be close to family, competition for available units increases, allowing landlords and sellers to charge more. Bolingbrook’s proximity to Chicago and other employment centers also drives demand, as commuters seek more affordable housing options outside the city.
Supply-side factors also play a role. While new housing developments are underway in Bolingbrook, construction has not always kept pace with population growth. Zoning regulations and land availability can limit the number of new units that can be built, especially in established neighborhoods. This restricted supply contributes to higher prices for both rentals and homes for sale. Additionally, rising construction costs due to inflation and supply chain issues make it more expensive to build new housing, a trend that is likely to continue in the near term.
Policies at the local, state, and federal levels also shape the housing market in Bolingbrook. Property tax rates, first-time homebuyer programs, and rental assistance initiatives can all impact affordability for residents. In recent years, Bolingbrook has taken steps to promote affordable housing development and provide resources for struggling renters and homeowners. However, balancing these goals with the need for economic growth and maintaining property values remains an ongoing challenge.
FAQs About Housing in Bolingbrook
- Is Bolingbrook affordable to live in? Compared to other Chicago suburbs, Bolingbrook offers relatively affordable housing options for both renters and buyers. However, rising costs and limited supply are making it more challenging for some residents to find budget-friendly options.
- Why are housing prices changing? Housing prices in Bolingbrook are influenced by factors like population growth, job market strength, construction costs, and zoning regulations. As demand for housing outpaces supply, prices tend to rise.
- How does Bolingbrook compare to nearby cities? Bolingbrook is generally more affordable than suburbs like Naperville and Oak Brook, but pricier than some further-out options like Plainfield or Romeoville. It offers a balance of amenities, location, and relative value for many residents.
Making Smart Housing Decisions in Bolingbrook
For those considering a move to Bolingbrook or reevaluating their current living situation, it’s important to weigh the costs and benefits of renting versus owning. Factors like your budget, long-term plans, and lifestyle preferences should all guide your decision. In general, renting offers more flexibility and predictable monthly costs, while owning provides the opportunity to build equity and put down roots in the community.
Regardless of whether you choose to rent or buy, it’s crucial to have a clear understanding of your financial picture and what you can afford. Creating a monthly budget that accounts for housing costs, utilities, and other expenses can help you make an informed decision. It’s also a good idea to research different neighborhoods and properties to find the best fit for your needs and budget. Exploring the overall cost of living in Bolingbrook can provide valuable context for your housing choice.
Ultimately, the right housing decision depends on your unique circumstances and priorities. By understanding the local market, weighing your options carefully, and planning ahead, you can find a comfortable and affordable place to call home in Bolingbrook.