The Housing Market in Joliet Today

The housing market in Joliet, Illinois has seen steady growth in recent years, with a mix of established neighborhoods and new developments attracting a diverse population. As the largest city in Will County, Joliet offers a range of housing options to suit different lifestyles and budgets. While inventory has tightened somewhat, especially for entry-level homes, the overall market remains relatively balanced compared to other parts of the Chicago metropolitan area.

One notable trend is the rise of new apartment complexes and mixed-use developments in downtown Joliet and along major corridors like Jefferson Street and Larkin Avenue. These projects are bringing more rental options to the market, particularly for young professionals and empty nesters seeking walkable urban living. At the same time, Joliet’s established residential areas continue to attract families with their mix of single-family homes, parks, and strong school districts.

Despite the growth, Joliet remains more affordable than many other suburbs in the region, with a median home value of $195,000 as of 2021 – well below the Chicago metro median of $270,000. This relative affordability, combined with Joliet’s convenient location and diverse job market, has helped fuel steady population growth over the past decade.

Renting in Joliet: What’s Typical?

For renters in Joliet, the market offers a range of options from cozy apartments to spacious single-family homes. As of 2023, the average rent for a one-bedroom apartment in Joliet stands at around $1,100 per month, while a typical two-bedroom unit goes for about $1,350. These figures represent a moderate increase from previous years, driven in part by the development of newer, amenity-rich complexes.

Rent prices can vary significantly depending on location, age of the building, and included amenities. Many newer apartment complexes in Joliet often include utilities like trash and internet in the monthly rent, which can help simplify budgeting for tenants. Renters can also find more affordable options in some of Joliet’s older neighborhoods, where a two-bedroom apartment might cost closer to $1,000 per month.

In terms of availability, Joliet’s rental market has remained relatively stable, with a vacancy rate hovering around 5-6% in recent years. This means that while renters may face some competition for the most desirable units, there are generally enough options to go around. Popular areas for renters include downtown Joliet, the Jefferson Street corridor, and neighborhoods close to major employers like Presence Saint Joseph Medical Center and the Chicagoland Speedway.

Owning a Home in Joliet

For those looking to buy a home in Joliet, the median sales price currently stands at around $225,000 – a figure that has risen steadily in recent years but remains affordable compared to many other parts of the Chicago area. With a typical 30-year fixed mortgage rate of 3.5% and a 10% down payment, this translates to an estimated monthly mortgage payment of about $1,200.

Of course, the total cost of homeownership goes beyond the mortgage payment alone. Property taxes in Joliet are relatively high, with an average effective rate of 2.31% – meaning that the owner of a $225,000 home would pay around $5,200 per year in property taxes. Homeowners insurance is another significant cost, averaging about $1,200 per year for a typical Joliet home.

For homes located in planned developments or gated communities, monthly HOA (Homeowners Association) dues can add another layer of costs. These fees, which can range from $100 to $500 or more per month, typically cover maintenance of common areas, amenities like pools or fitness centers, and sometimes utilities or insurance. While not all homes in Joliet come with HOA dues, it’s an important factor for buyers to consider when budgeting for homeownership costs.

Renters vs. Homeowners: Who Lives Where?

In Joliet, about 60% of households own their homes, while 40% rent – a split that is fairly typical for cities of its size. However, these overall figures can vary significantly depending on neighborhood and demographic factors.

For young professionals and singles, renting is often the preferred choice, especially in walkable areas like downtown Joliet or near major employment centers. These groups may prioritize amenities, flexibility, and location over the long-term benefits of homeownership. Families, on the other hand, are more likely to own homes in Joliet’s more residential neighborhoods, where they can find larger spaces, yards, and good schools.

Retirees and empty nesters in Joliet may choose either renting or owning depending on their specific needs and financial situations. Some may downsize to a smaller, lower-maintenance apartment or condo, while others may prefer the stability and community ties of owning a home. Factors like property taxes, healthcare costs, and proximity to family can all influence these decisions.

It’s worth noting that while Joliet is relatively affordable compared to other parts of the Chicago area, homeownership can still be a financial challenge for many households. With rising prices and tight lending standards, saving for a down payment and qualifying for a mortgage can be significant barriers, particularly for first-time buyers or those with limited incomes. This has contributed to a growing gap between renting and owning in Joliet and across the country.

Typical Monthly Housing Costs in Joliet

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

Cost	Renting (1BR)	Renting (2BR)	Owning
Rent/Mortgage	$1,100	$1,350	$1,200
Property Tax	–	–	$435
Utilities	$120	$150	$250
Insurance	$15	$15	$100
HOA Dues	–	–	$150
Total	$1,235	$1,515	$2,135

Estimates reflect mid-range properties and average usage.

What’s Driving Costs Up or Down?

Several key factors are influencing housing costs in Joliet, both in the short term and over longer periods. On the demand side, Joliet’s growing population and strong job market are putting upward pressure on prices, as more people compete for a limited supply of homes and apartments. This is particularly true in desirable areas like downtown Joliet or newer planned communities.

At the same time, the supply of housing in Joliet has struggled to keep pace with demand, due in part to factors like rising construction costs, labor shortages, and zoning restrictions that limit density in some areas. While new apartment complexes and infill developments are helping to add inventory, the overall pace of new construction has been relatively modest.

Other policy factors can also play a role in shaping housing costs. For example, property tax rates in Joliet and Will County have a direct impact on the cost of homeownership, and any changes to these rates (either up or down) can affect affordability. Similarly, state and local regulations around rent control, eviction procedures, and building codes can all influence the economics of the rental market.

FAQs About Housing in Joliet

• Is Joliet affordable to live in? Compared to other parts of the Chicago area, Joliet is relatively affordable, with lower median home prices and rents. However, affordability can still be a challenge for many households, particularly those with lower incomes.
• Why are housing prices changing? Housing prices in Joliet are influenced by a variety of factors, including population growth, job market conditions, construction costs, and zoning policies. In recent years, prices have trended upward due to strong demand and limited supply.
• How does Joliet compare to nearby cities? Joliet is generally more affordable than cities closer to Chicago, like Naperville or Oak Brook. However, it may be slightly pricier than some neighboring communities in Will County, reflecting its size and amenities.

Making Smart Housing Decisions in Joliet

Navigating the housing market in Joliet requires careful consideration of your budget, lifestyle preferences, and long-term goals. For renters, key factors to weigh include location, amenities, and the inclusion of utilities in the monthly rent. Prospective buyers will want to look closely at not just the purchase price, but also ongoing costs like property taxes, insurance, and HOA dues.

Regardless of whether you choose to rent or buy, it’s important to have a clear picture of your monthly expenses and to build some flexibility into your budget. Tools like this Monthly Budget Examples for Joliet Residents can help you plan and track your spending. And for a broader look at the cost of living in the city, check out our Cost of Living in Joliet (2025 Guide).

With careful planning and a clear understanding of the market, you can find a housing option in Joliet that fits your needs and budget. Whether you’re a young professional looking for a downtown apartment or a growing family seeking a spacious home, this diverse and dynamic city has something to offer.