The Housing Market in Oak Lawn Today
Oak Lawn, a vibrant suburb southwest of Chicago, offers a diverse housing market that appeals to a wide range of residents. As a well-established community with a strong local economy, Oak Lawn has seen steady demand for both rental properties and single-family homes in recent years. The city’s proximity to major employers, convenient access to downtown Chicago via the Metra train, and highly-rated school district make it an attractive choice for families and professionals alike.
Compared to neighboring suburbs like Evergreen Park and Burbank, Oak Lawn’s housing market tends to be slightly more affordable while still offering a high quality of life. The city’s mix of post-war bungalows, newer construction homes, and apartment complexes provide options for various budgets and lifestyles. As of 2025, the Oak Lawn housing market remains competitive due to its strong fundamentals and appeal to a broad demographic.
Renting in Oak Lawn: Typical Costs and Trends
For renters, Oak Lawn offers a range of options from cozy one-bedroom apartments to spacious townhomes. As of 2025, the typical rent for a one-bedroom apartment in Oak Lawn ranges from $1,100 to $1,400 per month, while two-bedroom units generally fall between $1,300 and $1,700 monthly. Rents can vary depending on factors like the age of the building, included amenities, and proximity to desirable locations like the Metra station or shopping districts.
Young professionals, small families, and downsizing retirees make up a significant portion of Oak Lawn’s renter population. Many are drawn to the city’s walkable neighborhoods, parks, and convenient access to both Chicago and the surrounding suburbs. Rental costs tend to be higher in the central part of Oak Lawn near 95th Street and the Metra station, where many apartments and condos are located. More affordable options can often be found in the northern and southern reaches of the city.
Owning a Home in Oak Lawn: Prices, Taxes, and HOA Fees
For those looking to purchase a home, Oak Lawn’s median home price as of 2025 is around $350,000. However, prices can range from the mid-$200s for smaller, older bungalows up to $500,000 or more for newer construction or extensively renovated homes. The property tax rate in Oak Lawn is 6.8%, which is slightly lower than some neighboring communities but still relatively high compared to the national average.
While not as common as in some suburbs, Oak Lawn does have some neighborhoods with homeowners associations (HOAs). HOA fees in these communities typically range from $200 to $400 per month and often include services like lawn care, snow removal, and maintenance of common areas. Some HOA communities in Oak Lawn also offer amenities like pools, fitness centers, or clubhouses. It’s important for potential buyers to factor in these additional costs when budgeting for a home purchase.
Apartment vs House in Oak Lawn: Side-by-Side Costs
| Monthly Expense | Apartment (2BR) | House (3BR) |
|---|---|---|
| Rent/Mortgage Payment | $1,500 | $2,400 |
| Property Tax | N/A (included in rent) | $600 |
| Utilities | $150 | $250 |
| Insurance | $20 (renters) | $100 (homeowners) |
| HOA Fees | N/A | $300 (if applicable) |
| Monthly Total | $1,670 | $3,650 |
Utility & Upkeep Differences
In addition to the base rent or mortgage payment, utility costs can differ significantly between apartments and houses in Oak Lawn. Houses typically have higher utility bills due to their larger size and the need to maintain separate heating and cooling systems. Oak Lawn’s climate, with cold winters and hot summers, can lead to higher energy costs for homeowners.
Maintenance is another key difference. While apartment dwellers generally only need to handle minor repairs inside their unit, homeowners are responsible for all interior and exterior upkeep. This includes costs like lawn care, gutter cleaning, and appliance repairs or replacements. These expenses can add up over time and should be factored into the long-term cost of owning a home in Oak Lawn.
5-Year Rent vs Buy Outlook
Looking at the costs over a five-year period, renting in Oak Lawn tends to be more affordable in the short term. Assuming a 2% annual rent increase, a renter would pay around $102,000 over five years for a typical two-bedroom apartment. In contrast, a homeowner with a 30-year mortgage at 4% interest would pay approximately $144,000 over the same period for a median-priced home, including property taxes and estimated maintenance costs.
However, this calculation doesn’t account for the equity a homeowner builds over time. Assuming a modest 2% annual appreciation rate, that median-priced Oak Lawn home would be worth around $385,000 after five years. So while homeownership comes with higher upfront and monthly costs, it can be a smart long-term financial move for those who plan to stay in Oak Lawn for several years or more.
FAQs About Housing Costs in Oak Lawn
- How much are HOA fees in Oak Lawn?
HOA fees in Oak Lawn typically range from $200 to $400 per month, but not all neighborhoods have HOAs. - What is the property tax rate in Oak Lawn?
As of 2025, the property tax rate in Oak Lawn is 6.8% of a home’s assessed value. - Is renting cheaper than buying long-term in Oak Lawn?
Renting is often cheaper in the short term, but buying can be more cost-effective long-term due to building equity. - Do houses have higher utility costs than apartments?
Yes, houses in Oak Lawn typically have higher utility costs due to their larger size and separate heating/cooling systems. - What’s the monthly cost difference between apartments and houses in Oak Lawn?
On average, renting a 2BR apartment in Oak Lawn costs about $1,670 per month, while owning a 3BR house costs around $3,650 monthly including taxes, insurance, and HOA fees.
Making Smart Housing Choices in Oak Lawn
Deciding whether to rent or buy a home in Oak Lawn ultimately depends on your financial situation, long-term plans, and lifestyle preferences. Renting offers more flexibility and lower upfront costs, which can be ideal for those who may need to relocate for work or who want to save up for a larger down payment. Buying, on the other hand, can be a wise investment for those who plan to put down roots in the community and want to build equity over time.
Regardless of whether you choose to rent or buy, it’s important to consider the full picture of housing costs in Oak Lawn. In addition to rent or mortgage payments, factor in expenses like utilities, insurance, property taxes, and HOA fees if applicable. Budgeting tools like our Sample Monthly Budgets for Oak Lawn in 2025 can help you get a clearer sense of what you can afford.
For a more in-depth look at the cost of living in Oak Lawn, check out our comprehensive guide on Housing, Groceries, Taxes & More. And if you’re planning a move to Oak Lawn, be sure to read our article comparing Pods vs trucks to determine which option best fits your needs and budget. With careful planning and a clear understanding of the local housing market, you can make a smart choice that sets you up for long-term financial success in Oak Lawn.