Waukegan, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Waukegan Neighborhoods Since 2000




Waukegan, IL Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Waukegan Housing Market Information

With a population of 88,475, 28,826 total housing units (homes and apartments), and a median house value of $126,166, house prices in Waukegan are solidly below the national average.

Single-family detached homes are the single most common housing type in Waukegan, accounting for 52.71% of the city's housing units. Other types of housing that are prevalent in Waukegan include large apartment complexes or high rise apartments ( 27.83%), duplexes, homes converted to apartments or other small apartment buildings ( 13.10%), and a few row houses and other attached homes ( 6.17%).

People in Waukegan primarily live in small (one, two or no bedroom) single-family detached homes. Waukegan has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Waukegan's housing was primarily built during this period, from the '40s through the '60s. A full 40.64% of the city's housing hails from this era. Other housing ages represented in Waukegan include homes built between 1970-1999 ( 34.53%) and housing constructed before 1939 ( 18.53%). There's also some housing in Waukegan built between 2000 and later ( 6.30%).

Waukegan Home Appreciation Rates

Homes have actually lost value in Waukegan over the last then years, as home values have seen a decline of 33.55% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Waukegan home appreciation rates at 0.43%, which equates to an annual appreciation rate of 1.74%.

Appreciation rates are so strong in Waukegan that despite a nationwide downturn in the housing market, Waukegan real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Waukegan appreciation rates continue to be some of the highest in America, at 8.34%, which is higher than appreciation rates in 88.25% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Waukegan. Waukegan appreciation rates in the latest quarter were at 0.43%, which equates to an annual appreciation rate of 1.74%.

Relative to Illinois, our data show that Waukegan's latest annual appreciation rate is higher than 90% of the other cities and towns in Illinois.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Waukegan differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Waukegan - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Waukegan real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$126,166

Waukegan, IL HOME PRICES

Value Range
> $1,177,000 0.4
$883,001 - $1,177,000 0.4
$589,001 - $883,000 0.8
$471,001 - $589,000 0.6
$353,001 - $471,000 1.9
$235,001 - $353,000 8.9
$118,001 - $235,000 43.5
$59,001 - $118,000 33.8
$0 - $59,000 9.8

Average for IL
Low for Nation

Value Relative to Nation Value Relative to State
61.9184343138404 52.5316455696203

Number Of Homes And Apartments:
28,826

Waukegan Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
-7.36% -0.44% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,098 / per month

Homeownership Rate

Homeownership
Owners 47.63
Renters 52.37
Vacant 9.45

Housing Market Details

 

Age of Homes

AGE OF Waukegan HOMES
2000 or Newer 6.3
1970 - 1999 34.5
1940 - 1969 40.6
1939 or Older 18.5

Types of Homes

TYPE OF Waukegan HOMES
Single-Family 52.7
Townhomes 6.2
Small Apt. Buildings 13.1
Apt. Complexes 27.8
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Waukegan HOMES
No Bedroom 2.46
1 Bedroom 16.09
2 Bedrooms 33.08
3 Bedrooms 32.51
4 Bedrooms 12.48
5 or more bedrooms 3.38