Grandwood Park, IL
Population 5,311 · Illinois
About Grandwood Park, IL
Grandwood Park is a small town located in Illinois with a population of 5,311 residents according to the latest US Census Bureau American Community Survey data. The median household income is $124,847 per year, which is 66% above the national median of $75,149. The median age of 42.2 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Grandwood Park features a median home value of $313,000, which is 28% above the national median of $244,900. This positions Grandwood Park in a moderately priced market relative to the rest of the country. Median monthly rent is $1,797, 55% above the national average of $1,163/month. Of the 2,135 total housing units, 87% are owner-occupied (1,732 units) and 13% are renter-occupied (264 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Grandwood Park shows an unemployment rate of 2.0%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 2.1%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Grandwood Park have an average one-way commute time of 27.2 minutes.
Education & Demographics
59.1% of Grandwood Park residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 7.0% White, 0.7% Hispanic or Latino, 2.8% Black or African American, and 4.2% Asian residents, with 14.3% of the population being foreign-born.
Cost of Living in Grandwood Park, IL
Compared to national averages, Grandwood Park has a median household income of $124,847 (66% above the national median of $75,149). Home values average $313,000, which is 28% above the national median. Monthly rent at $1,797 is 55% above the US average of $1,163. Within Illinois, Grandwood Park's income is 66% above the state average of $75,072, and home values are 89% above the state median of $165,779.
Why Live in Grandwood Park, IL?
Grandwood Park offers a strong local economy with a median household income of $124,847, well above the national average, and a strong job market with an unemployment rate of just 2.0%, and a well-educated community where 59.1% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 2.1%, better than the national average.
Grandwood Park has a population of 5,311 with a median age of 42.2 years. Compare Grandwood Park with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Grandwood Park
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Posen | 5,331 | $71,994 | $172,800 | Compare |
| Pana | 5,277 | $45,083 | $82,000 | Compare |
| Highwood | 5,243 | $101,862 | $454,500 | Compare |
| Berkeley | 5,222 | $83,224 | $222,400 | Compare |
| Lake Barrington | 5,400 | $132,857 | $451,400 | Compare |
| Lake Holiday | 5,402 | $112,250 | $235,300 | Compare |
| Colona | 5,189 | $76,558 | $152,100 | Compare |
| Candlewick Lake | 5,459 | $94,820 | $169,200 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Illinois
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Grandwood Park With Other Cities
Frequently Asked Questions about Grandwood Park
What is the population of Grandwood Park, IL?
The population of Grandwood Park, IL is 5,311 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Illinois.
What is the median household income in Grandwood Park?
The median household income in Grandwood Park, IL is $124,847 per year, which is 66% above the national median of $75,149.
What is the median home value in Grandwood Park?
The median home value in Grandwood Park, IL is $313,000, which is 28% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Grandwood Park?
The median monthly rent in Grandwood Park, IL is $1,797, which is 55% above the national average of $1,163/month.
What is the unemployment rate in Grandwood Park?
The unemployment rate in Grandwood Park, IL is 2.0%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Grandwood Park, IL a good place to live?
Grandwood Park offers above-average incomes, a competitive housing market, and a strong job market. With a population of 5,311 and a median age of 42.2, the city appeals to a broad range of residents.
How educated is Grandwood Park, IL?
59.1% of residents in Grandwood Park aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Grandwood Park?
Key cost-of-living indicators for Grandwood Park, IL: median home value is $313,000 (28% above national), median rent is $1,797/month, and median household income is $124,847. The home-value-to-income ratio is 2.5x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Grandwood Park?
The poverty rate in Grandwood Park, IL is 2.1%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Grandwood Park, IL?
Grandwood Park's population is 7.0% White, 0.7% Hispanic or Latino, 2.8% Black or African American, 4.2% Asian, and 5.8% two or more races. 14.3% of residents are foreign-born.