Homewood, IL
Population 19,471 · Illinois
About Homewood, IL
Homewood is a mid-sized city located in Illinois with a population of 19,471 residents according to the latest US Census Bureau American Community Survey data. The median household income is $96,522 per year, which is 28% above the national median of $75,149. The median age of 39.8 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Homewood features a median home value of $210,500, which is 14% below the national median of $244,900. This positions Homewood in a moderately priced market relative to the rest of the country. Median monthly rent is $1,422, 22% above the national average of $1,163/month. Of the 7,394 total housing units, 79% are owner-occupied (5,593 units) and 21% are renter-occupied (1,449 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Homewood shows an unemployment rate of 7.1%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 9.4%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Homewood have an average one-way commute time of 31.6 minutes.
Education & Demographics
46.1% of Homewood 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 6.3% White, 0.6% Hispanic or Latino, 0.5% Black or African American, and 0.9% Asian residents, with 6.0% of the population being foreign-born.
Cost of Living in Homewood, IL
Compared to national averages, Homewood has a median household income of $96,522 (28% above the national median of $75,149). Home values average $210,500, which is 14% below the national median. Monthly rent at $1,422 is 22% above the US average of $1,163. Within Illinois, Homewood's income is 29% above the state average of $75,072, and home values are 27% above the state median of $165,779.
Why Live in Homewood, IL?
Homewood offers a strong local economy with a median household income of $96,522, well above the national average, and affordable housing with a median home value of $210,500, below the US average of $244,900, and a well-educated community where 46.1% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 9.4%, better than the national average.
Homewood has a population of 19,471 with a median age of 39.8 years. Compare Homewood with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Homewood
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Evergreen Park | 19,498 | $95,738 | $255,700 | Compare |
| Brookfield | 19,235 | $108,429 | $314,000 | Compare |
| Lake Zurich | 19,727 | $139,959 | $418,300 | Compare |
| Lake Forest | 19,190 | $228,120 | $909,800 | Compare |
| Crest Hill | 19,754 | $71,408 | $222,600 | Compare |
| Deerfield | 19,185 | $189,705 | $608,600 | Compare |
| Harvey | 19,831 | $41,091 | $86,100 | Compare |
| Mokena | 19,906 | $129,017 | $377,100 | 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 Homewood With Other Cities
Frequently Asked Questions about Homewood
What is the population of Homewood, IL?
The population of Homewood, IL is 19,471 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Illinois.
What is the median household income in Homewood?
The median household income in Homewood, IL is $96,522 per year, which is 28% above the national median of $75,149.
What is the median home value in Homewood?
The median home value in Homewood, IL is $210,500, which is 14% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Homewood?
The median monthly rent in Homewood, IL is $1,422, which is 22% above the national average of $1,163/month.
What is the unemployment rate in Homewood?
The unemployment rate in Homewood, IL is 7.1%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Homewood, IL a good place to live?
Homewood offers above-average incomes, affordable housing, and growing employment opportunities. With a population of 19,471 and a median age of 39.8, the city appeals to a broad range of residents.
How educated is Homewood, IL?
46.1% of residents in Homewood 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 Homewood?
Key cost-of-living indicators for Homewood, IL: median home value is $210,500 (14% below national), median rent is $1,422/month, and median household income is $96,522. The home-value-to-income ratio is 2.2x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Homewood?
The poverty rate in Homewood, IL is 9.4%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Homewood, IL?
Homewood's population is 6.3% White, 0.6% Hispanic or Latino, 0.5% Black or African American, 0.9% Asian, and 44.5% two or more races. 6.0% of residents are foreign-born.