Mount Prospect, IL
Population 55,648 · Illinois
About Mount Prospect, IL
Mount Prospect is a mid-sized city located in Illinois with a population of 55,648 residents according to the latest US Census Bureau American Community Survey data. The median household income is $103,911 per year, which is 38% above the national median of $75,149. The median age of 41.7 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Mount Prospect features a median home value of $377,000, which is 54% above the national median of $244,900. This places Mount Prospect in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,454, 25% above the national average of $1,163/month. Of the 23,068 total housing units, 70% are owner-occupied (15,411 units) and 30% are renter-occupied (6,592 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Mount Prospect shows an unemployment rate of 3.6%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 6.0%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Mount Prospect have an average one-way commute time of 27 minutes.
Education & Demographics
48.6% of Mount Prospect 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 12.7% White, 1.0% Hispanic or Latino, 1.2% Black or African American, and 1.9% Asian residents, with 30.0% of the population being foreign-born.
How Mount Prospect Ranks in Illinois
Cost of Living in Mount Prospect, IL
Compared to national averages, Mount Prospect has a median household income of $103,911 (38% above the national median of $75,149). Home values average $377,000, which is 54% above the national median. Monthly rent at $1,454 is 25% above the US average of $1,163. Within Illinois, Mount Prospect's income is 38% above the state average of $75,072, and home values are 127% above the state median of $165,779.
Why Live in Mount Prospect, IL?
Mount Prospect offers a strong local economy with a median household income of $103,911, well above the national average, and a strong job market with an unemployment rate of just 3.6%, and a well-educated community where 48.6% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 6.0%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $377,000. However, as a mid-sized city, Mount Prospect provides access to a wide range of amenities and services.
Mount Prospect has a population of 55,648 with a median age of 41.7 years. Compare Mount Prospect with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Mount Prospect
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Berwyn | 55,888 | $75,235 | $286,000 | Compare |
| Tinley Park | 55,007 | $103,819 | $289,000 | Compare |
| Oak Lawn | 57,098 | $82,493 | $267,900 | Compare |
| Wheaton | 53,453 | $119,566 | $447,700 | Compare |
| Orland Park | 57,961 | $98,979 | $349,400 | Compare |
| Oak Park | 53,315 | $108,026 | $456,300 | Compare |
| Normal | 52,908 | $66,350 | $199,900 | Compare |
| Des Plaines | 59,408 | $94,303 | $318,200 | 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 Mount Prospect With Other Cities
Frequently Asked Questions about Mount Prospect
What is the population of Mount Prospect, IL?
The population of Mount Prospect, IL is 55,648 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 Mount Prospect?
The median household income in Mount Prospect, IL is $103,911 per year, which is 38% above the national median of $75,149.
What is the median home value in Mount Prospect?
The median home value in Mount Prospect, IL is $377,000, which is 54% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Mount Prospect?
The median monthly rent in Mount Prospect, IL is $1,454, which is 25% above the national average of $1,163/month.
What is the unemployment rate in Mount Prospect?
The unemployment rate in Mount Prospect, IL is 3.6%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Mount Prospect, IL a good place to live?
Mount Prospect offers above-average incomes, a competitive housing market, and a strong job market. With a population of 55,648 and a median age of 41.7, the city appeals to a broad range of residents.
How educated is Mount Prospect, IL?
48.6% of residents in Mount Prospect 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 Mount Prospect?
Key cost-of-living indicators for Mount Prospect, IL: median home value is $377,000 (54% above national), median rent is $1,454/month, and median household income is $103,911. The home-value-to-income ratio is 3.6x, a moderate figure by national standards.
What is the poverty rate in Mount Prospect?
The poverty rate in Mount Prospect, IL is 6.0%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Mount Prospect, IL?
Mount Prospect's population is 12.7% White, 1.0% Hispanic or Latino, 1.2% Black or African American, 1.9% Asian, and 2.5% two or more races. 30.0% of residents are foreign-born.