Mount Prospect, IL
Population 55,648 · Illinois
About Mount Prospect, IL
Mount Prospect is a mid-sized city in Illinois with a population of 55,648 residents. The median household income is $103,911 per year, which is above the national average. The median age in Mount Prospect is 41.7 years.
Housing in Mount Prospect has a median home value of $377,000 and median monthly rent of $1,454. Of the 23,068 total housing units, the majority are owner-occupied, with 15,411 owner-occupied and 6,592 renter-occupied units.
The unemployment rate in Mount Prospect is 3.6% and the poverty rate is 6.0%. 48.6% of residents hold a bachelor's degree or higher. The average commute time is 27 minutes.
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.
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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 Census data.
What is the median household income in Mount Prospect?
The median household income in Mount Prospect, IL is $103,911 per year.
What is the median home value in Mount Prospect?
The median home value in Mount Prospect, IL is $377,000.
What is the average rent in Mount Prospect?
The median monthly rent in Mount Prospect, IL is $1,454.
What is the unemployment rate in Mount Prospect?
The unemployment rate in Mount Prospect, IL is 3.6%.