Palos Park, IL
Population 4,832 · Illinois
About Palos Park, IL
Palos Park is a small town located in Illinois with a population of 4,832 residents according to the latest US Census Bureau American Community Survey data. The median household income is $126,263 per year, which is 68% above the national median of $75,149. The median age of 60.6 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 Palos Park features a median home value of $469,900, which is 92% above the national median of $244,900. This places Palos Park in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $0, 100% below the national average of $1,163/month. Of the 2,208 total housing units, 90% are owner-occupied (1,846 units) and 10% are renter-occupied (206 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Palos Park shows an unemployment rate of 4.8%, which is near the national rate of 3.7%. The poverty rate stands at 6.9%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Palos Park have an average one-way commute time of 31.4 minutes.
Education & Demographics
49.0% of Palos 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 2.7% White, 1.4% Hispanic or Latino, 0.2% Black or African American, and 0.3% Asian residents, with 14.3% of the population being foreign-born.
Cost of Living in Palos Park, IL
Compared to national averages, Palos Park has a median household income of $126,263 (68% above the national median of $75,149). Home values average $469,900, which is 92% above the national median. Monthly rent at $0 is 100% below the US average of $1,163. Within Illinois, Palos Park's income is 68% above the state average of $75,072, and home values are 183% above the state median of $165,779.
Why Live in Palos Park, IL?
Palos Park offers a strong local economy with a median household income of $126,263, well above the national average, and rent that’s lower than the national average at $0/month, and a well-educated community where 49.0% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 6.9%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $469,900. However, Palos Park’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Palos Park has a population of 4,832 with a median age of 60.6 years. Compare Palos Park with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Palos Park
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Beecher | 4,837 | $101,957 | $241,400 | Compare |
| Flora | 4,860 | $50,588 | $78,400 | Compare |
| Carmi | 4,879 | $47,051 | $98,700 | Compare |
| Robbins | 4,956 | $37,594 | $114,200 | Compare |
| Tuscola | 4,675 | $77,034 | $148,100 | Compare |
| South Barrington | 5,004 | $211,083 | $986,300 | Compare |
| Fairfield | 4,658 | $41,026 | $91,800 | Compare |
| Olympia Fields | 4,636 | $107,656 | $289,900 | 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 Palos Park With Other Cities
Frequently Asked Questions about Palos Park
What is the population of Palos Park, IL?
The population of Palos Park, IL is 4,832 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 Palos Park?
The median household income in Palos Park, IL is $126,263 per year, which is 68% above the national median of $75,149.
What is the median home value in Palos Park?
The median home value in Palos Park, IL is $469,900, which is 92% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Palos Park?
The median monthly rent in Palos Park, IL is $0, which is 100% below the national average of $1,163/month.
What is the unemployment rate in Palos Park?
The unemployment rate in Palos Park, IL is 4.8%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Palos Park, IL a good place to live?
Palos Park offers above-average incomes, a competitive housing market, and growing employment opportunities. With a population of 4,832 and a median age of 60.6, the city appeals to established professionals and retirees.
How educated is Palos Park, IL?
49.0% of residents in Palos 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 Palos Park?
Key cost-of-living indicators for Palos Park, IL: median home value is $469,900 (92% above national), median rent is $0/month, and median household income is $126,263. The home-value-to-income ratio is 3.7x, a moderate figure by national standards.
What is the poverty rate in Palos Park?
The poverty rate in Palos Park, IL is 6.9%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Palos Park, IL?
Palos Park's population is 2.7% White, 1.4% Hispanic or Latino, 0.2% Black or African American, 0.3% Asian, and 3.8% two or more races. 14.3% of residents are foreign-born.