Market Overview
Home Prices in Waukegan, IL
The median home value in Waukegan, IL is $247,565 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 7% compared to a year ago and up 5% from two years prior.
Compared to the U.S. national median of $410,000, homes in Waukegan are priced40% below average. Waukegan is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Waukegan home values have risen by approximately42.2%, reflecting strong long-term appreciation in this market.
Price History
Waukegan Home Price Trend
City Comparison
Waukegan vs. National Median
At $247,565, homes in Waukegan cost 40% below the national median of $410,000. This makes Waukegan a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Waukegan?
20% Down Payment
$49,513
on $247,565
Monthly P&I
$1,291/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,640/mo
incl. taxes & insurance
Income Needed
$65,600
gross annual (30% rule)
10% Down Option
$24,757
+ PMI applies
Loan Amount (20% dn)
$198,052
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Waukegan, IL?
The median home value in Waukegan is $247,565 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 7% year-over-year.
How much have home prices changed in Waukegan?
Over the past year, home values in Waukegan have increased by 7%. Over five years, prices have risen approximately 42.2%.
How much do I need to earn to buy a home in Waukegan?
To comfortably afford the median home price of $247,565 with a 20% down payment ($49,513) at today's rates (6.8%), you'd need a gross annual income of approximately $65,600. This assumes keeping total housing costs at or below 30% of gross income.
How does Waukegan compare to the national average home price?
The national median home value is approximately $410,000. At $247,565, homes in Waukegan are 40% below the national average.
What metro area is Waukegan part of?
Waukegan is part of the Chicago-Naperville-Elgin, IL-IN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.