Living in Mount Prospect, Illinois
Cost of living, income, home prices, rent and demographics of Mount Prospect · Census data 2020–2024
Mount Prospect has 55,472 residents with a median age of 41.1. The median household income is $101,720 (22% higher than the Illinois median), the median home value is $397,400, the median rent is $1,502/month.
Mount Prospect at a glance
- Population
- 55,472
- Median age
- 41.1State: 39
- Median household income
- $101,720State: $83,390
- Median home value
- $397,400State: $263,300
- Median rent
- $1,502/moState: $1,274
- Homeowners
- 68.7%
- Bachelor's degree or higher
- 48.6%
- Average commute
- 26 min
Is Mount Prospect a good place to live?
Pros: Median household income 22% higher than the Illinois median; an average commute of 26 minutes; unemployment of 3.8%; a poverty rate of 6.6%.
Cons: Home values 51% higher than the state median.
The weather is best in June to September.
Cost of living in Mount Prospect
Housing is the biggest part of the cost of living. In Mount Prospect the median home value is $397,400, 19% higher than the U.S. median. Renters pay a median of $1,502 per month, which is 30.3% of household income. Homeowners with a mortgage pay $2,619 a month in housing costs.
Mount Prospect median household income
The median household income in Mount Prospect is $101,720 and the income per person is $48,661. 6.6% of residents live below the poverty line (Illinois: 11.8%).
Housing in Mount Prospect: homes for sale and rent
- Housing units
- 22,526
- Owner-occupied
- 68.7%
- Renter-occupied
- 31.3%
- Vacant
- 4.1%Includes seasonal homes
- Median year built
- 1969
- Average household size
- 2.56
Mount Prospect demographics
- Population
- 55,472
- Median age
- 41.1
- Under 18
- 22.9%
- 65 and older
- 18.7%
- Households
- 21,600
- Foreign-born
- 29.6%
- Veterans
- 4%Adults 18+
Hispanic or Latino can be of any race. Population history of Mount Prospect ›
Education in Mount Prospect
48.6% of adults 25 and older in Mount Prospect have a bachelor's degree or higher (Illinois: 37.8%), and 17.4% have a graduate or professional degree.
Jobs and commute in Mount Prospect
- Unemployment rate
- 3.8%State: 5.8%
- Average commute
- 26 minState: 28 min
- Work from home
- 19.2%
- Drive alone
- 68.1%
- Public transit
- 3.6%
- Walk to work
- 1.1%
- Homes with broadband
- 93.9%
Mount Prospect vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Mount Prospect | 55,472 | $101,720 | $397,400 | $1,502 |
| Prospect Heights | 15,618 | $85,008 | $346,500 | $1,475 |
| Des Plaines | 59,156 | $97,875 | $335,600 | $1,606 |
| Arlington Heights | 76,005 | $116,723 | $414,500 | $1,760 |
| Rolling Meadows | 24,027 | $98,514 | $326,200 | $1,607 |
| Wheeling | 38,433 | $85,205 | $266,200 | $1,663 |
| Elk Grove Village | 31,987 | $94,175 | $347,100 | $1,618 |
| Glenview | 47,752 | $143,056 | $609,600 | $2,148 |
| Park Ridge | 38,667 | $142,986 | $551,200 | $1,537 |
More for people moving to Mount Prospect
Mount Prospect ZIP code ›Weather and climate ›Living in Mount Prospect: FAQ
What is the median household income in Mount Prospect, IL?
The median household income in Mount Prospect is $101,720, 22% higher than the Illinois median of $83,390 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Mount Prospect?
The median home value in Mount Prospect is $397,400, compared with $263,300 in Illinois.
How much is rent in Mount Prospect?
The median gross rent in Mount Prospect is $1,502 per month, about 30.3% of household income.
Is Mount Prospect, IL a good place to live?
Pluses: median household income 22% higher than the Illinois median; an average commute of 26 minutes; unemployment of 3.8%; a poverty rate of 6.6%. Minuses: home values 51% higher than the state median.
What is the median age in Mount Prospect?
The median age in Mount Prospect is 41.1 years (Illinois: 39).
How long is the commute in Mount Prospect?
The average commute to work in Mount Prospect is 26 minutes; 19.2% of workers work from home.
What is the unemployment rate in Mount Prospect?
The unemployment rate in Mount Prospect is 3.8% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Mount Prospect?
48.6% of adults in Mount Prospect have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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