Knight Frank recently voted Chicago as the 6th best city in the world for the uber-rich to live, work, and play. Coincidentally, Illinois also ranks number six of U.S. states by number of billionaire residents. It’s without a doubt that this corner of America is home to some seriously swanky citizens – but where do they live?
Believe it or not, the 25 wealthiest places in Illinois are all suburbs and that’s exactly where you’ll find many of Chicago’s richest residents. So get ready for an exclusive tour of the most jaw-droppingly expensive neighborhoods, as we work our way through the 10 most-moneyed Chicago suburbs.
The 10 Wealthiest Chicago Suburbs by Average Household Income
10. Oak Brook
Median Household Income: $141,055
Oak Brook is the commerce capital of Illinois, but did you know it’s also where some of the wealthiest Chicagoans reside? What’s more, Oak Brook is home to DuPage County’s record-breaking most-expensive home, which is Frank Thomas’ $7.95M mansion. Although the median household income in Oak Brook is a little lower than you’d expect on a list like this, a peek at the median home value reveals that there are more than a few high-status people living here. The average family home sells for an astronomical figure of $801,100, which is 3x the Chicago average and almost 4x more than the national average.
The median household income may be explained by the fact that 40% of residents here are retirees. And with all the giant houses, world-class shopping, and low property taxes, it’s no surprise that some of Chicago’s most-moneyed retirees are queuing up for a ticket to this exclusive suburb.
The cheapest apartment currently for sale in Oak Brook is a 1-bed condo, up for $139,888. Do you think you could live here? Decide yourself by reading all about life in Oak Brook.
9. Western Springs
Median Household Income: $174,760
Next up is one of our favorite western Chicago suburbs – the Western Springs. It also happens to be one of the wealthiest. It made the Bloomberg list of the 100 Richest U.S Towns in 2017 and the Western Springs resident’s wages, wealth, and house prices have continued to grow since then.
The median house price in Western Springs is $609,900 and, as you might expect, you can find fairytale homes on the market here. As far as we know, the most expensive home sold in this suburb went for $2.8M. The property, which you’ll find at 5,000 Woodland Avenue, is a 5,000sq ft property built in 2019 and was on the market for just under one year. Check out our community spotlight to learn more about Western Springs, Click here!
8. Hawthorn Woods
Median Household Income: $175,795
On the far-flung northwestern edges of the Chicago suburbs, you’ll find a quaint rural village known as Hawthorn Woods. If you’ve got a robust bank account, you can buy yourself a slice of country life for an average of $566,1000, which will get you a three or four-bedroom house or 2,400 sq ft of real estate in Hawthorn Woods.
99% of residents own their homes here – and could you believe the median rent is $3,500 per month? With only 1% of the suburb renting their property, a grand total of 84 people are paying those jaw-dropping rent prices, but in return, they get vast amounts of space and greenery unrivaled by inner-city rentals. Hawthorn Woods is unpolluted by noise and traffic, and residents say it’s the perfect place to stargaze.
7. Wilmette
Median family income: $164,681
If you’re not familiar with Wilmette, a quick google search will make you more than a little envious of how the other half live. Wilmette is a suburban lakeside oasis and it’s clear to see why people set aside big bucks to live in this eye-wateringly beautiful village. While the median home value is $707,800, there are many lavish estates here that have achieved the peak of modern living and can only be bought for 8-figures.
Wilmette is close by to Evanston, one of the most up and coming cities in Illinois, as well as the Winnetka, which is officially the wealthiest Chicago suburb. Being somewhat closer to the action than country-club suburbs like Hawthorn woods, you can actually rent in Wilmette for $1,484, which is close to the average Chicago rent. But with both Winnetka and Kenilworth close by, there are plenty of millionaires and billionaires in the area – do you think you could handle rubbing shoulders with some of the richest people in America?
6. Inverness
Median Household Income: $192,576
This stately suburb is famous for its mansions. Early parts of the neighborhood adhered to a strict 1-acre minimum of space for each home and the houses have an old-money feel – the kind of places where you’d expect to find aristocracy. The village offers social distancing at its best and residents describe it as being “close to anything you’d want – but thankfully, not too close”. It’s not surprising that this suburb is popular with people seeking peace and quiet – 60% of the population over the age of 45 and it’s voted the 4th best place to retire in the whole of Illinois, according to niche.com
The newer parts of Inverness are where the mega-rich have flocked to build mega-big custom homes. The median home value is $628,700. When searching the market, you’ll find most properties in Inverness have at least four bedrooms with 3-5,000 sq ft, but one of the biggest houses in the suburb is a mindblowing 24,000 sq ft.
5. Hinsdale
Median household income: $203,368
The lovely Hinsdale is home to many high-class homes with hefty price tags. The median home value is $884,700, but with Hinsdale’s median household income of $203,368, it will only take these lucky residents a few years to pay it off.
In 2021, an 8-bed mansion in Hinsdale set the record for the highest-selling home at $7.6M. We can only imagine the lockdowns weren’t too hard on the current owners of this property – it has landscaped gardens, a wine cellar, a dance floor, a home theater, a walnut-paneled library, and a 55ft heated swimming price. The price tag for this dream home is bestest only by the $7.95M home we mentioned in Oak Brook.
Yet, despite what you think, you don’t have to be ludicrously wealthy to live in Hinsdale – just a little wealthy. The average rent here is $1,800 PCM and you can sometimes find 1-2 bed homes for $1,500. So if you want to picture yourself in one of Chicago’s golden suburbs, have a read of our article all about living in Hinsdale.
4. Long Grove
Median household income: $214,073
Up by Lake Zurich and Vernon Hills, you’ll find one of Chicago’s tucked-away suburban paradises, Long Grove. Every month, families here take home a big paycheck and we can only imagine they spend some of it on the suburbs surrounding country clubs and vineyards.
There are more than a few luxury homes in Long Grove, and as of 2020, Eddie Jackson owns one of them. The average home here goes for $648,700, and like many of these upscale suburbs, you’ll be lucky to find anywhere with less than four bedrooms. It’s this ‘biggest is better’ mentality that sees epic 12,000 sq ft homes being built in Long Grove, Illinois.
3. Kenilworth
Median household income: $227,404
The owner’s of Chicago’s most stacked bank accounts are in agreement that living in Kenilworth is more than worth the price tag. The median house price in this suburb is enough to leave most people shocked – it comes in at just over $1.1M. With 770 households, that places the collective value of this small suburb at $770M. This dreamlike village sits between two other extraordinarily wealthy suburbs, Winnetka and Wilmette.
So why do the mega-wealthy part ways with life-changing amounts of money to live in Kenilworth? For a start, it is one of the newest North Shore communities. It overlooks the beautiful Lake Michigan, and the residents here no doubt love to pay a visit to the nearby Wilmette and Glencoe Marinas. It is also simply a beautiful place to live; if you were to try to imagine the most idyllic version of suburban life, you’d likely picture the peaceful, well-manicured, tree-lined streets of Kenilworth.
2. Glencoe
Median Household Income: $248,851
You’ll find Glencoe on any list of the wealthiest suburbs in Chicago – families here take home an average of ¼ of a million dollars every year, so it only takes them a few years to buy their million-dollar homes. Glencoe is famously home to some of the most extravagant mansions in Illinois, including the 12.2 acre estate formerly owned by the Vacuum Magnate, H. Earl Hoover. This magical tudor-style home is apparently worth around $16M.
So, who decided that Glencoe should be the site of such prime real estate? It seems to be mother nature herself. If you look at Glencoe on google maps you’ll see the whole village is bordered by blue and green; the suburb looks out over Lake Michigan and is surrounded by the Skokie Lagoons, Chicago Botanic Gardens, Turnbull Woods, and the Lake Shore Country Club. We can only imagine how fresh the air must smell in Glencoe. If this suburb can be considered ‘the other side’, then the grass truly is greener there.
1. Winnetka
Median Household Income: $250,000
Topping our list as the most wealthy suburb of Chicago is Winnetka. Famously the location of the The “Home Alone” house, this suburb is also renowned for being home to the richest families in the whole of the nation. Houses here cost a median of $1,091,700, so it’s only logical that the average take-home pay for families is a quarter of a million dollars every year.
The famous Sheridan Road in Winnetka is where you’ll find several of Chicago’s biggest and most expensive homes. The street alone is home to multiple properties worth well over $10M. Winnetka is also where you’ll find one of the most expensive properties ever listed in Chicago, 68 Locust Rd, Winnetka, which is a 27,000 sq ft mansion listed for $27M in 2012. If that sounds inconceivable to you, then you’ll be even more amazed to know this was considered a steal. The home-come-palace was listed with a $5M dollar discount from its peak listing of $32M. Now that’s a bargain, wouldn’t you agree?
