Cheap Homes in Park Forest, IL

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Park Forest, IL Foreclosures

How much do homes sell for in Park Forest, IL?
The average home price is currently $146,471.
In Park Forest, IL, how many homes are available?
There are currently 6,423 active home listings available in Park Forest.
What’s the average rental cost in Park Forest, IL?
The average rental price in Park Forest is $1,280.
What is the most expensive home in Park Forest, Illinois?
The most expensive home sold in Park Forest had a price of $2,227,000.
What is currently the cheapest priced home in Park Forest, IL?
The cheapest home for sale in Park Forest is priced at $18,776.

Home Value Estimator For Park Forest, IL

There are currently 6,423 real estate properties in Park Forest, IL, with a median automated valuation model (AVM) price of $142,631.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Park Forest, IL, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Park Forest, IL, is $146,471.00, with the most expensive house in Park Forest, IL, topping out at $2,227,000.00 and the cheapest home in Park Forest, IL, clocking in at $18,776.00. In other words, there’s something for every potential homebuyer or savvy investor in Park Forest, IL!

Rent Prices In Park Forest, IL

With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Park Forest, IL, is on a rollercoaster ride. The average rent price in Park Forest, IL, is $1,280.00. Indeed, when looking to rent in Park Forest, IL, you can expect to pay as little as $630.00 or as much as $5,420.00, with the average rent median estimated to be $1,290.00. The good news is that finding an affordable and desirable property to rent in Park Forest, IL -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.

Top Reasons To Live In Park Forest, IL In 2024

Park Forest is located in Cook, Illinois, with an estimated municipal population of 21,210 residents. All of the best foreclosed homes for sale in Park Forest are located in the following zip code areas on 60466. The estimated population per square kilometer (.62 miles) in Park Forest is 1,650.

Cost Of Living In Park Forest, IL

So, about how much do homes cost in Park Forest? The most recent median value of resident-owned homes in Park Forest is 60,847. An estimated 59.9 percent of households in Park Forest own their homes, with an average family size of 3.3. The median household income in Park Forest is 53,938, with18.7 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Park Forest, the median commute time of resident workers (in minutes) is 31.9. And last, but certainly not least, are you looking for homes to rent in Park Forest? If so, the average rent price paid by renters in Park Forest is 1,211, according to recent statistics.

Diversity And Demographics In Park Forest, Illinois

Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to Park Forest, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.

The median age of residents in Park Forest is 39.3, split between 46.9 percent male versus 53.1 female. The percentage of residents who report being married in Park Forest is 33.4, with an average family size of 3.3.

The percentage of residents who report their race in Park Forest is as follows:

White 27.2%
Black / African American 66.4%
Asian 0.5%
American Indian / Alaskan Native 0%
Native Hawaiian / Other Pacifc Islander 0%
Multi-racial 2.8%
Other 3.2%

Looking for family-friendly neighborhoods in and/or near Park Forest? Or maybe you are searching for 55+ active adult communities in and/or near Park Forest?

The percentage of residents who report their age in Park Forest is as follows:

Under 10 11.6%
Aged 10-19 14.3%
20s 11.6%
30s 13.3%
40s 14.5%
50s 12.7%
60s 12.9%
70s 5.5%
80+ 3.5%

Best Schools In Park Forest, Illinois

It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in Park Forest with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Park Forest.

Pros And Cons Of Living In Park Forest, Illinois

How do you know that living in -- or moving to -- Park Forest is right where you need to be? Perhaps you grew up in Park Forest or already live nearby; therefore, the decision to buy a home in Park Forest is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Park Forest for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.

Here are some questions to ask yourself when shopping for foreclosed homes for sale in Park Forest:

  • What type of neighborhood environment (suburban, urban, rural, etc.) do you prefer?
  • What types of shopping (mom and pop, mall, big box), restaurants (fast food, chain, local) and businesses (small, big, mixed) would you like nearby?
  • What leisure-time activities (golf, biking, hiking, etc.) do you enjoy?
  • What type of commute (car, plane, home office) do you seek?

In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Park Forest.

Reasons To Move To Park Forest, Illinois, In 2024

Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Park Forest can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Park Forest, meanwhile, can field multiple offers from more qualified buyers.

Cheap Homes in Park Forest, IL


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