$2,450 Per Month
- 3 Beds
- 1.5 Baths
- 1,900 Sq Ft
- Apartment for Rent
8418 W Oak Ave Unit 3, Niles, IL 60714
8418 W Oak Ave Unit 3, Niles, IL 60714
Frequently Asked Questions
How much does it cost to rent a home in Niles, IL?
The median rent for a home in Niles, IL is $1,950 per month, though prices vary by neighborhood, size, and property type. As of July 2026, condos tend to be the most affordable option while townhouses and single-family homes are currently more expensive.
How much do you need to make to afford rent in Niles, IL?
To comfortably afford the median rent in Niles, IL, a household needs to earn roughly $78,000 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $1,950 per month in Niles, IL, renters typically need to show $5,850 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Niles, IL?
In Niles, IL, the price-to-rent ratio is 17.9, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in Niles, IL are best for renting a home?
The best neighborhood for renting in Niles, IL depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a home include Grennan Heights, Edison Park, Norwood Park, O'Hare and Southwest Skokie, each with its own character and price range.
