Palos Park, IL Profile: Facts & Data

The primary coordinate point for Palos Park is located at latitude 41.6673 and longitude -87.8303 in Cook County. The formal boundaries for the Village of Palos Park encompass a land area of 3.93 sq. miles and a water area of 0.04 sq. miles. Cook County is in the Central time zone (GMT -6). The elevation is 689 feet.

The Village of Palos Park (GNIS ID: 2399616) has a C1 Census Class Code which indicates an active incorporated place that does not serve as a county subdivision equivalent. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.

Palos Park, IL Data & Demographics (As of July 1, 2020)

POPULATION
Total Population	5,330 (100%)
Population in Households	5,138 (96.4%)
Population in Families	4,444 (83.4%)
Population in Group Quarters¹	192 ( 3.6%)
Population Density	841
Diversity Index²	27


INCOME
Median Household Income	$104,570
Average Household Income	$143,034
% of Income for Mortgage⁴	16%
Per Capita Income	$55,874
Wealth Index⁵	263

HOUSING
Total HU (Housing Units)	2,311 (100%)
Owner Occupied HU	1,990 (86.1%)
Renter Occupied HU	182 ( 7.9%)
Vacant Housing Units	139 ( 6.0%)
Median Home Value	$402,513
Average Home Value	$466,625
Housing Affordability Index³	153

HOUSEHOLDS
Total Households	2,172
Average Household Size	2.37
Family Households	1,551
Average Family Size	3

NOTES

Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.

Palos Park, IL - Peer Comparisons by Rank and Percentile

The table below compares Palos Park to the other 1,369 incorporated cities, towns and CDPs in Illinois by rank and percentile using July 1, 2020 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

GROWTH RATE / YEAR	2010-2020	2020-2025
Population	-0.24%	-0.28%
Households	-0.1%	-0.24%
Families	0.35%	-0.27%
Median Household Income		0.91%
Per Capita Income		1.7%
Owner Occupied HU		-0.21%

Variable Description	Rank	Percentile
Total Population	# 326	76th
Population Density	# 849	38th
Median Household Income	# 86	94th
Housing Affordability Index	# 230	17th
Per Capita Income	# 54	96th
Diversity Index	# 406	70th

Palos Park, IL Profile: Facts & Data

Palos Park, Illinois - Basic Facts

Palos Park, IL Data & Demographics (As of July 1, 2020)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Palos Park, IL - Peer Comparisons by Rank and Percentile

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