Real Estate Investing in Waukegan, Illinois
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in Waukegan, IL? Our answer, based on the numbers below.
For Homebuyers
GOOD FIT
Grade B (80/100)
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
For Investors
MIXED
3.0 / 5
(52/100)
Rare combination of both appreciation and cash flow. These markets don't last long — worth serious consideration.
Risks to Know
CLEAN
No major risk flags on the data we track.
What’s happening in Waukegan, IL?
Click any question — our AI will research it live from the web and show you sources.
🏦 30-yr Fixed Rate:
6.76%
as of Sep 10
Source: Freddie Mac PMMS
Avg Investability
★★★★★
Avg Home Value
$256,476
Avg Monthly Rent
$1,617
ZIP Codes
2
Market Trends — Waukegan, IL
Home Value History
Rent History
Local Pulse Report
AI-researched developments and news for Waukegan, IL. Updated on demand as visitors ask.
Growth & development in Waukegan, IL Updated 141 days ago
Waukegan sees significant infrastructure investment and new business openings, alongside some regional job cuts.
Opportunities
- The Yeoman Solar Project, a 9.1 MW solar array on an EPA superfund landfill, went online in December 2025. — This provides affordable, clean energy to approximately 1,000 low and middle-income households. CleanCapital / Canary Media
- The Bluffs at South Sheridan affordable housing project was completed in February 2023, offering 120 units. — This redevelopment provides safe, stable, and affordable homes for residents. National Equity Fund
- Waukegan is experiencing a flurry of new business openings, including V's Studio Beauty & Education and El Shalom Bakery. — These new businesses expand local choices for services, food, and employment opportunities. Waukegan Chamber of Commerce
- The Ravine Terrace affordable senior housing community is undergoing a $28 million redevelopment, adding 28 new homes. — This expands affordable housing options and amenities for low-income seniors. Seniors Housing Business
- Illinois Department of Transportation is investing millions in Waukegan for road resurfacing, ADA-compliant sidewalks, and turn lane additions. — These projects improve transportation infrastructure, safety, and accessibility for residents. IL Dept. of Transportation
Concerns
- Walgreens announced in February 2026 it would eliminate 469 positions across Illinois, including corporate support and field leadership roles. — These layoffs reduce employment opportunities for hundreds of workers in the state. Supermarket News / Plain Truth America
- Illinois saw over 1,000 mass layoffs in April 2025, with more than half due to business closures across the state. — These layoffs resulted in significant job losses and reduced economic stability for affected workers. Illinois Policy
Bottom line: Waukegan is seeing substantial investment in infrastructure and new local businesses, while the broader Illinois economy faces some significant job reductions.
Local news & events in Waukegan, IL Updated 141 days ago
Waukegan has seen significant developments in environmental remediation and community events, alongside ongoing concerns regarding crime and police conduct.
Opportunities
- A state panel ordered Midwest Generation to remove toxic coal ash ponds along the Waukegan lakefront in March 2025, a major win for environmental advocates. — This decision protects Lake Michigan's water quality and the health of Waukegan residents from hazardous contaminants. Lake and McHenry County Scanner
- The EPA strengthened air quality standards on particulate matter in February 2024, aiming to prevent premature deaths and lost workdays in communities like Waukegan. — Improved air quality directly benefits public health and reduces respiratory issues for residents. Clean Power Lake County
- Waukegan hosts various community events, including ArtWauk, the Waukegan to College Application Help Nights, and the annual Scoop Waukegan. — These events provide cultural enrichment, educational support, and opportunities for community engagement and local business. Eventbrite, Waukegan Chamber of Commerce
- The Waukegan Park District is hosting a Plant & Flower Sale and a Fishing Derby in 2026, offering recreational activities for residents. — These events provide accessible recreational opportunities and foster community interaction. City of Waukegan Official Website
Concerns
- Crime in Waukegan saw a 1% increase overall compared to the previous month, with property crime up by 3%, as of recent SpotCrime data. — Increased crime, particularly property crime, can lead to financial losses and a decreased sense of security for residents. SpotCrime
- A June 2023 report revealed the Waukegan city government attempted to conceal an internal report detailing police misconduct and evasion of discipline. — Lack of transparency and accountability in law enforcement can erode public trust and potentially lead to continued abuses. Jacksonville Journal-Courier
- Concerns persist regarding coal ash contamination from the former Waukegan Generating Station, with toxic metals potentially leaching into groundwater. — This ongoing environmental issue poses a long-term health risk to residents and impacts the safety of the local water supply. Inside Climate News, Clean Power Lake County
- A Waukegan man was sentenced to 48 years in prison in April 2026 for sexually assaulting a child he lived with in Aurora. — Such serious crimes highlight ongoing safety concerns and the need for continued vigilance in protecting vulnerable populations. Daily Herald
Bottom line: Waukegan is actively addressing long-standing environmental issues and fostering community engagement, though crime and police accountability remain significant concerns.
Schools in Waukegan, IL Updated 141 days ago
Waukegan Public Schools District 60 is undertaking significant facility upgrades and maintaining financial stability, while facing ongoing academic performance challenges.
Opportunities
- Waukegan CUSD #60 received the Meritorious Budget Award for its 2025–2026 budget, marking its ninth consecutive year. — This demonstrates strong financial transparency and responsible budgeting practices. Waukegan CUSD #60
- The district has an 'A' financial rating from Standards and Poor's and a 'Recognition School District Financial Profile Status' with ISBE. — This indicates sound financial health and management, potentially leading to better resource allocation. Waukegan CUSD #60
- Waukegan Public Schools is implementing a Pathways Program at Washington Campus for students interested in the HVAC field. — This new program expands vocational training opportunities for high school students. Waukegan CUSD #60
- The district is undertaking numerous facility upgrades across many schools, including new secure entrances, HVAC improvements, and classroom renovations. — These projects enhance the learning environment and improve safety and comfort for students and staff. Waukegan CUSD #60
- Waukegan CUSD #60 has secured a competitive interest-free $7 million Qualified School Construction Bond for facility and mechanical improvements. — This bond provides significant funding for necessary infrastructure upgrades without incurring interest costs. Waukegan CUSD #60
Concerns
- For the 2022-2023 school year, Waukegan Community Unit School District 60 ranked in the bottom 50% of Illinois school districts based on math and reading proficiency. — This indicates a need for improved academic outcomes and may limit future opportunities for students. Public School Review
- The district's average math proficiency score is 9% and reading proficiency is 11%, significantly below the Illinois statewide averages of 27% and 30% respectively. — Low proficiency rates suggest students may not be adequately prepared for higher education or skilled careers. Public School Review
- The district faces challenges with high chronic absenteeism rates. — High absenteeism can disrupt learning and negatively impact student academic progress. SchoolDigger.com
Bottom line: Waukegan Public Schools District 60 is investing in facilities and maintaining strong financial health, but continues to grapple with low student academic proficiency.
Civic & policy in Waukegan, IL Updated 141 days ago
Waukegan has seen significant updates to its development ordinances and building codes, alongside ongoing discussions about property taxes and local governance.
Opportunities
- On July 1, 2024, Waukegan adopted a new Unified Development Ordinance (UDO) which modernizes zoning, subdivision, sign, and tree preservation regulations. — This UDO expands housing options, streamlines business processes, and incorporates sustainability, fostering economic growth and environmental protection. Waukegan Official Website
- In August 2024, Waukegan updated its International Residential Code, requiring fire sprinklers in all new one- and two-family homes and townhomes. — This regulation enhances safety for residents by significantly lowering the risk of injuries or deaths in residential fires. N. Illinois Fire Sprinkler Advisory Board
- The Waukegan City Council unanimously approved a flat property tax levy for the sixth consecutive year on November 18, 2025. — This decision protects residents from additional tax burdens while maintaining city services and investing in public safety and infrastructure. Waukegan Official Website
- On April 6, 2026, the Community Development Committee approved four ordinances expanding liquor and gaming licenses for local businesses. — This expansion can create new business opportunities and potentially increase entertainment options for residents. Citizen Portal AI
- The Waukegan Planning and Zoning Commission recommended approval of a 24-hour laundromat and an age-restricted affordable housing project in February and March 2026. — These recommendations could increase access to essential services and expand affordable housing options for specific demographics. Citizen Portal AI
Concerns
- Waukegan Township property values climbed 8% in taxable value in 2025, with the deadline for appeals being September 2, 2025. — Rising property values, especially above inflation, can lead to increased property tax burdens for residents. Waukegan Township Taxpayers
- A ballot measure in April 2023 proposed changing Waukegan's government to a managerial form, which opponents argued would cost taxpayers at least $350,000 annually and reduce aldermanic accountability. — This proposed change could have led to increased costs for residents and a potential reduction in direct representation. BallotReady
Bottom line: Waukegan is actively updating its development and safety codes while managing property tax stability, though rising property values remain a concern.
AI-generated from public web sources. Always verify with official records. Not financial, legal, or investment advice.
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Avg Home Value
$256,476
Avg Monthly Rent
$1,617
1% Rule
✗ Below
Landlord Friendly (IL)
★★★★★
Neighborhoods in Waukegan
ZIP Codes in Waukegan, IL
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View PlansFrequently Asked Questions About Waukegan, IL
Is Waukegan, IL a smart market for rental property?
The 3.0/5 investability rating in Waukegan, IL reflects its $256K prices and $1,617/mo rents. Investors generally consider it a solid option within IL.
How do experienced investors play Waukegan, IL?
The best-fit strategy in Waukegan, IL is careful cash-flow rentals with hands-on management. That approach the rent and price profile of the market.
Is Waukegan, IL suited for a house hack?
For house hackers, Waukegan, IL is a challenging. The $1,617/mo rent on a unit helps defray the mortgage on a $256K property.
What are home prices like in Waukegan, IL?
The median home value in Waukegan, IL is roughly $256K. That puts it reasonable relative to the IL statewide average.
What is the typical rental rate in Waukegan, IL?
Investors in Waukegan, IL typically see rents near $1,617/mo per month against $256K home values - a solid setup for rental cash flow.
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