Real Estate Investing in Elgin, Illinois (60123)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 60123 (Elgin, IL)? Our answer, based on the numbers below.
Strong fundamentals — affordable, appreciating, and stable. A confident pick for primary residence.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
What’s happening in Elgin, IL (60123)?
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Market Analysis: 60123 Elgin
The 60123 ZIP covers a section of Elgin that demands careful diligence. Prices near $318K look accessible, but the work to make a deal cash flow is real.
Rent of $1,618/mo on a $318K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 60123 sits below the stated 0.0% once reality is priced in.
The gap between 60123 and stronger Elgin ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
The demographic picture in 60123 includes headwinds that any investor should price in. Income distribution skews lower than Elgin averages, and tenant stability requires active management.
Distressed ZIPs reward experience. sturdy returns are possible in 60123, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Elgin:
Property Strategy for 60123
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $174,581 | $1,410 | 5.8% | +10.0% | $174,581 |
| 2BR | $243,397 | $1,590 | 4.7% | +9.3% | $121,699 |
| 3BR | $305,017 | $2,050 | 4.8% | +8.4% | $101,672 |
| 4BR | $383,857 | $2,370 | 4.4% | +8.2% | $95,964 |
| 5BR | $403,260 | — | — | +7.9% | $80,652 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 60123 Compare?
| Metric | 60123 | Elgin | Illinois |
|---|---|---|---|
| Home Value | $317,535 | $378,768 | $279,761 |
| 5-Year CAGR | 7.3% | 7.0% | 6.6% |
| Avg Rent | $1,618 | $1,855 | - |
| Cap Rate | 4.0% | 3.9% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 60123 (Elgin, IL). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $317,535 |
| Monthly Rent | $1,618 |
| Price-to-Rent | 16.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.1% |
| Cap Rate | 4.0% |
| 5-Year IRR | 11.2% |
📈 Home Appreciation
| 1-Year | +7.3% ▲ |
| 3-Year CAGR | +7.1% ▲ |
| 5-Year CAGR | +7.3% ▲ |
| 10-Year CAGR | +7.2% ▲ |
🏠 Rent Trends
| 1-Year | -6.8% ▼ |
| 3-Year CAGR | +3.0% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.0%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 60123
Population: 48,821
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 60123
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 4,404 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Are homes affordable in Elgin, IL?
Elgin, IL median home values land near $318K. That is reasonable territory for investors looking at $1,618/mo-per-month rentals.
Should investors worry about vacancy in Elgin, IL?
Elgin, IL sees elevated vacancy, which is reasonable relative to the broader IL rental market.
What is the typical renter like in Elgin, IL?
Tenant quality in Elgin, IL ranks as solid. Landlords generally report measured occupancy at market rents of $1,618/mo.
How should investors approach Elgin, IL?
Most investors in Elgin, IL run a careful cash-flow rentals with hands-on management strategy. It aligns with the 3.0/5 investability profile and the market fundamentals.
How landlord-friendly is Elgin, IL?
The landlord environment in Elgin, IL is landlord-friendly. Statewide rules shape most day-to-day operations for rental owners.
You know 60123 now. You don’t know where it ranks.
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How 60123 ranks in Chicago-Naperville-Elgin, IL-IN-WI
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