Real Estate Investing in Elgin, Illinois (60124)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 60124 (Elgin, IL)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
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 (60124)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 60124 Elgin
Not every below-median market is a bargain. Elgin's 60124 ZIP comes in at signals that favor experienced operators who can absorb the risk $512K pricing implies.
The investment case in 60124 is notable only for operators who understand what they are buying. A $512K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
Statewide comparisons place 60124 among IL's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Demographically, 60124 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
The 60124 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Elgin:
Property Strategy for 60124
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $362,714 | $2,530 | 5.0% | +7.0% | $181,357 |
| 3BR | $433,823 | $3,260 | 5.4% | +8.3% | $144,608 |
| 4BR | $535,157 | $3,770 | 5.1% | +8.1% | $133,789 |
| 5BR | $610,418 | — | — | +7.9% | $122,084 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 60124 Compare?
| Metric | 60124 | Elgin | Illinois |
|---|---|---|---|
| Home Value | $511,668 | $378,768 | $279,761 |
| 5-Year CAGR | 6.5% | 7.0% | 6.6% |
| Avg Rent | $2,324 | $1,855 | - |
| Cap Rate | 3.5% | 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 60124 (Elgin, IL). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 60124 (Elgin, IL)?
~25 seconds · no account needed · your report is anonymous
📊 Market Snapshot
| Home Value | $511,668 |
| Monthly Rent | $2,324 |
| Price-to-Rent | 18.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.5% |
| Cap Rate | 3.5% |
| 5-Year IRR | 10.1% |
📈 Home Appreciation
| 1-Year | +6.1% ▲ |
| 3-Year CAGR | +5.3% ▲ |
| 5-Year CAGR | +6.5% ▲ |
| 10-Year CAGR | +5.6% ▲ |
🏠 Rent Trends
| 1-Year | +2.4% ▲ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.5%). 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 60124
Population: 24,400
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 60124
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 1,961 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Are homes affordable in Elgin, IL?
In Elgin, IL the median home value sits at $512K. Against the broader IL market, that reads as reasonable for most investors.
What kind of tenants rent in Elgin, IL?
The tenant pool in Elgin, IL is solid, supported by local employment and population fundamentals. Rents of $2,324/mo are well-absorbed by the market.
How quickly do rentals get leased in Elgin, IL?
Elgin, IL vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
How landlord-friendly is Elgin, IL?
For rental operators, Elgin, IL rates as landlord-friendly. The regulatory environment standard buy-and-hold operations.
How much rent can I charge in Elgin, IL?
Investors in Elgin, IL typically see rents near $2,324/mo per month against $512K home values - a solid setup for rental cash flow.
You know 60124 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 60124 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 60124 ranks in Chicago-Naperville-Elgin, IL-IN-WI
Every ZIP in this metro, ranked. Free.
AI Market Advisor
Ask questions about investing in 60124 (Elgin)
Community Ratings
What people who’ve spent time here actually say. Not paid reviews.
Be the first to rate 60124 (Elgin, IL).
It takes 30 seconds. No signup. Your rating helps everyone who comes here after you.