Real Estate Investing in Evanston, Illinois (60201)
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Should you buy in 60201 (Evanston, IL)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 9.2% vacancy may signal weakening demand.
What’s happening in Evanston, IL (60201)?
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Market Analysis: 60201 Evanston
The 60201 ZIP in Evanston, IL is a local-operator market. Outside capital chasing a $580K entry has to pair deep knowledge with the discount.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 60201 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
Statewide comparisons place 60201 among IL's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Employment concentration in 60201 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
The right play in 60201 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Evanston:
Property Strategy for 60201
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $261,963 | $2,100 | 5.8% | +5.7% | $261,963 |
| 2BR | $369,207 | $2,370 | 4.6% | +5.7% | $184,603 |
| 3BR | $609,790 | $3,050 | 3.6% | +6.2% | $203,263 |
| 4BR | $935,093 | $3,530 | 2.7% | +6.5% | $233,773 |
| 5BR | $1,282,999 | — | — | +6.8% | $256,600 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 60201 Compare?
| Metric | 60201 | Evanston | Illinois |
|---|---|---|---|
| Home Value | $579,851 | $399,362 | $279,761 |
| 5-Year CAGR | 4.4% | 5.2% | 6.6% |
| Avg Rent | $2,742 | $2,359 | - |
| Cap Rate | 3.7% | 3.5% | - |
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 60201 (Evanston, IL). Anonymous, moderated, never written by AI.
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Property managers serving Cook County
Manage rentals here? List your business →American Property Management of Illinois, Inc. (Associa) provides comprehensive HOA and condominium management services in Chicago and surrounding areas. summary from their website
Blackhawk Realty Management, LLC provides professional property management and real estate services for its multifamily apartment portfolio, founded in 2004. summary from their website
Buckingham Property Management, Inc. offers apartment rentals and management services. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $579,851 |
| Monthly Rent | $2,742 |
| Price-to-Rent | 17.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.7% |
| Cap Rate | 3.7% |
| 5-Year IRR | 8.1% |
📈 Home Appreciation
| 1-Year | +9.4% ▲ |
| 3-Year CAGR | +5.1% ▲ |
| 5-Year CAGR | +4.4% ▲ |
| 10-Year CAGR | +2.8% ▲ |
🏠 Rent Trends
| 1-Year | -6.7% ▼ |
| 3-Year CAGR | +2.1% ▲ |
| 5-Year CAGR | +3.7% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.7%). 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 60201
Population: 43,555
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 60201
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Chute Middle School
Dawes Elementary School
East Prairie Elem School
Highcrest Middle School
Highland Elementary School
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
Frequently Asked Questions
Which real estate strategy fits Evanston, IL?
The best-fit strategy in Evanston, IL is careful cash-flow rentals with hands-on management. That approach the rent and price profile of the market.
Is Evanston, IL a smart market for rental property?
The 3.0/5 investability rating in Evanston, IL reflects its $580K prices and $2,742/mo rents. Investors generally consider it a solid option within IL.
What is the average home sale price in Evanston, IL?
Expect median prices around $580K in Evanston, IL. The market has run at a 0.0% 5-year CAGR, so entry costs have been even-keeled.
Is Evanston, IL a friendly market for rental owners?
For rental operators, Evanston, IL rates as landlord-friendly. The regulatory environment standard buy-and-hold operations.
Can owner-occupants cash flow in Evanston, IL?
Evanston, IL is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $580K price point reasonable to enter.
You know 60201 now. You don’t know where it ranks.
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How 60201 ranks in Chicago-Naperville-Elgin, IL-IN-WI
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