Real Estate Investing in Oak Park, Illinois (60304)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 60304 (Oak Park, 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.
- High price-to-rent: Price-to-rent ratio 27.0 — hard to cash-flow at these prices.
What’s happening in Oak Park, IL (60304)?
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Market Analysis: 60304 Oak Park
The 60304 ZIP in Oak Park, IL is a local-operator market. Outside capital chasing a $515K entry has to pair deep knowledge with the discount.
In practical terms, the numbers look inviting — $515K purchase price, 0.0% nominal cap — the work to hit that pro forma in 60304 is substantial and deserves full respect.
ZIP 60304's metrics run below Cook County's averages on price growth and tenant stability. Investors who ignore that regional gap tend to relearn it the hard way.
A robust renter share of 28% in 60304 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
Strategy in 60304 is an operator game, not a passive one. Meanwhile, entry prices of $515K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Oak Park:
Property Strategy for 60304
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $156,188 | $1,450 | 6.7% | +7.4% | $156,188 |
| 2BR | $297,808 | $1,630 | 3.9% | +5.6% | $148,904 |
| 3BR | $457,242 | $2,100 | 3.3% | +5.3% | $152,414 |
| 4BR | $567,513 | $2,430 | 3.1% | +5.4% | $141,878 |
| 5BR | $730,133 | — | — | +5.4% | $146,027 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 60304 Compare?
| Metric | 60304 | Oak Park | Illinois |
|---|---|---|---|
| Home Value | $515,093 | $432,721 | $279,761 |
| 5-Year CAGR | 5.6% | 5.5% | 6.6% |
| Avg Rent | $1,593 | $1,946 | - |
| Cap Rate | 2.4% | 3.8% | - |
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 60304 (Oak Park, 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 | $515,093 |
| Monthly Rent | $1,593 |
| Price-to-Rent | 27.0:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.7% |
| Cap Rate | 2.4% |
| 5-Year IRR | 8.0% |
📈 Home Appreciation
| 1-Year | +13.4% ▲ |
| 3-Year CAGR | +8.0% ▲ |
| 5-Year CAGR | +5.6% ▲ |
| 10-Year CAGR | +3.9% ▲ |
🏠 Rent Trends
| 1-Year | +7.9% ▲ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.4%). 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 60304
Population: 17,218
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 60304
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Clark Acad Prep Magnet High Schl
Freedom Middle School
Heritage Middle School
Hiawatha Elem School
Howe Elem 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
Investor Insight: With 2,837 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How much do tenants pay in Oak Park, IL?
Rental rates in Oak Park, IL average $1,593/mo. Tenant demand and $515K home values make the yield look reasonable by investor standards.
What investment strategy works best in Oak Park, IL?
The best-fit strategy in Oak Park, IL is careful cash-flow rentals with hands-on management. That approach the rent and price profile of the market.
How strong is Oak Park, IL for real estate investors?
Yes - Oak Park, IL a 3.0/5 investability score. With $515K home prices against $1,593/mo monthly rent, the market delivers a reasonable entry point for new investors.
Does house hacking make sense in Oak Park, IL?
The house hack math a challenging in Oak Park, IL. Owner-occupant buyers benefit from the $1,593/mo rents and $515K home values.
Are there empty rentals in Oak Park, IL?
Rental vacancy in Oak Park, IL is elevated. Investors should budget normal turnover but not chronic empty units.
You know 60304 now. You don’t know where it ranks.
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How 60304 ranks in Chicago-Naperville-Elgin, IL-IN-WI
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