Real Estate Investing in Manhattan, Illinois (60442)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 60442 (Manhattan, 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 26.7 — hard to cash-flow at these prices.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Manhattan, IL (60442)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 60442 Manhattan
ZIP 60442 inside Will County looks affordable on the surface — median value of $400K — but the discount exists for reasons that a careful buyer should understand before committing.
Put differently, the numbers look inviting — $400K purchase price, 0.0% nominal cap — the work to hit that pro forma in 60442 is substantial and deserves full respect.
From an investor standpoint, 60442 offers a low basis, the region around Manhattan has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Resident income in 60442 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
tilts toward the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Manhattan:
Property Strategy for 60442
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $254,397 | $1,390 | 3.9% | +8.0% | $127,199 |
| 3BR | $343,963 | $1,790 | 3.7% | +7.5% | $114,654 |
| 4BR | $436,902 | $2,070 | 3.4% | +7.1% | $109,225 |
| 5BR | $515,064 | — | — | +7.7% | $103,013 |
Market Trends
Home Value History (with trend line)
📊 How Does 60442 Compare?
| Metric | 60442 | Manhattan | Illinois |
|---|---|---|---|
| Home Value | $400,417 | $400,417 | $279,761 |
| 5-Year CAGR | 5.9% | 5.9% | 6.6% |
| Avg Rent | $1,251 | $1,251 | - |
| Cap Rate | 2.4% | 2.4% | - |
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 60442 (Manhattan, IL). Anonymous, moderated, never written by AI.
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Property managers serving Will County
Manage rentals here? List your business →HSR Property Services, LLC is a full-service property management firm in Tinley Park, IL, specializing in Condominium, Townhome & Single Family Homeowner Associations, Apartment Rentals, Affordable & 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 | $400,417 |
| Monthly Rent | $1,251 |
| Price-to-Rent | 26.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.8% |
| Cap Rate | 2.4% |
| 5-Year IRR | 8.4% |
📈 Home Appreciation
| 1-Year | +5.5% ▲ |
| 3-Year CAGR | +4.1% ▲ |
| 5-Year CAGR | +5.9% ▲ |
| 10-Year CAGR | +5.6% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 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 60442
Population: 13,467
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 60442
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 2,070 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is Manhattan in IL worth investing in?
The 3.0/5 investability rating in Manhattan, IL reflects its $400K prices and $1,251/mo rents. Investors generally consider it a solid option within IL.
What are vacancy rates like in Manhattan, IL?
Rental vacancy in Manhattan, IL is elevated. Investors should budget normal turnover but not chronic empty units.
Are landlord laws favorable in Manhattan, IL?
IL law landlord-friendly for landlords, and Manhattan inherits those rules. Investors should still review local ordinances for rental licensing.
Can I house hack in Manhattan, IL?
The a challenging house-hack environment in Manhattan, IL reflects the rent-to-price spread. Expect meaningful PITI offset at market rents.
How much do tenants pay in Manhattan, IL?
Average rent in Manhattan, IL is approximately $1,251/mo per month. Against $400K home values that yields a reasonable rent-to-price ratio.
You know 60442 now. You don’t know where it ranks.
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How 60442 ranks in Chicago-Naperville-Elgin, IL-IN-WI
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