Real Estate Investing in Chicago, Illinois (60602)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 60602 (Chicago, IL)? Our answer, based on the numbers below.
Solid choice — stable market with a reasonable entry point and good rental backup if you ever need to move.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
- Declining values: -4.7% 5-year CAGR — values have moved lower.
What’s happening in Chicago, IL (60602)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 60602 Chicago
Investors eyeing 60602 need to respect the fundamentals at play. Home values of $295K come alongside slower price movement and elevated management overhead.
Rent of $2,574/mo on a $295K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 60602 sits below the stated 0.0% once reality is priced in.
Meanwhile, 60602 offers a low basis, the region around Chicago has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Who lives in 60602 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
The right play in 60602 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 Chicago:
Property Strategy for 60602
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $260,941 | $2,370 | 6.5% | +0.7% | $260,941 |
| 2BR | $455,491 | $2,670 | 4.2% | -1.8% | $227,745 |
| 3BR | $907,975 | $3,440 | 2.7% | -2.5% | $302,658 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 60602 Compare?
| Metric | 60602 | Chicago | Illinois |
|---|---|---|---|
| Home Value | $295,141 | $345,093 | $279,761 |
| 5-Year CAGR | N/A | 2.6% | 6.6% |
| Avg Rent | $2,574 | $2,056 | - |
| Cap Rate | 6.8% | 5.1% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 60602 (Chicago, 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 | $295,141 |
| Monthly Rent | $2,574 |
| Price-to-Rent | 9.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 10.5% |
| Cap Rate | 6.8% |
| 5-Year IRR | 2.1% |
📈 Home Appreciation
| 1-Year | +13.1% ▲ |
| 3-Year CAGR | -2.6% ▼ |
| 5-Year CAGR | -4.7% ▼ |
| 10-Year CAGR | -5.3% ▼ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) is close to the estimated cap rate (6.8%). Financing this market at current rates produces a cash-on-cash return near the cap rate. Appreciation and tax benefits may still support the investment.
⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 60602
Population: 1,127
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 60602
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Dunbar Vocational Career Acad HS
Newberry Elem Math & Science Acad
Ogden Int High School
Otis Elem School
Pershing Elem Humanities Magnet
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 1,488 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Are there empty rentals in Chicago, IL?
Chicago, IL carries elevated vacancy risk. Expect consistent absorption at market rents of $2,574/mo.
Is Chicago, IL landlord-friendly?
Landlord-friendliness in Chicago, IL is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
What do landlords charge for rent in Chicago, IL?
The typical rental in Chicago, IL commands about $2,574/mo monthly. That rent profile consistent cash flow against the $295K purchase basis.
Is house hacking profitable in Chicago, IL?
For house hackers, Chicago, IL is a challenging. The $2,574/mo rent on a unit helps defray the mortgage on a $295K property.
Is Chicago, IL a good market for buy-and-hold investors?
Chicago, IL rates 3.0/5 for investability. With median values at $295K and rents near $2,574/mo, the market offers reasonable fundamentals for rental investors.
You know 60602 now. You don’t know where it ranks.
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How 60602 ranks in Chicago-Naperville-Elgin, IL-IN-WI
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