Real Estate Investing in Chicago, Illinois (60623)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 60623 (Chicago, IL)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
- High vacancy: 12.8% of homes vacant — above national norms.
- Elevated poverty: 22.2% poverty rate — can affect rent collection.
- Lower household income: $37,814 median — tenant affordability is tighter.
What’s happening in Chicago, IL (60623)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 60623 Chicago
From an investor standpoint, ZIP 60623 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $223K median. It rewards specialists, not generalists.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $223K asset, 60623 is the wrong submarket. If the plan prices in friction, the yield can still work.
In the broader IL picture, 60623 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
The demographic picture in 60623 includes headwinds that any investor should price in. Income distribution skews lower than Chicago averages, and tenant stability requires active management.
Strategy in 60623 is an operator game, not a passive one. From an investor standpoint, entry prices of $223K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Chicago:
Property Strategy for 60623
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $178,912 | $1,320 | 5.3% | +7.0% | $89,456 |
| 3BR | $211,155 | $1,700 | 5.8% | +5.3% | $70,385 |
| 4BR | $235,559 | $1,970 | 6.0% | +7.5% | $58,890 |
| 5BR | $267,284 | — | — | +8.1% | $53,457 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 60623 Compare?
| Metric | 60623 | Chicago | Illinois |
|---|---|---|---|
| Home Value | $222,699 | $345,093 | $279,761 |
| 5-Year CAGR | 4.2% | 2.6% | 6.6% |
| Avg Rent | $1,550 | $2,056 | - |
| Cap Rate | 5.4% | 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 60623 (Chicago, IL). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 60623 (Chicago, IL)?
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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 | $222,699 |
| Monthly Rent | $1,550 |
| Price-to-Rent | 12.0:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 8.4% |
| Cap Rate | 5.4% |
| 5-Year IRR | 9.6% |
📈 Home Appreciation
| 1-Year | +6.5% ▲ |
| 3-Year CAGR | +5.8% ▲ |
| 5-Year CAGR | +4.2% ▲ |
| 10-Year CAGR | +8.6% ▲ |
🏠 Rent Trends
| 1-Year | +1.9% ▲ |
| 3-Year CAGR | +5.9% ▲ |
| 5-Year CAGR | +7.0% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (5.4%). 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 60623
Population: 77,061
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 60623
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 2,399 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What real estate strategy is ideal for Chicago, IL?
Most investors in Chicago, IL run a careful cash-flow rentals with hands-on management strategy. It aligns with the 3.0/5 investability profile and the market fundamentals.
What do rentals go for in Chicago, IL?
The typical rental in Chicago, IL commands about $1,550/mo monthly. That rent profile predictable cash flow against the $223K purchase basis.
How deep is the rental pool in Chicago, IL?
The renter base in Chicago, IL is reasonable for the $1,550/mo price point. Screening well and pricing to market typically yields stable tenants.
Is housing expensive in Chicago, IL?
Median home price in Chicago, IL is near $223K, with a 5-year CAGR of 0.0%. Prices have been reliable and supportive of buy-and-hold strategies.
How quickly do rentals get leased in Chicago, IL?
Rental vacancy in Chicago, IL is elevated. Investors should budget normal turnover but not chronic empty units.
You know 60623 now. You don’t know where it ranks.
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How 60623 ranks in Chicago-Naperville-Elgin, IL-IN-WI
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