Real Estate Investing in Chicago, Illinois (60638)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 60638 (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 middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
What’s happening in Chicago, IL (60638)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 60638 Chicago
On balance, ZIP 60638 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $329K median. It rewards specialists, not generalists.
Turning to rents, the numbers look inviting — $329K purchase price, 0.0% nominal cap — the work to hit that pro forma in 60638 is substantial and deserves full respect.
Regionally, 60638 sits on the difficult end of the IL spectrum. The a viable market for read — for disciplined operators — is that pricing reflects the difficulty.
Resident income in 60638 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
Distressed ZIPs reward experience. robust returns are possible in 60638, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Chicago:
Property Strategy for 60638
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $268,019 | $1,590 | 4.3% | +6.4% | $134,009 |
| 3BR | $313,564 | $2,050 | 4.7% | +5.3% | $104,521 |
| 4BR | $373,182 | $2,370 | 4.6% | +4.9% | $93,296 |
| 5BR | $392,047 | — | — | +5.1% | $78,409 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 60638 Compare?
| Metric | 60638 | Chicago | Illinois |
|---|---|---|---|
| Home Value | $329,390 | $345,093 | $279,761 |
| 5-Year CAGR | 4.2% | 2.6% | 6.6% |
| Avg Rent | $1,624 | $2,056 | - |
| Cap Rate | 3.9% | 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 60638 (Chicago, IL). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 60638 (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 | $329,390 |
| Monthly Rent | $1,624 |
| Price-to-Rent | 16.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.9% |
| Cap Rate | 3.9% |
| 5-Year IRR | 8.1% |
📈 Home Appreciation
| 1-Year | +8.0% ▲ |
| 3-Year CAGR | +5.7% ▲ |
| 5-Year CAGR | +4.2% ▲ |
| 10-Year CAGR | +5.7% ▲ |
🏠 Rent Trends
| 1-Year | -7.2% ▼ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.9%). 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 60638
Population: 58,250
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 60638
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 1,320 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How much rent can I charge in Chicago, IL?
The typical rental in Chicago, IL commands about $1,624/mo monthly. That rent profile stable cash flow against the $329K purchase basis.
What kind of tenants rent in Chicago, IL?
The tenant pool in Chicago, IL is solid, supported by local employment and population fundamentals. Rents of $1,624/mo are well-absorbed by the market.
What kind of market is Chicago, IL for investors?
The 3.0/5 investability rating in Chicago, IL reflects its $329K prices and $1,624/mo rents. Investors generally consider it a solid option within IL.
What approach is best for Chicago, IL real estate?
In Chicago, IL the impressive play is typically careful cash-flow rentals with hands-on management. The combination of $329K prices and $1,624/mo rents suits that approach.
Is house hacking profitable in Chicago, IL?
The house hack math a challenging in Chicago, IL. Owner-occupant buyers benefit from the $1,624/mo rents and $329K home values.
You know 60638 now. You don’t know where it ranks.
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How 60638 ranks in Chicago-Naperville-Elgin, IL-IN-WI
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