Real Estate Investing in Chicago, Illinois (60640)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 60640 (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 middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 8.0% vacancy may signal weakening demand.
What’s happening in Chicago, IL (60640)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 60640 Chicago
Not every below-median market is a bargain. Chicago's 60640 ZIP registers signals that favor experienced operators who can absorb the risk $378K pricing implies.
Distressed markets are won on execution, not on spreadsheets. ZIP 60640 stands at the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
Statewide comparisons place 60640 among IL's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Who lives in 60640 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
The 60640 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Chicago:
Property Strategy for 60640
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $196,642 | $2,040 | 7.5% | +5.9% | $196,642 |
| 2BR | $370,734 | $2,300 | 4.5% | +6.2% | $185,367 |
| 3BR | $573,497 | $2,960 | 3.7% | +6.3% | $191,166 |
| 4BR | $1,013,750 | $3,430 | 2.4% | +5.8% | $253,438 |
| 5BR | $1,483,730 | — | — | +5.4% | $296,746 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 60640 Compare?
| Metric | 60640 | Chicago | Illinois |
|---|---|---|---|
| Home Value | $378,436 | $345,093 | $279,761 |
| 5-Year CAGR | 6.5% | 2.6% | 6.6% |
| Avg Rent | $2,026 | $2,056 | - |
| Cap Rate | 4.2% | 5.1% | - |
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 60640 (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 | $378,436 |
| Monthly Rent | $2,026 |
| Price-to-Rent | 15.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.4% |
| Cap Rate | 4.2% |
| 5-Year IRR | 10.7% |
📈 Home Appreciation
| 1-Year | +14.5% ▲ |
| 3-Year CAGR | +8.6% ▲ |
| 5-Year CAGR | +6.5% ▲ |
| 10-Year CAGR | +4.6% ▲ |
🏠 Rent Trends
| 1-Year | +9.3% ▲ |
| 3-Year CAGR | +6.4% ▲ |
| 5-Year CAGR | +7.4% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.2%). 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 60640
Population: 66,884
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 60640
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Alcott College Prep
Cleveland Elem School
Disney II Magnet HS
Jahn Elem School
Kilmer 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 2,133 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What is the investability score for Chicago, IL?
Chicago, IL scores 3.0/5 for investability. Home values sit at $378K and rents near $2,026/mo, which keeps the rent-to-price ratio in reasonable territory for buy-and-hold investors.
How qualified is the tenant pool in Chicago, IL?
Chicago, IL offers a reliable renter base at the $2,026/mo rent level. Tenant turnover is reasonable for well-managed properties.
Where do rents currently stand in Chicago, IL?
Chicago, IL rentals go for roughly $2,026/mo a month. That puts gross yield in solid territory relative to $378K acquisition costs.
Is Chicago, IL better for rentals, flips, or BRRRR?
A careful cash-flow rentals with hands-on management strategy Chicago, IL best. The market produces measured results for that approach at the $378K price point.
What is the typical vacancy rate in Chicago, IL?
Chicago, IL carries elevated vacancy risk. Expect stable absorption at market rents of $2,026/mo.
You know 60640 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 60640 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 60640 ranks in Chicago-Naperville-Elgin, IL-IN-WI
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