Real Estate Investing in Chicago, Illinois (60647)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 60647 (Chicago, IL)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 8.9% vacancy may signal weakening demand.
What’s happening in Chicago, IL (60647)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 60647 Chicago
ZIP 60647 inside Cook County looks affordable on the surface — median value of $593K — but the discount exists for reasons that a careful buyer should understand before committing.
Rent of $2,371/mo on a $593K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 60647 sits below the stated 0.0% once reality is priced in.
In the broader IL picture, 60647 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
Demographically, 60647 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
The 60647 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 60647
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $317,119 | $1,970 | 4.5% | +3.3% | $317,119 |
| 2BR | $439,787 | $2,220 | 3.6% | +5.1% | $219,893 |
| 3BR | $629,160 | $2,860 | 3.3% | +5.0% | $209,720 |
| 4BR | $918,404 | $3,310 | 2.6% | +5.0% | $229,601 |
| 5BR | $1,162,587 | — | — | +5.8% | $232,517 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 60647 Compare?
| Metric | 60647 | Chicago | Illinois |
|---|---|---|---|
| Home Value | $592,798 | $345,093 | $279,761 |
| 5-Year CAGR | 2.6% | 2.6% | 6.6% |
| Avg Rent | $2,371 | $2,056 | - |
| Cap Rate | 3.1% | 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 60647 (Chicago, IL). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 60647 (Chicago, IL)?
~25 seconds · no account needed · your report is anonymous
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 | $592,798 |
| Monthly Rent | $2,371 |
| Price-to-Rent | 20.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.8% |
| Cap Rate | 3.1% |
| 5-Year IRR | 5.7% |
📈 Home Appreciation
| 1-Year | +14.3% ▲ |
| 3-Year CAGR | +4.7% ▲ |
| 5-Year CAGR | +2.6% ▲ |
| 10-Year CAGR | +2.5% ▲ |
🏠 Rent Trends
| 1-Year | +7.5% ▲ |
| 3-Year CAGR | +6.2% ▲ |
| 5-Year CAGR | +7.1% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.1%). 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 60647
Population: 85,589
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 60647
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 4,408 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How strong is Chicago, IL for real estate investors?
The 3.0/5 investability rating in Chicago, IL reflects its $593K prices and $2,371/mo rents. Investors generally consider it a solid option within IL.
What do landlords charge for rent in Chicago, IL?
Chicago, IL rentals go for roughly $2,371/mo a month. That puts gross yield in solid territory relative to $593K acquisition costs.
Is vacancy a concern in Chicago, IL?
Vacancy risk in Chicago, IL is elevated. That supports reliable cash flow for typical rental holds.
Is house hacking profitable in Chicago, IL?
Chicago, IL is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $593K price point reasonable to enter.
How qualified is the tenant pool in Chicago, IL?
Tenant demand in Chicago, IL is solid. The local workforce $2,371/mo rents across most rental classes.
You know 60647 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 60647 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 60647 ranks in Chicago-Naperville-Elgin, IL-IN-WI
Every ZIP in this metro, ranked. Free.
AI Market Advisor
Ask questions about investing in 60647 (Chicago)
Community Ratings
What people who’ve spent time here actually say. Not paid reviews.
Be the first to rate 60647 (Chicago, IL).
It takes 30 seconds. No signup. Your rating helps everyone who comes here after you.