Real Estate Investing in Chicago, Illinois (60649)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 60649 (Chicago, IL)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
- High vacancy: 15.0% of homes vacant — above national norms.
- Declining values: -2.1% 5-year CAGR — values have moved lower.
- Elevated poverty: 24.7% poverty rate — can affect rent collection.
- Higher unemployment: 10.7% unemployment — tenant risk signal.
What’s happening in Chicago, IL (60649)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 60649 Chicago
Investors scanning Chicago, IL for forced-equity plays often land on the 60649 ZIP. A worth a close look for entry near $138K pairs with rents of $1,395/mo to widen the renovation window.
ZIP 60649 favors investors with a contractor on speed dial. On balance, the turnkey yield looks ordinary, a renovated unit pulls stronger rent than the unrenovated $1,395/mo average.
Statewide, IL value-add investors migrate toward ZIPs with 60649's profile — older stock, soft but real rent growth, and $138K pricing that keeps rehab math workable.
In practical terms, incomes in 60649 sit below the county median, the tenant pool is deep and the demand for upgraded rental stock consistently outruns supply.
The strategy in 60649 is forced equity, not market equity. From an investor standpoint, entry prices are accommodating at $138K, the returns sit in the renovation budget, not the holding period.
Here's what matters if you're considering buying a home in Chicago:
Property Strategy for 60649
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $86,936 | $1,350 | 11.2% | +10.5% | $86,936 |
| 2BR | $116,503 | $1,520 | 9.4% | +6.0% | $58,251 |
| 3BR | $158,821 | $1,960 | 8.9% | +2.4% | $52,940 |
| 4BR | $215,665 | $2,260 | 7.5% | +2.8% | $53,916 |
| 5BR | $317,069 | — | — | +3.7% | $63,414 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 60649 Compare?
| Metric | 60649 | Chicago | Illinois |
|---|---|---|---|
| Home Value | $137,854 | $345,093 | $279,761 |
| 5-Year CAGR | N/A | 2.6% | 6.6% |
| Avg Rent | $1,395 | $2,056 | - |
| Cap Rate | 7.9% | 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 60649 (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 | $137,854 |
| Monthly Rent | $1,395 |
| Price-to-Rent | 8.2:1 |
| 1% Rule | ✓ Passes |
💰 Return Metrics
| Gross Yield | 12.1% |
| Cap Rate | 7.9% |
| 5-Year IRR | 5.8% |
📈 Home Appreciation
| 1-Year | +0.4% ▲ |
| 3-Year CAGR | -0.6% ▼ |
| 5-Year CAGR | -2.1% ▼ |
| 10-Year CAGR | +3.6% ▲ |
🏠 Rent Trends
| 1-Year | +5.9% ▲ |
| 3-Year CAGR | +6.3% ▲ |
| 5-Year CAGR | +6.3% ▲ |
The estimated cap rate (7.9%) exceeds the current 30-yr mortgage rate (6.8%). When borrowing costs less than a property yields, leverage can increase your cash-on-cash return above the cap rate.
⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 60649
Population: 48,720
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 60649
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Carnegie Elem School
Fiske Elem School
Ruggles Elem School
Burnside Elem Scholastic Academy
Madison 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
Frequently Asked Questions
Is house hacking profitable in Chicago, IL?
Chicago, IL offers an attractive house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $1,395/mo rent level.
Can investors BRRRR in Chicago, IL?
BRRRR viability in Chicago, IL is a strong. Disciplined acquisition and rehab can hit the 75% LTV refinance target at market comps.
Is Chicago in IL worth investing in?
Chicago, IL stands at an investability rating of 4.0/5, with median home values near $138K and average rents around $1,395/mo. That combination puts it in the healthy tier for investor interest.
What type of investing works in Chicago, IL?
Investors who focus on value-add and BRRRR deals typically do well in Chicago, IL. The numbers - $138K homes against $1,395/mo rents - support that play.
What are home prices like in Chicago, IL?
Chicago, IL median home values land near $138K. That is reasonable territory for investors looking at $1,395/mo-per-month rentals.
You know 60649 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 60649 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 60649 ranks in Chicago-Naperville-Elgin, IL-IN-WI
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