Real Estate Investing in Chicago, Illinois (60651)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 60651 (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.
- Elevated vacancy: 8.3% vacancy may signal weakening demand.
- Elevated poverty: 22.7% poverty rate — can affect rent collection.
What’s happening in Chicago, IL (60651)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 60651 Chicago
Investors eyeing 60651 need to respect the fundamentals at play. Home values of $288K come alongside slower price movement and elevated management overhead.
On the rental side, the numbers look inviting — $288K purchase price, 0.0% nominal cap — the work to hit that pro forma in 60651 is substantial and deserves full respect.
Within IL, ZIP 60651 trails on several market indicators that neighboring Cook County submarkets outperform. The gap is real and robust enough to shape underwriting.
The 60651 ZIP's population of 63,892 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that posts the need for careful underwriting.
Strategically, 60651 can be a high-return sleeve of a diversified portfolio — but it should not be the whole portfolio, and it should not be someone's first deal.
Here's what matters if you're considering buying a home in Chicago:
Property Strategy for 60651
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $218,255 | $1,530 | 5.0% | +6.8% | $109,127 |
| 3BR | $257,017 | $1,970 | 5.5% | +5.3% | $85,672 |
| 4BR | $301,876 | $2,280 | 5.4% | +5.2% | $75,469 |
| 5BR | $344,586 | — | — | +5.6% | $68,917 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 60651 Compare?
| Metric | 60651 | Chicago | Illinois |
|---|---|---|---|
| Home Value | $288,165 | $345,093 | $279,761 |
| 5-Year CAGR | 3.7% | 2.6% | 6.6% |
| Avg Rent | $1,847 | $2,056 | - |
| Cap Rate | 5.0% | 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 60651 (Chicago, IL). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 60651 (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 | $288,165 |
| Monthly Rent | $1,847 |
| Price-to-Rent | 13.0:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 7.7% |
| Cap Rate | 5.0% |
| 5-Year IRR | 8.7% |
📈 Home Appreciation
| 1-Year | +11.0% ▲ |
| 3-Year CAGR | +7.7% ▲ |
| 5-Year CAGR | +3.7% ▲ |
| 10-Year CAGR | +7.9% ▲ |
🏠 Rent Trends
| 1-Year | +10.0% ▲ |
| 3-Year CAGR | +8.0% ▲ |
| 5-Year CAGR | +8.6% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (5.0%). 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 60651
Population: 63,892
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 60651
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 3,591 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?
Expect rents around $1,847/mo per month in Chicago, IL. With home values at $288K, the yield math works out to reasonable levels for rental investors.
What kind of vacancy should I budget for in Chicago, IL?
Vacancy in Chicago, IL is elevated, which keeps landlord downtime on reasonable timelines. Most properties lease within the standard window at $1,847/mo.
Is Chicago, IL a good place for real estate investing?
Our data puts Chicago, IL at 3.0/5 for investability. Home prices of $288K and rents around $1,847/mo create a solid backdrop for investor activity.
Does house hacking work in Chicago, IL?
Chicago, IL offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $1,847/mo rent level.
How expensive is real estate in Chicago, IL?
Chicago, IL median home values land near $288K. That is reasonable territory for investors looking at $1,847/mo-per-month rentals.
You know 60651 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 60651 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 60651 ranks in Chicago-Naperville-Elgin, IL-IN-WI
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