Real Estate Investing in Chicago, Illinois (60656)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 60656 (Chicago, IL)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
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 (60656)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 60656 Chicago
ZIP 60656 inside Cook County looks affordable on the surface — median value of $395K — but the discount exists for reasons that a careful buyer should understand before committing.
Looking more closely, the numbers look inviting — $395K purchase price, 0.0% nominal cap — the work to hit that pro forma in 60656 is substantial and deserves full respect.
ZIP 60656's metrics run below Cook County's averages on price growth and tenant stability. Investors who ignore that regional gap tend to relearn it the hard way.
A robust renter share of 38% in 60656 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
Strategically, 60656 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 60656
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $158,005 | $1,550 | 7.1% | +4.9% | $158,005 |
| 2BR | $279,735 | $1,750 | 4.5% | +6.3% | $139,868 |
| 3BR | $409,826 | $2,250 | 4.0% | +5.7% | $136,609 |
| 4BR | $485,215 | $2,610 | 3.9% | +5.5% | $121,304 |
| 5BR | $587,580 | — | — | +5.0% | $117,516 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 60656 Compare?
| Metric | 60656 | Chicago | Illinois |
|---|---|---|---|
| Home Value | $395,391 | $345,093 | $279,761 |
| 5-Year CAGR | 6.1% | 2.6% | 6.6% |
| Avg Rent | $1,619 | $2,056 | - |
| Cap Rate | 3.2% | 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 60656 (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 | $395,391 |
| Monthly Rent | $1,619 |
| Price-to-Rent | 20.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.9% |
| Cap Rate | 3.2% |
| 5-Year IRR | 9.3% |
📈 Home Appreciation
| 1-Year | +12.6% ▲ |
| 3-Year CAGR | +8.7% ▲ |
| 5-Year CAGR | +6.1% ▲ |
| 10-Year CAGR | +5.6% ▲ |
🏠 Rent Trends
| 1-Year | -8.6% ▼ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.2%). 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 60656
Population: 28,726
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 60656
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Chicago Academy High School
Edison Park Elem School
Franklin Elementary School
George B Carpenter Elem School
John F Kennedy 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 4,029 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is Chicago, IL a smart market for rental property?
With a 3.0/5 investability score, Chicago, IL ranks as a solid market for rental property investors. Median prices of $395K and rents of $1,619/mo drive the underlying numbers.
How much rent can I charge in Chicago, IL?
Chicago, IL rentals go for roughly $1,619/mo a month. That puts gross yield in solid territory relative to $395K acquisition costs.
Are there empty rentals in Chicago, IL?
Chicago, IL sees elevated vacancy, which is reasonable relative to the broader IL rental market.
What price range are homes in Chicago, IL?
The median home value in Chicago, IL is roughly $395K. That puts it reasonable relative to the IL statewide average.
Is Chicago, IL suited for a house hack?
For house hackers, Chicago, IL is a challenging. The $1,619/mo rent on a unit helps defray the mortgage on a $395K property.
You know 60656 now. You don’t know where it ranks.
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How 60656 ranks in Chicago-Naperville-Elgin, IL-IN-WI
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