Real Estate Investing in Lakewood, Illinois (62438)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 62438 (Lakewood, IL)? Our answer, based on the numbers below.
Mixed — values have been flat. OK for long-horizon buyers, less attractive if you may need to sell soon.
Structural challenges here. The numbers may look cheap but operational risk is high. Only for experienced, hands-on investors.
No major risk flags on the data we track.
• Limited market data — this is a very small market; averages are built from few observations and can swing widely. • Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Lakewood, IL (62438)?
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Market Analysis: 62438 Lakewood
The 62438 ZIP in Lakewood, IL is a local-operator market. Outside capital chasing a $202K entry has to pair deep knowledge with the discount.
Rent of $828/mo on a $202K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 62438 sits below the stated 0.0% once reality is priced in.
In the broader IL picture, 62438 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
A solid renter share of 9% in 62438 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
Strategy in 62438 is an operator game, not a passive one. Looking more closely, entry prices of $202K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Lakewood:
Market Trends
Home Value History (with trend line)
📊 How Does 62438 Compare?
| Metric | 62438 | Lakewood | Illinois |
|---|---|---|---|
| Home Value | $202,498 | $202,498 | $279,761 |
| 5-Year CAGR | N/A | N/A | 6.6% |
| Avg Rent | $828 | $828 | - |
| Cap Rate | 3.2% | 3.2% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 62438 (Lakewood, IL). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $202,498 |
| Monthly Rent | $828 |
| Price-to-Rent | 20.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.9% |
| Cap Rate | 3.2% |
| 5-Year IRR | 15.6% |
📈 Home Appreciation
| 1-Year | +12.4% ▲ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
| 10-Year CAGR | N/A |
🏠 Rent Trends
| 1-Year | N/A |
| 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 62438
Population: 200
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
Frequently Asked Questions
Which real estate strategy fits Lakewood, IL?
Investors who focus on careful cash-flow rentals with hands-on management typically do well in Lakewood, IL. The numbers - $202K homes against $828/mo rents - support that play.
How does Lakewood, IL rate as a rental market?
Lakewood, IL rates 2.0/5 for investability. With median values at $202K and rents near $828/mo, the market offers reasonable fundamentals for rental investors.
How high is vacancy risk in Lakewood, IL?
Lakewood, IL carries elevated vacancy risk. Expect reliable absorption at market rents of $828/mo.
Is rental property easy to operate in Lakewood, IL?
The landlord environment in Lakewood, IL is landlord-friendly. Statewide rules shape most day-to-day operations for rental owners.
What are home prices like in Lakewood, IL?
Median home price in Lakewood, IL is near $202K, with a 5-year CAGR of 0.0%. Prices have been consistent and supportive of buy-and-hold strategies.
You know 62438 now. You don’t know where it ranks.
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