Waukegan, IL—60085
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Waukegan, IL
Home Price Trends — Waukegan, IL
As of Oct '25, the median home price in Waukegan, IL is $221,000, with a year-over-year change of 4.8%. This indicates that home prices in Waukegan, IL are increasing. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $221,000 | 4.8% |
| Single Family | $222,000 | 4.7% |
| Condos | $166,000 | 9.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $193,000 | 4.9% |
3 Bed | $227,000 | 5.1% |
4 Bed | $242,000 | 4.8% |
| 5 Bed | $255,000 | 4.9% |
% of Housing Stock
Rental Trends — Waukegan, IL
As of July '25, Rentcast reports the average rent in Waukegan, IL is $1,690, with a year-over-year rent change of 7.6%. Per bedroom, the median rent as of July '25 in Waukegan, IL is studios: $1,180, 1-bedrooms: $1,480, 2-bedrooms: $1,680, 3-bedrooms: $2,060, 4-bedrooms: $2,680. The most common rental property sizes in Waukegan, IL are 2-bedroom and 1-bedroom, accounting for 43.1% and 25.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,550 | $1,690 |
| Studio Rent | $1,180 | $1,180 |
| 1 Bed Rent | $1,450 | $1,480 |
| 2 Bed Rent | $1,550 | $1,680 |
| 3 Bed Rent | $1,900 | $2,060 |
| 4 Bed Rent | $2,600 | $2,680 |
% of Rental Stock
Property Listings — Waukegan, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Waukegan, IL is 33. This is a increase of 18.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 22.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $250,000 | 11.0% |
Listing Count | 65 | -10.0% |
| Listings as % of Homes | 0.3% | -10.0% |
Days on Market | 33 | 18.0% |
Demographics — Waukegan, IL
As of the latest ACS Survey released in 2023, Waukegan, IL has a population of 72,800, which has increased by 2.7% over the past 5 years. Waukegan, IL is a moderately popular place for families, as children make up 24.5% of the population. The area has a poorly educated workforce, with 18.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 72,800 | 2.7% |
% Under 18 | 24.5% | -17.2% |
% Seniors | 10.9% | 34.6% |
% WFH | 6.3% | 133.3% |
% w/ College Degree | 18.7% | 34.5% |
As of the latest ACS Survey released in 2023, Waukegan, IL is a predominantly hispanic area, with 62.3% of the population identifying as hispanic. The hispanic population has grown by 1.1% in the last 5 years. The second most common race or ethnicity in Waukegan, IL is black, making up 14.7% of the population. Foreign-born residents account for 34.2% of the population in Waukegan, IL, and this percentage has decreased by 1.2% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 14.1% | 5.2% |
% Black | 14.7% | -15.5% |
% Hispanic | 62.3% | 1.1% |
% Asian | 5.7% | 0.0% |
% Foreign Born | 34.2% | -1.2% |
Mortgage and Risk — Waukegan, IL
According to HUD data as of 2023, there were 515 mortgage originations in Waukegan, IL, of which 69.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 45.0% above 90% LTV (very high). This implies large mortgage risk in Waukegan, IL. Investor activity is low, as 5.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 515 |
% Conventional Loans | 69.0% |
% Government Loans | 31.0% |
% Investor Loans | 5.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Waukegan, IL
As of 2024, the percent of homes in Waukegan, IL under the Section 8 program is 14.2%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Waukegan, IL, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 2,161 |
Total Units Section 8 | 1,988 |
% Rentals under Section 8 | 14.3% |
% Occupied Section 8 | 78.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$100 | $1,450 | $1,350 |
| 2 Bedroom | -$30 | $1,550 | $1,520 |
| 3 Bedroom | $50 | $1,900 | $1,950 |
| 4 Bedroom | -$310 | $2,600 | $2,290 |
Affordability — Waukegan, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.8 |
| Median Home Price | $221,000 |
| Median Household Income | $64,300 |