Waukegan, IL—60087
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 $250,000, with a year-over-year change of 5.5%. This indicates that home prices in Waukegan, IL are increasing. According to Zillow, the 1-year price projection is 1.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $250,000 | 5.6% |
| Single Family | $254,000 | 5.8% |
| Condos | $123,000 | 19.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $202,000 | 8.6% |
3 Bed | $252,000 | 5.9% |
4 Bed | $301,000 | 5.2% |
| 5 Bed | $325,000 | 4.2% |
% of Housing Stock
Rental Trends — Waukegan, IL
As of July '25, Rentcast reports the average rent in Waukegan, IL is $1,550, with a year-over-year rent change of 11.5%. Per bedroom, the median rent as of July '25 in Waukegan, IL is studios: $960, 1-bedrooms: $1,280, 2-bedrooms: $1,660, 3-bedrooms: $2,270. The most common rental property sizes in Waukegan, IL are 2-bedroom and 1-bedroom, accounting for 44.0% and 24.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,600 | $1,550 |
| Studio Rent | $960 | $960 |
| 1 Bed Rent | $1,320 | $1,280 |
| 2 Bed Rent | $1,660 | $1,660 |
| 3 Bed Rent | $2,250 | $2,270 |
| 4 Bed Rent | N/A | N/A |
% 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 27. This is a increase of 1.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $289,000 | 10.0% |
Listing Count | 38 | -14.0% |
| Listings as % of Homes | 0.5% | -14.0% |
Days on Market | 27 | 1.0% |
Demographics — Waukegan, IL
As of the latest ACS Survey released in 2023, Waukegan, IL has a population of 27,400, which has increased by 2.8% over the past 5 years. Waukegan, IL is a moderately popular place for families, as children make up 23.5% of the population. The area has a poorly educated workforce, with 18.5% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 27,400 | 2.8% |
% Under 18 | 23.5% | -5.2% |
% Seniors | 14.2% | 19.3% |
% WFH | 5.7% | 78.1% |
% w/ College Degree | 18.5% | -7.0% |
As of the latest ACS Survey released in 2023, Waukegan, IL is a predominantly hispanic area, with 55.8% of the population identifying as hispanic. The hispanic population has grown by 29.5% in the last 5 years. The second most common race or ethnicity in Waukegan, IL is white, making up 24.8% of the population. Foreign-born residents account for 24.7% of the population in Waukegan, IL, and this percentage has increased by 17.1% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 24.8% | -32.8% |
% Black | 15.0% | 7.1% |
% Hispanic | 55.8% | 29.5% |
% Asian | 3.4% | 17.2% |
% Foreign Born | 24.7% | 17.1% |
Mortgage and Risk — Waukegan, IL
According to HUD data as of 2023, there were 305 mortgage originations in Waukegan, IL, of which 75.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 42.0% above 90% LTV (very high). This implies large mortgage risk in Waukegan, IL. Investor activity is low, as 1.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 305 |
% Conventional Loans | 75.0% |
% Government Loans | 25.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Waukegan, IL
Waukegan, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 334 |
Total Units Section 8 | 295 |
% Rentals under Section 8 | 8.4% |
% Occupied Section 8 | 80.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $110 | $1,320 | $1,430 |
| 2 Bedroom | -$50 | $1,660 | $1,610 |
| 3 Bedroom | -$180 | $2,250 | $2,070 |
| 4 Bedroom | N/A | N/A | $2,430 |
Affordability — Waukegan, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.6 |
| Median Home Price | $250,000 |
| Median Household Income | $79,200 |