Elgin, IL—60120
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Elgin, IL
As of Oct '25, the median home price in Elgin, IL is $288,000, with a year-over-year change of 3.2%. This indicates that home prices in Elgin, IL are increasing. According to Zillow, the 1-year price projection is 1.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $288,000 | 3.2% |
| Single Family | $294,000 | 2.8% |
| Condos | $240,000 | 3.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $178,000 | 4.7% |
2 Bed | $244,000 | 3.8% |
3 Bed | $299,000 | 2.7% |
4 Bed | $344,000 | 2.7% |
| 5 Bed | $353,000 | 2.6% |
% of Housing Stock
Rental Trends — Elgin, IL
As of July '25, Rentcast reports the average rent in Elgin, IL is $1,860, with a year-over-year rent change of 3.3%. Per bedroom, the median rent as of July '25 in Elgin, IL is studios: $1,380, 1-bedrooms: $1,440, 2-bedrooms: $1,980, 3-bedrooms: $2,350, 4-bedrooms: $2,770. The most common rental property sizes in Elgin, IL are 2-bedroom and 3-bedroom, accounting for 44.0% and 23.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,800 | $1,860 |
| Studio Rent | $1,300 | $1,380 |
| 1 Bed Rent | $1,390 | $1,440 |
| 2 Bed Rent | $2,000 | $1,980 |
| 3 Bed Rent | $2,640 | $2,350 |
| 4 Bed Rent | $2,630 | $2,770 |
% of Rental Stock
Property Listings — Elgin, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Elgin, IL is 37. This is a decrease of -5.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 20.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $300,000 | 4.0% |
Listing Count | 82 | 0.0% |
| Listings as % of Homes | 0.4% | 0.0% |
Days on Market | 37 | -5.0% |
Demographics — Elgin, IL
As of the latest ACS Survey released in 2023, Elgin, IL has a population of 50,800, which has remained stable by -0.3% over the past 5 years. Elgin, IL is a popular place for families, as children make up 27.5% of the population. The area has a poorly educated workforce, with 19.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 50,800 | -0.3% |
% Under 18 | 27.5% | 0.7% |
% Seniors | 9.5% | -8.7% |
% WFH | 9.0% | 275.0% |
% w/ College Degree | 19.4% | 4.3% |
As of the latest ACS Survey released in 2023, Elgin, IL is a predominantly hispanic area, with 60.4% of the population identifying as hispanic. The hispanic population has shrunk by 0.7% in the last 5 years. The second most common race or ethnicity in Elgin, IL is white, making up 26.3% of the population. Foreign-born residents account for 32.8% of the population in Elgin, IL, and this percentage has decreased by 3.5% 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 | 26.3% | -6.7% |
% Black | 4.5% | 9.8% |
% Hispanic | 60.4% | -0.7% |
% Asian | 4.6% | -9.8% |
% Foreign Born | 32.8% | -3.5% |
Mortgage and Risk — Elgin, IL
According to HUD data as of 2023, there were 636 mortgage originations in Elgin, IL, of which 82.0% of loans were conventional mortgages. The average loan-to-value was 69.0%, with 38.0% above 90% LTV (very high). This implies large mortgage risk in Elgin, IL. Investor activity is low, as 3.0% 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 | 636 |
% Conventional Loans | 82.0% |
% Government Loans | 18.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Elgin, IL
As of 2024, the percent of homes in Elgin, IL under the Section 8 program is 4.9%. 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. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Elgin, IL, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 260 |
Total Units Section 8 | 260 |
% Rentals under Section 8 | 4.9% |
% Occupied Section 8 | 100.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $20 | $1,390 | $1,410 |
| 2 Bedroom | -$410 | $2,000 | $1,590 |
| 3 Bedroom | -$600 | $2,640 | $2,040 |
| 4 Bedroom | -$230 | $2,630 | $2,400 |
Affordability — Elgin, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $288,000 |
| Median Household Income | $80,300 |