Elgin, IL—60123
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 $297,000, with a year-over-year change of 4.1%. This indicates that home prices in Elgin, IL are increasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $297,000 | 4.1% |
| Single Family | $308,000 | 3.7% |
| Condos | $224,000 | 1.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $175,000 | 3.6% |
2 Bed | $243,000 | 4.3% |
3 Bed | $305,000 | 3.7% |
4 Bed | $384,000 | 3.8% |
| 5 Bed | $403,000 | 3.3% |
% of Housing Stock
Rental Trends — Elgin, IL
As of July '25, Rentcast reports the average rent in Elgin, IL is $1,660, with a year-over-year rent change of -7.8%. Per bedroom, the median rent as of July '25 in Elgin, IL is studios: $1,040, 1-bedrooms: $1,320, 2-bedrooms: $1,620, 3-bedrooms: $2,180, 4-bedrooms: $2,300. The most common rental property sizes in Elgin, IL are 2-bedroom and 1-bedroom, accounting for 40.0% and 22.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,550 | $1,660 |
| Studio Rent | $1,040 | $1,040 |
| 1 Bed Rent | $1,380 | $1,320 |
| 2 Bed Rent | $1,750 | $1,620 |
| 3 Bed Rent | $2,350 | $2,180 |
| 4 Bed Rent | $2,300 | $2,300 |
% 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 29. This is a increase of 3.0% 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 33.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $325,000 | 7.0% |
Listing Count | 104 | 22.0% |
| Listings as % of Homes | 0.4% | 22.0% |
Days on Market | 29 | 3.0% |
Demographics — Elgin, IL
As of the latest ACS Survey released in 2023, Elgin, IL has a population of 48,800, which has remained stable by -0.3% over the past 5 years. Elgin, IL is a moderately popular place for families, as children make up 22.9% of the population. The area has a poorly educated workforce, with 24.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 48,800 | -0.3% |
% Under 18 | 22.9% | -8.4% |
% Seniors | 16.6% | 35.0% |
% WFH | 11.1% | 200.0% |
% w/ College Degree | 24.0% | 1.3% |
As of the latest ACS Survey released in 2023, Elgin, IL is a predominantly hispanic area, with 47.4% of the population identifying as hispanic. The hispanic population has grown by 26.4% in the last 5 years. The second most common race or ethnicity in Elgin, IL is white, making up 37.8% of the population. Foreign-born residents account for 22.7% of the population in Elgin, IL, and this percentage has increased by 8.6% 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 | 37.8% | -20.8% |
% Black | 6.5% | -9.7% |
% Hispanic | 47.4% | 26.4% |
% Asian | 5.0% | -10.7% |
% Foreign Born | 22.7% | 8.6% |
Mortgage and Risk — Elgin, IL
According to HUD data as of 2023, there were 632 mortgage originations in Elgin, IL, of which 79.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 37.0% 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. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 632 |
% Conventional Loans | 79.0% |
% Government Loans | 21.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Elgin, IL
As of 2024, the percent of homes in Elgin, IL under the Section 8 program is 24.6%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 4-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 units do not.
Section 8 Market Size
Total Units under HUD | 1,218 |
Total Units Section 8 | 1,219 |
% Rentals under Section 8 | 24.6% |
% Occupied Section 8 | 100.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $60 | $1,380 | $1,440 |
| 2 Bedroom | -$120 | $1,750 | $1,630 |
| 3 Bedroom | -$260 | $2,350 | $2,090 |
| 4 Bedroom | $160 | $2,300 | $2,460 |
Affordability — Elgin, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.8 |
| Median Home Price | $297,000 |
| Median Household Income | $86,800 |