Elgin, IL—60124
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 $487,000, with a year-over-year change of 2.1%. 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 | $487,000 | 2.1% |
| Single Family | $492,000 | 1.9% |
| Condos | $310,000 | 4.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $363,000 | 0.3% |
3 Bed | $434,000 | 2.8% |
4 Bed | $535,000 | 1.5% |
| 5 Bed | $610,000 | 0.8% |
% of Housing Stock
Rental Trends — Elgin, IL
As of July '25, Rentcast reports the average rent in Elgin, IL is $2,510, with a year-over-year rent change of -0.8%. Per bedroom, the median rent as of July '25 in Elgin, IL is 1-bedrooms: $2,040, 2-bedrooms: $2,620, 3-bedrooms: $2,880, 4-bedrooms: $3,790. The most common rental property sizes in Elgin, IL are 1-bedroom and 3-bedroom, accounting for 41.1% and 29.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,500 | $2,510 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $2,020 | $2,040 |
| 2 Bed Rent | $2,600 | $2,620 |
| 3 Bed Rent | $2,950 | $2,880 |
| 4 Bed Rent | $3,950 | $3,790 |
% 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 35. This is a decrease 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 13.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $585,000 | 9.0% |
Listing Count | 127 | -16.0% |
| Listings as % of Homes | 1.2% | -16.0% |
Days on Market | 35 | -1.0% |
Demographics — Elgin, IL
As of the latest ACS Survey released in 2023, Elgin, IL has a population of 24,400, which has increased by 9.2% over the past 5 years. Elgin, IL is a moderately popular place for families, as children make up 21.8% of the population. The area has a highly educated workforce, with 49.9% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 28.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,400 | 9.2% |
% Under 18 | 21.8% | -12.1% |
% Seniors | 14.4% | -19.1% |
% WFH | 28.3% | 194.8% |
% w/ College Degree | 49.9% | 15.8% |
As of the latest ACS Survey released in 2023, Elgin, IL is a predominantly white area, with 70.4% of the population identifying as white. The white population has shrunk by 4.2% in the last 5 years. The second most common race or ethnicity in Elgin, IL is hispanic, making up 13.7% of the population. Foreign-born residents account for 14.9% of the population in Elgin, IL, and this percentage has remained stable as of the ACS Survey 5 years prior, suggesting immigration has remained steady.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 70.4% | -4.2% |
% Black | 2.3% | -59.6% |
% Hispanic | 13.7% | 13.2% |
% Asian | 9.3% | 6.9% |
% Foreign Born | 14.9% | 0.0% |
Mortgage and Risk — Elgin, IL
According to HUD data as of 2023, there were 642 mortgage originations in Elgin, IL, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 21.0% above 90% LTV (very high). This implies large mortgage risk in Elgin, IL. Investor activity is low, as 2.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 642 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Elgin, IL
As of 2024, the percent of homes in Elgin, IL under the Section 8 program is 0.9%. 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. In Elgin, IL, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 12 |
Total Units Section 8 | 12 |
% Rentals under Section 8 | 0.9% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $320 | $2,020 | $2,340 |
| 2 Bedroom | $40 | $2,600 | $2,640 |
| 3 Bedroom | $440 | $2,950 | $3,390 |
| 4 Bedroom | $30 | $3,950 | $3,980 |
Affordability — Elgin, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.2 |
| Median Home Price | $487,000 |
| Median Household Income | $135,000 |