South Elgin, IL—60177
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — South Elgin, IL
As of Oct '25, the median home price in South Elgin, IL is $358,000, with a year-over-year change of 3.8%. This indicates that home prices in South Elgin, IL are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $358,000 | 3.8% |
| Single Family | $379,000 | 3.6% |
| Condos | $247,000 | 7.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $251,000 | 5.9% |
3 Bed | $345,000 | 3.9% |
4 Bed | $504,000 | 2.0% |
| 5 Bed | $595,000 | 1.0% |
% of Housing Stock
Rental Trends — South Elgin, IL
As of July '25, Rentcast reports the average rent in South Elgin, IL is $2,300, with a year-over-year rent change of -0.9%. Per bedroom, the median rent as of July '25 in South Elgin, IL is studios: $1,650, 1-bedrooms: $1,940, 2-bedrooms: $2,280, 3-bedrooms: $2,700, 4-bedrooms: $3,710. The most common rental property sizes in South Elgin, IL are 2-bedroom and 1-bedroom, accounting for 42.7% and 23.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,250 | $2,300 |
| Studio Rent | $1,610 | $1,650 |
| 1 Bed Rent | $1,930 | $1,940 |
| 2 Bed Rent | $2,360 | $2,280 |
| 3 Bed Rent | $2,740 | $2,700 |
| 4 Bed Rent | $3,350 | $3,710 |
% of Rental Stock
Property Listings — South Elgin, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in South Elgin, IL is 28. This is a increase of 22.0% 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 27.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $382,000 | 11.0% |
Listing Count | 73 | -45.0% |
| Listings as % of Homes | 1.1% | -45.0% |
Days on Market | 28 | 22.0% |
Demographics — South Elgin, IL
As of the latest ACS Survey released in 2023, South Elgin, IL has a population of 24,000, which has increased by 4.0% over the past 5 years. South Elgin, IL is a moderately popular place for families, as children make up 23.6% of the population. The area has a moderately educated workforce, with 38.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,000 | 4.0% |
% Under 18 | 23.6% | -18.9% |
% Seniors | 11.9% | 25.3% |
% WFH | 12.8% | 85.5% |
% w/ College Degree | 38.5% | 4.6% |
As of the latest ACS Survey released in 2023, South Elgin, IL is a predominantly white area, with 56.5% of the population identifying as white. The white population has shrunk by 20.3% in the last 5 years. The second most common race or ethnicity in South Elgin, IL is hispanic, making up 21.1% of the population. Foreign-born residents account for 16.3% of the population in South Elgin, IL, and this percentage has increased by 33.6% 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 | 56.5% | -20.3% |
% Black | 5.8% | 75.8% |
% Hispanic | 21.1% | 15.3% |
% Asian | 11.8% | 114.5% |
% Foreign Born | 16.3% | 33.6% |
Mortgage and Risk — South Elgin, IL
According to HUD data as of 2023, there were 619 mortgage originations in South Elgin, IL, of which 84.0% of loans were conventional mortgages. The average loan-to-value was 66.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in South Elgin, IL. Investor activity is low, as 2.0% 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 | 619 |
% Conventional Loans | 84.0% |
% Government Loans | 16.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — South Elgin, IL
As of 2024, the percent of homes in South Elgin, IL under the Section 8 program is 6.2%. 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. In South Elgin, IL, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 103 |
Total Units Section 8 | 103 |
% Rentals under Section 8 | 6.3% |
% Occupied Section 8 | 100.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$50 | $1,930 | $1,880 |
| 2 Bedroom | -$240 | $2,360 | $2,120 |
| 3 Bedroom | -$20 | $2,740 | $2,720 |
| 4 Bedroom | -$150 | $3,350 | $3,200 |
Affordability — South Elgin, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.5 |
| Median Home Price | $358,000 |
| Median Household Income | $124,000 |