Chinatown, Chicago, IL—60616
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Chinatown, Chicago, IL
As of Oct '25, the median home price in Chinatown, Chicago, IL is $315,000, with a year-over-year change of -2.4%. This indicates that home prices in Chinatown, Chicago, IL are decreasing. According to Zillow, the 1-year price projection is 0.7%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $315,000 | -2.4% |
| Single Family | $488,000 | 2.3% |
| Condos | $280,000 | 4.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $252,000 | 0.8% |
2 Bed | $363,000 | 0.6% |
3 Bed | $462,000 | 2.9% |
4 Bed | $612,000 | 1.8% |
| 5 Bed | $635,000 | 2.8% |
% of Housing Stock
Rental Trends — Chinatown, Chicago, IL
As of July '25, Rentcast reports the average rent in Chinatown, Chicago, IL is $2,480, with a year-over-year rent change of 1.2%. Per bedroom, the median rent as of July '25 in Chinatown, Chicago, IL is studios: $1,530, 1-bedrooms: $2,230, 2-bedrooms: $2,940, 3-bedrooms: $3,180, 4-bedrooms: $3,370. The most common rental property sizes in Chinatown, Chicago, IL are 1-bedroom and 2-bedroom, accounting for 36.3% and 32.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,450 | $2,480 |
| Studio Rent | $1,520 | $1,530 |
| 1 Bed Rent | $2,300 | $2,230 |
| 2 Bed Rent | $3,000 | $2,940 |
| 3 Bed Rent | $2,800 | $3,180 |
| 4 Bed Rent | $3,000 | $3,370 |
% of Rental Stock
Property Listings — Chinatown, Chicago, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Chinatown, Chicago, IL is 44. This is a decrease of -8.0% 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 19.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $378,000 | -3.0% |
Listing Count | 136 | -13.0% |
| Listings as % of Homes | 0.6% | -13.0% |
Days on Market | 44 | -8.0% |
Demographics — Chinatown, Chicago, IL
As of the latest ACS Survey released in 2023, Chinatown, Chicago, IL has a population of 54,500, which has remained stable by -0.0% over the past 5 years. Chinatown, Chicago, IL is a less popular place for families, as children make up 13.8% of the population. The area has a highly educated workforce, with 52.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 18.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 54,500 | 0.0% |
% Under 18 | 13.8% | -8.6% |
% Seniors | 16.8% | 5.7% |
% WFH | 18.4% | 327.9% |
% w/ College Degree | 52.9% | 26.0% |
As of the latest ACS Survey released in 2023, Chinatown, Chicago, IL is a predominantly asian area, with 36.6% of the population identifying as asian. The asian population has shrunk by 9.6% in the last 5 years. The second most common race or ethnicity in Chinatown, Chicago, IL is white, making up 27.6% of the population. Foreign-born residents account for 34.6% of the population in Chinatown, Chicago, IL, and this percentage has decreased by 7.5% 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 | 27.6% | 14.0% |
% Black | 23.7% | -5.2% |
% Hispanic | 8.5% | 1.2% |
% Asian | 36.6% | -9.6% |
% Foreign Born | 34.6% | -7.5% |
Mortgage and Risk — Chinatown, Chicago, IL
According to HUD data as of 2023, there were 421 mortgage originations in Chinatown, Chicago, IL, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 75.0%, with 32.0% above 90% LTV (very high). This implies large mortgage risk in Chinatown, Chicago, IL. Investor activity is low, as 5.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 421 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 5.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — Chinatown, Chicago, IL
As of 2024, the percent of homes in Chinatown, Chicago, IL under the Section 8 program is 16.6%. 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. In Chinatown, Chicago, 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 | 4,097 |
Total Units Section 8 | 2,636 |
% Rentals under Section 8 | 16.6% |
% Occupied Section 8 | 89.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$630 | $2,300 | $1,670 |
| 2 Bedroom | -$1,120 | $3,000 | $1,880 |
| 3 Bedroom | -$390 | $2,800 | $2,410 |
| 4 Bedroom | -$160 | $3,000 | $2,840 |
Affordability — Chinatown, Chicago, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.4 |
| Median Home Price | $315,000 |
| Median Household Income | $77,800 |