Morgan Park, Chicago, IL—60655
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Morgan Park, Chicago, IL
As of Oct '25, the median home price in Morgan Park, Chicago, IL is $312,000, with a year-over-year change of 2.8%. This indicates that home prices in Morgan Park, Chicago, 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 | $312,000 | 2.8% |
| Single Family | $316,000 | 2.9% |
| Condos | $162,000 | -7.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $260,000 | 4.8% |
3 Bed | $314,000 | 3.0% |
4 Bed | $384,000 | 2.9% |
| 5 Bed | $432,000 | 2.6% |
% of Housing Stock
Rental Trends — Morgan Park, Chicago, IL
As of July '25, Rentcast reports the average rent in Morgan Park, Chicago, IL is $1,790, with a year-over-year rent change of -11.4%. Per bedroom, the median rent as of July '25 in Morgan Park, Chicago, IL is 1-bedrooms: $1,490, 2-bedrooms: $1,640, 3-bedrooms: $3,000. The most common rental property sizes in Morgan Park, Chicago, IL are 2-bedroom and 1-bedroom, accounting for 36.8% and 28.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,650 | $1,790 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,320 | $1,490 |
| 2 Bed Rent | $1,550 | $1,640 |
| 3 Bed Rent | $3,000 | $3,000 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Morgan Park, Chicago, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Morgan Park, Chicago, IL is 25. This is a decrease of -2.0% 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 22.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $352,000 | 4.0% |
Listing Count | 55 | -12.0% |
| Listings as % of Homes | 0.7% | -12.0% |
Days on Market | 25 | -2.0% |
Demographics — Morgan Park, Chicago, IL
As of the latest ACS Survey released in 2023, Morgan Park, Chicago, IL has a population of 27,800, which has decreased by -3.5% over the past 5 years. Morgan Park, Chicago, IL is a popular place for families, as children make up 25.4% of the population. The area has a highly educated workforce, with 46.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 27,800 | -3.5% |
% Under 18 | 25.4% | 4.1% |
% Seniors | 15.4% | 18.5% |
% WFH | 10.6% | 278.6% |
% w/ College Degree | 46.8% | 6.4% |
As of the latest ACS Survey released in 2023, Morgan Park, Chicago, IL is a predominantly white area, with 78.9% of the population identifying as white. The white population has shrunk by 4.5% in the last 5 years. The second most common race or ethnicity in Morgan Park, Chicago, IL is hispanic, making up 10.4% of the population. Foreign-born residents account for 2.4% of the population in Morgan Park, Chicago, IL, and this percentage has decreased by 35.1% 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 | 78.9% | -4.5% |
% Black | 6.3% | -8.7% |
% Hispanic | 10.4% | 25.3% |
% Asian | 0.9% | -40.0% |
% Foreign Born | 2.4% | -35.1% |
Mortgage and Risk — Morgan Park, Chicago, IL
According to HUD data as of 2023, there were 495 mortgage originations in Morgan Park, Chicago, IL, of which 78.0% of loans were conventional mortgages. The average loan-to-value was 71.0%, with 41.0% above 90% LTV (very high). This implies large mortgage risk in Morgan Park, Chicago, IL. Investor activity is low, as 2.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 495 |
% Conventional Loans | 78.0% |
% Government Loans | 22.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Morgan Park, Chicago, IL
Morgan Park, Chicago, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 99 |
Total Units Section 8 | 97 |
% Rentals under Section 8 | 4.2% |
% Occupied Section 8 | 86.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $150 | $1,320 | $1,470 |
| 2 Bedroom | $110 | $1,550 | $1,660 |
| 3 Bedroom | -$870 | $3,000 | $2,130 |
| 4 Bedroom | N/A | N/A | $2,500 |
Affordability — Morgan Park, Chicago, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.5 |
| Median Home Price | $312,000 |
| Median Household Income | $114,000 |