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Morgan Park, Chicago, IL—60655

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$308,000
3.0% YoY Growth
Household Income
$114,000
17.3% YoY Growth
Days on Market
50
3.0% Shorter YoY
Home Price Forecast
1.5%
Median Rent
$1,650
11.4% YoY Growth
1-Bed Rent
$1,320
2.1% YoY Growth
2-Bed Rent
$1,550
16.3% YoY Growth
3-Bed Rent
$3,000
14.5% YoY Growth
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Morgan Park, Chicago, IL

As of Dec '25, the median home price in Morgan Park, Chicago, IL is $308,000, with a year-over-year change of 3.0%. This indicates that home prices in Morgan Park, Chicago, IL are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$308,0003.0%
Single Family $312,0003.0%
Condos $163,000-5.8%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$256,0005.3%
    3 Bed
    		$311,0003.0%
    4 Bed
    		$380,0003.3%
    5 Bed $427,6382.8%
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    % of Housing Stock

    Studio
    0.7%
    1 Bedroom
    5.7%
    2 Bedrooms
    22.9%
    3 Bedrooms
    44.2%
    4 Bedrooms
    21.8%
    5+ Bedrooms
    4.7%

    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.

    TypeMedian RentAverage Rent
    Average Rent$1,650$1,790
    Studio Rent N/AN/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/AN/A
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    % of Rental Stock

    Studio
    1.9%
    1 Bedroom
    28.5%
    2 Bedrooms
    36.8%
    3 Bedrooms
    24.7%
    4 Bedrooms
    4.5%
    5+ Bedrooms
    3.5%

    Property Listings — Morgan Park, Chicago, IL

    As of Dec '25, Realtor.com reports that the median days on market for a home in Morgan Park, Chicago, IL is 37. This is a decrease of -5.0% 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 15.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$366,0009.0%
    Listing Count
    		41-17.0%
    Listings as % of Homes0.7%-17.0%
    Days on Market
    		50-3.0%
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    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.

    MetricLatest CensusYoY % 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%
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    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

    MetricLatest Census5-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%
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    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

    MetricZip 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%
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    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 SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$150$1,320$1,470
    2 Bedroom$110$1,550$1,660
    3 Bedroom-$870$3,000$2,130
    4 BedroomN/AN/A$2,500

    Affordability — Morgan Park, Chicago, IL

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio2.4
    Median Home Price$308,000
    Median Household Income$114,000

    Morgan Park, Chicago, IL — ZIP Code Boundary Map

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    Nearby ZIP Codes

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    60805

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    60803

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    60643

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    Hometown, IL

    60456

    Frequently Asked Questions