Elmwood Park, IL—60707
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Elmwood Park, IL
As of Oct '25, the median home price in Elmwood Park, IL is $327,000, with a year-over-year change of 0.9%. This indicates that home prices in Elmwood Park, IL are flat. According to Zillow, the 1-year price projection is 0.9%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $327,000 | 0.9% |
| Single Family | $359,000 | 1.4% |
| Condos | $185,000 | -6.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $136,000 | 0.0% |
2 Bed | $265,000 | 3.5% |
3 Bed | $348,000 | 1.5% |
4 Bed | $400,000 | 2.3% |
| 5 Bed | $443,000 | 2.5% |
% of Housing Stock
Rental Trends — Elmwood Park, IL
As of July '25, Rentcast reports the average rent in Elmwood Park, IL is $2,030, with a year-over-year rent change of -18.1%. Per bedroom, the median rent as of July '25 in Elmwood Park, IL is studios: $1,160, 1-bedrooms: $1,390, 2-bedrooms: $2,220, 3-bedrooms: $2,610, 4-bedrooms: $4,400. The most common rental property sizes in Elmwood Park, IL are 2-bedroom and 1-bedroom, accounting for 46.6% and 28.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,850 | $2,030 |
| Studio Rent | $1,200 | $1,160 |
| 1 Bed Rent | $1,400 | $1,390 |
| 2 Bed Rent | $2,200 | $2,220 |
| 3 Bed Rent | $2,750 | $2,610 |
| 4 Bed Rent | $4,400 | $4,400 |
% of Rental Stock
Property Listings — Elmwood Park, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Elmwood Park, IL is 36. This is a decrease of -3.0% 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 23.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $359,000 | 1.0% |
Listing Count | 114 | -14.0% |
| Listings as % of Homes | 0.6% | -14.0% |
Days on Market | 36 | -3.0% |
Demographics — Elmwood Park, IL
As of the latest ACS Survey released in 2023, Elmwood Park, IL has a population of 40,900, which has decreased by -4.9% over the past 5 years. Elmwood Park, IL is a moderately popular place for families, as children make up 22.1% of the population. The area has a moderately educated workforce, with 31.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 40,900 | -4.9% |
% Under 18 | 22.1% | 2.3% |
% Seniors | 15.9% | 1.3% |
% WFH | 12.5% | 316.7% |
% w/ College Degree | 31.1% | 17.4% |
As of the latest ACS Survey released in 2023, Elmwood Park, IL is a predominantly white area, with 45.0% of the population identifying as white. The white population has shrunk by 6.4% in the last 5 years. The second most common race or ethnicity in Elmwood Park, IL is hispanic, making up 42.7% of the population. Foreign-born residents account for 24.9% of the population in Elmwood Park, IL, and this percentage has increased by 2.5% 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 | 45.0% | -6.4% |
% Black | 7.7% | -3.7% |
% Hispanic | 42.7% | 11.2% |
% Asian | 2.9% | -25.6% |
% Foreign Born | 24.9% | 2.5% |
Mortgage and Risk — Elmwood Park, IL
According to HUD data as of 2023, there were 500 mortgage originations in Elmwood Park, IL, of which 79.0% of loans were conventional mortgages. The average loan-to-value was 69.0%, with 40.0% above 90% LTV (very high). This implies large mortgage risk in Elmwood Park, 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 | 500 |
% Conventional Loans | 79.0% |
% Government Loans | 21.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Elmwood Park, IL
As of 2024, the percent of homes in Elmwood Park, IL under the Section 8 program is 6.6%. 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. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Elmwood Park, IL, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 481 |
Total Units Section 8 | 375 |
% Rentals under Section 8 | 6.6% |
% Occupied Section 8 | 88.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $80 | $1,400 | $1,480 |
| 2 Bedroom | -$530 | $2,200 | $1,670 |
| 3 Bedroom | -$600 | $2,750 | $2,150 |
| 4 Bedroom | -$1,880 | $4,400 | $2,520 |
Affordability — Elmwood Park, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.6 |
| Median Home Price | $327,000 |
| Median Household Income | $82,700 |