Garfield Park, Chicago, IL—60624
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Garfield Park, Chicago, IL
As of Oct '25, the median home price in Garfield Park, Chicago, IL is $202,000, with a year-over-year change of 3.5%. This indicates that home prices in Garfield 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 | $202,000 | 3.5% |
| Single Family | $213,000 | 6.5% |
| Condos | $166,000 | 0.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $147,000 | 11.4% |
3 Bed | $204,000 | 5.2% |
4 Bed | $236,000 | 7.8% |
| 5 Bed | $279,000 | 6.9% |
% of Housing Stock
Rental Trends — Garfield Park, Chicago, IL
As of July '25, Rentcast reports the average rent in Garfield Park, Chicago, IL is $1,760, with a year-over-year rent change of 7.3%. Per bedroom, the median rent as of July '25 in Garfield Park, Chicago, IL is studios: $902, 1-bedrooms: $1,000, 2-bedrooms: $1,540, 3-bedrooms: $1,870, 4-bedrooms: $2,010. The most common rental property sizes in Garfield Park, Chicago, IL are 2-bedroom and 3-bedroom, accounting for 30.6% and 28.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,700 | $1,760 |
| Studio Rent | $900 | $902 |
| 1 Bed Rent | $1,000 | $1,000 |
| 2 Bed Rent | $1,500 | $1,540 |
| 3 Bed Rent | $1,800 | $1,870 |
| 4 Bed Rent | $1,800 | $2,010 |
% of Rental Stock
Property Listings — Garfield Park, Chicago, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Garfield Park, Chicago, IL is 34. This is a increase of 6.0% 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 11.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $247,000 | -13.0% |
Listing Count | 37 | 7.0% |
| Listings as % of Homes | 0.3% | 7.0% |
Days on Market | 34 | 6.0% |
Demographics — Garfield Park, Chicago, IL
As of the latest ACS Survey released in 2023, Garfield Park, Chicago, IL has a population of 35,700, which has decreased by -1.2% over the past 5 years. Garfield Park, Chicago, IL is a popular place for families, as children make up 26.5% of the population. The area has a poorly educated workforce, with 13.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 35,700 | -1.2% |
% Under 18 | 26.5% | -13.1% |
% Seniors | 11.9% | 10.2% |
% WFH | 11.7% | 277.4% |
% w/ College Degree | 13.1% | 50.6% |
As of the latest ACS Survey released in 2023, Garfield Park, Chicago, IL is a predominantly black area, with 83.3% of the population identifying as black. The black population has shrunk by 8.3% in the last 5 years. The second most common race or ethnicity in Garfield Park, Chicago, IL is hispanic, making up 12.1% of the population. Foreign-born residents account for 3.6% of the population in Garfield Park, Chicago, IL, and this percentage has increased by 71.4% 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 | 3.8% | 40.7% |
% Black | 83.3% | -8.3% |
% Hispanic | 12.1% | 128.3% |
% Asian | 0.9% | 200.0% |
% Foreign Born | 3.6% | 71.4% |
Mortgage and Risk — Garfield Park, Chicago, IL
According to HUD data as of 2023, there were 228 mortgage originations in Garfield Park, Chicago, IL, of which 60.0% of loans were conventional mortgages. The average loan-to-value was 74.0%, with 48.0% above 90% LTV (very high). This implies large mortgage risk in Garfield Park, Chicago, IL. Investor activity is low, as 7.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 228 |
% Conventional Loans | 60.0% |
% Government Loans | 40.0% |
% Investor Loans | 7.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Garfield Park, Chicago, IL
As of 2024, the percent of homes in Garfield Park, Chicago, IL under the Section 8 program is 36.0%. 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 Garfield Park, Chicago, IL, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 3,768 |
Total Units Section 8 | 3,507 |
% Rentals under Section 8 | 36.0% |
% Occupied Section 8 | 88.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $340 | $1,000 | $1,340 |
| 2 Bedroom | $10 | $1,500 | $1,510 |
| 3 Bedroom | $140 | $1,800 | $1,940 |
| 4 Bedroom | $480 | $1,800 | $2,280 |
Affordability — Garfield Park, Chicago, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.9 |
| Median Home Price | $202,000 |
| Median Household Income | $32,600 |