Rents are 5% above what Elgin's 10-year trend predicts — running hotter than its own history.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,925 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: August 17, 2026
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Who lives here
Elgin, IL is majority owner-occupied, has a large share of families with children, has a median income above the national average, 27% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Elgin, IL has changed in 5 years
Compared with 2021, rent in Elgin, IL has increased by $601 per month, settling near $1,925 after starting the period at $1,324. Median household income grew from $79,757 to $90,282 between 2021 and 2024, a 13.2% shift. Rent outpaced income growth by roughly 32.2 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. About 28.1% of households rent today, against 30% in 2021. Taken together, the five-year picture in Elgin, IL reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.
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At $1,925/mo, how Elgin rent compares to typical pay (30% rule).
Elgin rent by bedroom count
Median rent for each apartment size in Elgin. Click any size for full breakdown.
Tips for renters in Elgin
Last updated: August 17, 2026
The median rent in Elgin is $1,925/mo as of August 2026. A studio apartment averages $1,620/mo while a 2-bedroom runs $1,953/mo. One-bedroom apartments average $1,730/mo and 3-bedroom units go for $2,507/mo.
At 26% of local median household income ($90,282/yr), Elgin ranks as affordable compared to the national benchmark of 30%. Rents have increased 9.1% over the past year.
Frequently asked questions
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How does Elgin rent compare to the national average?
At $1,925/mo, rent takes ~26% of Elgin's median household income ($90,282/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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