Rents are right about where Elgin's 10-year trend predicts.
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 $1,923 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: October 17, 2026
What the numbers show
November. Asking rents in Elgin usually run 0.7% below trend in November and 0.5% above it in August, about $23 a month apart at today's median. Based on 11 years of data.
Rent in Elgin is at its highest level since Zillow's records here began in January 2015.
Rent in Elgin changed +3.6% over the year to September 2026. Across the 94 Illinois cities Zillow tracks, the typical change was +4.0%.
From 2019 to 2024, rent in Elgin rose 43% while median household income rose 30.8% ($69,041 to $90,282). Rent outpaced income.
Rent in Elgin is 55.1% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 2 months in a row, and rose in 8 of the last 12 months.
30% of the median household income ($90,282) is $2,257 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,953); a 3-bedroom is $2,507.
The priciest of 3 ZIP codes in Elgin, 60124 ($2,319/mo), costs 1.5 times the cheapest, 60123 ($1,598/mo).
Woodstock, 22 miles away, rents for 23% less ($1,474/mo), about $5,400 a year in savings.
From Zillow's monthly rent index (ZORI) for Elgin. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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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 $617 per month, settling near $1,923 after starting the period at $1,306. Median household income grew from $79,757 to $90,282 between 2021 and 2024, a 13.2% shift. Rent outpaced income growth by roughly 34.0 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 $1,923/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: October 17, 2026
The median rent in Elgin is $1,923/mo as of October 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 3.5% over the past year.
Frequently asked questions
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How does Elgin rent compare to other cities in Illinois?
At $1,923/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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