Rents are right about where Waukegan'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 $1,660 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
Rent in Waukegan is 0% below its high of $1,660 in August 2026, at $1,660 as of September 2026.
Rent in Waukegan changed +2.7% 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 Waukegan rose 40.4% while median household income rose 44.4% ($49,803 to $71,919). Income kept ahead of rent.
Rent in Waukegan is 54.6% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
30% of the median household income ($71,919) is $1,798 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,565); a 3-bedroom is $2,010.
Zion, 6 miles away, rents for 16% less ($1,396/mo), about $3,200 a year in savings.
From Zillow's monthly rent index (ZORI) for Waukegan. 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
Waukegan, IL is roughly split between renters and owners, 20.9% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Waukegan, IL has changed in 5 years
Since 2021, the typical rent in Waukegan, IL has increased from $1,173 to $1,660, a 41.5% change over five years. Median household income rose from $58,844 to $71,919 between 2021 and 2024, a 22.2% shift. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. Renters now make up 49.8% of households, compared with 51.3% five years ago. Taken together, the five-year picture in Waukegan, 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.
Discussions about Waukegan
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Can you afford rent in Waukegan on your salary?
At $1,660/mo, how Waukegan rent compares to typical pay (30% rule).
Waukegan rent by bedroom count
Median rent for each apartment size in Waukegan. Click any size for full breakdown.
Tips for renters in Waukegan
Last updated: October 17, 2026
The median rent in Waukegan is $1,660/mo as of October 2026. A studio apartment averages $1,295/mo while a 2-bedroom runs $1,565/mo. One-bedroom apartments average $1,390/mo and 3-bedroom units go for $2,010/mo.
At 28% of local median household income ($71,919/yr), Waukegan ranks as affordable compared to the national benchmark of 30%. Rents have increased 2.7% over the past year.
Frequently asked questions
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At $1,660/mo, rent takes ~28% of Waukegan's median household income ($71,919/yr). The standard benchmark is 30%.
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