ZIP Code · IL

ZIP 60040

Part of Highwood, IL

Pop. 5,301·Lake County·37th most expensive ZIP in Illinois

Median rent (all units)

$2,418/mo

Year-over-Year

Stable

Month-over-Month

+2.6%

vs US Median

+$486

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 60040 · $2,418

More expensive than 78% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,860

1 BR

$1,990

2 BR

$2,240

3 BR

$2,880

4 BR+

$3,340

Research median

$2,240/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: September 25, 2026

From the history

What the numbers show

What a typical income covers

30% of the median household income ($107,875) is $2,697 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($2,240); a 3-bedroom is $2,880.

Cheaper nearby

ZIP 60044, 6 miles away, rents for 15% less ($2,058/mo), about $4,300 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 60040. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$29,016/yr

At $2,418/mo median

Location

CityHighwood

StateIL

CountyLake County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (0.0% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+0.0% YoY, +2.6% MoM), not inventory.

Demographics

Who lives here

ZIP 60040 (Highwood, IL) is majority owner-occupied, has a large retiree population, has a median income above the national average, 39.1% of residents hold a bachelor's degree or higher.

Population

5,301

Median income

$107,875

Median age

Renters

44%

Age distribution

21.7%

20.1%

23%

13.6%

21.5%

Under 1821.7%

18–3420.1%

35–5423%

55–6413.6%

65+21.5%

Gender

53.2%

46.8%

Male53.2%

Female46.8%

Race & ethnicity

61.6%

36.6%

White61.6%

Black1.2%

Hispanic36.6%

Asian2.1%

Education (25+)

19.4%

20.2%

21.2%

39.1%

No HS diploma19.4%

HS diploma20.2%

Some college21.2%

Bachelor's+39.1%

Housing tenure

56%

44%

Owner56%

Renter44%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 60040 in Highwood, IL has changed in 5 years

Income

$88,913 → $107,875

up 21.3%

Population

5,204 → 5,301

up 1.9%

Renter share

54.9% → 44%

-10.9 pts

Bachelor's+

41.8% → 39.1%

-2.7 pts

Median age

36.1 → 41

+4.9 yrs

On the earnings side, the typical household in ZIP 60040 in Highwood, IL now reports about $107,875, up from $88,913 in 2021. Headcount in the area went from 5,204 to 5,301 between 2021 and 2024, a 1.9% change. About 44% of households rent today, against 54.9% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher slipped from 41.8% to 39.1%.

Community

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Local insights

Tips for renters in ZIP 60040

About renting in ZIP 60040

Last updated: September 25, 2026

ZIP code 60040 covers Highwood, IL. The median rent here is $2,418/mo as of September 2026. A 1-bedroom rents for a median of $1,990/mo. A 2-bedroom rents for a median of $2,240/mo.

At 27% of local median household income ($107,875/yr), ZIP 60040 ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 60040?

To keep rent at or below 30% of gross income, you would need to earn at least $97,000/year (about $47/hour full-time) to afford the median rent of $2,418/mo in ZIP 60040. The local median household income is $107,875/yr, so the typical household meets that bar.