ZIP Code · IL

ZIP 60120

Part of Elgin, IL

Pop. 51,225·Cook County·133rd most expensive ZIP in Illinois

Median rent (all units)

$1,730/mo

Year-over-Year

+4.4%

Month-over-Month

+0.2%

vs US Median

-$202

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 60120 · $1,730

More affordable than 56% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,360

1 BR

$1,460

2 BR

$1,640

3 BR

$2,110

4 BR+

$2,440

Research median

$1,640/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: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 60120 is 0.1% below its high of $1,732 in June 2026, at $1,730 as of September 2026.

Past year vs. the rest of Illinois

Rent in ZIP 60120 changed +4.4% over the year to September 2026. Across the 172 Illinois ZIP codes Zillow tracks, the typical change was +4.7%.

Recent direction

Rent rose in 6 of the last 12 months.

What a typical income covers

30% of the median household income ($82,449) is $2,061 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,640); a 3-bedroom is $2,110.

Rank in Elgin

2nd cheapest of 3 ZIP codes in Elgin.

From Zillow's monthly rent index (ZORI) for ZIP 60120. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$20,760/yr

At $1,730/mo median

Location

CityElgin

StateIL

CountyCook County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (4.4% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+4.4% YoY, +0.2% MoM), not inventory.

Demographics

Who lives here

ZIP 60120 (Elgin, IL) is majority owner-occupied, has a large share of families with children, 20.5% of residents hold a bachelor's degree or higher.

Population

51,225

Median income

$82,449

Median age

34.5

Renters

34.3%

Age distribution

27.2%

23.5%

27.2%

Under 1827.2%

18–3423.5%

35–5427.2%

55–6411.8%

65+10.3%

Gender

52.4%

47.6%

Male52.4%

Female47.6%

Race & ethnicity

30.7%

61.6%

White30.7%

Black4.8%

Hispanic61.6%

Asian5.2%

Education (25+)

27.4%

26.7%

25.3%

20.5%

No HS diploma27.4%

HS diploma26.7%

Some college25.3%

Bachelor's+20.5%

Housing tenure

65.7%

34.3%

Owner65.7%

Renter34.3%

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

2023 vs 2026

How ZIP 60120 in Elgin, IL has changed in 5 years

Rent

$1,471 → $1,730

up 17.6%

Income

$74,287 → $82,449

up 11.0%

Population

51,024 → 51,225

up 0.4%

Renter share

34.5% → 34.3%

-0.2 pts

Bachelor's+

20% → 20.5%

+0.5 pts

Median age

33 → 34.5

+1.5 yrs

Across the past five years, the going rent in ZIP 60120 in Elgin, IL has shifted from $1,471 to $1,730, up 17.6% since 2023. Median household income climbed from $74,287 to $82,449 between 2021 and 2024, a 11.0% shift. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Taken together, the five-year picture in ZIP 60120 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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Local insights

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About renting in ZIP 60120

Last updated: October 17, 2026

ZIP code 60120 covers Elgin, IL. The median rent here is $1,730/mo as of October 2026. A 1-bedroom rents for a median of $1,460/mo. A 2-bedroom rents for a median of $1,640/mo.

At 25% of local median household income ($82,449/yr), ZIP 60120 ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.4% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 60120?

To keep rent at or below 30% of gross income, you would need to earn at least $69,000/year (about $33/hour full-time) to afford the median rent of $1,730/mo in ZIP 60120. The local median household income is $82,449/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 60120?

Rent in ZIP 60120 has risen 4.4% over the past year as of September 2026. It sits 0.1% below its high of $1,732 in June 2026.

How does ZIP 60120 compare to other ZIPs in Illinois?

ZIP 60120 is in the middle among Illinois ZIP codes for rent, ranking #133 of 227 at $1,730/mo. Over the year to September 2026, rent in ZIP 60120 changed +4.4%, against a typical +4.7% across the 172 Illinois ZIP codes Zillow tracks.