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ZIP Code · IL

ZIP 60123

Part of Elgin, IL
Pop. 48,379·Kane County·140th most expensive ZIP in Illinois
Median rent (all units)
$1,715/mo
Year-over-Year
+4.3%
Month-over-Month
+3.8%
vs US Median
-$250
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 60123 · $1,715
More affordable than 57% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,320
1 BR
$1,410
2 BR
$1,590
3 BR
$2,050
4 BR+
$2,370
Research median
$1,590/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: July 20, 2026

Annual cost
$20,580/yr
At $1,715/mo median
Location
CityElgin
StateIL
CountyKane County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 4.3% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+4.3% YoY, +3.8% MoM), not inventory.
Demographics

Who lives here

ZIP 60123 (Elgin, IL) is majority owner-occupied, 24.8% of residents hold a bachelor's degree or higher.

Population
48,379
Median income
$87,693
Median age
39.3
Renters
27.2%
Age distribution
22.3%
23.1%
24.6%
13.4%
16.6%
Under 1822.3%
18–3423.1%
35–5424.6%
55–6413.4%
65+16.6%
Gender
49.8%
50.2%
Male49.8%
Female50.2%
Race & ethnicity
43.3%
47%
White43.3%
Black7%
Hispanic47%
Asian4.4%
Education (25+)
14.8%
29.7%
30.7%
24.8%
No HS diploma14.8%
HS diploma29.7%
Some college30.7%
Bachelor's+24.8%
Housing tenure
72.8%
27.2%
Owner72.8%
Renter27.2%

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

2021 vs 2026

How ZIP 60123 in Elgin, IL has changed in 5 years

Income
$74,191 → $87,693
up 18.2%
Population
49,140 → 48,379
down 1.5%
Renter share
32.9% → 27.2%
-5.7 pts
Bachelor's+
24.4% → 24.8%
+0.4 pts
Median age
38 → 39.3
+1.3 yrs

Median household income climbed from $74,191 to $87,693 between 2021 and 2024, a 18.2% shift. Census counts show ZIP 60123 in Elgin, IL losing about 761 residents over the five-year window, down 1.5% on net. The renter share has eased from 32.9% to 27.2%, with owner-occupied housing accounting for the remainder.

Community

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Local insights

Tips for renters in ZIP 60123

About renting in ZIP 60123

Last updated: July 20, 2026

ZIP code 60123 covers Elgin, IL. The median rent here is $1,715/mo as of July 2026. A 1-bedroom rents for a median of $1,410/mo. A 2-bedroom rents for a median of $1,590/mo.

At 23% of local median household income ($87,693/yr), ZIP 60123 ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.3% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 60123?

As of July 20, 2026, the median monthly rent in ZIP 60123 (Elgin, IL) is $1,715. This is based on aggregated data from public sources and community submissions.

How does ZIP 60123 rent compare to the US average?

ZIP 60123's median rent of $1,715/mo is $250 (13%) below the US national median of $1,965/mo.

How does ZIP 60123 compare to other ZIPs in Illinois?

ZIP 60123 falls in the middle range for Illinois, ranking #140 out of 230 ZIPs at $1,715/mo.

How much income do you need to rent in ZIP 60123?

To keep rent at or below 30% of gross income, you would need to earn at least $69,000/year (~$33/hour full-time) to afford the median rent of $1,715/mo in ZIP 60123. The local median household income is $87,693/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 60123?

Rent in ZIP 60123 has increased 4.3% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 60123 an affordable place to rent?

ZIP 60123 is considered very affordable for renters. At $1,715/mo, rent takes approximately 23% of the local median household income ($87,693/yr). The standard benchmark is 30%. ZIP 60123 falls comfortably within that range.

What percentage of ZIP 60123 residents rent vs. own?

According to Census data, approximately 27.2% of ZIP 60123 households are renters, while 72.8% are owner-occupied. ZIP 60123 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 60123 compare to the rest of Elgin?

ZIP 60123 is more affordable than Elgin overall. At $1,715/mo, it's $194 below the Elgin citywide median of $1,909/mo.

When was rent data for ZIP 60123 last updated?

Rent data for ZIP 60123 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
23%
VERY AFFORDABLE

At $1,715/mo, rent takes ~23% of ZIP 60123's median household income ($87,693/yr). The standard benchmark is 30%.

ZIP 60123 23%Benchmark 30%
State income tax4.95%
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Schools nearby

Public schools near ZIP 60123 (Elgin, IL)

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