ZIP Code · IL

ZIP 60123

Part of Elgin, IL

Pop. 48,379·Kane County·149th most expensive ZIP in Illinois

Median rent (all units)

$1,598/mo

Year-over-Year

+4.0%

Month-over-Month

+0.6%

vs US Median

-$334

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 60123 · $1,598

More affordable than 66% of US ZIP codes · National median $1,932/mo

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Compare your rent to the local median.

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: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 60123 is at its highest level since Zillow's records here began in May 2023.

Past year vs. the rest of Illinois

Rent in ZIP 60123 changed +4.0% over the year to September 2026. Across the 172 Illinois ZIP codes Zillow tracks, the typical change was +4.7%.

Recent direction

Rent has risen 3 months in a row, and rose in 8 of the last 12 months.

What a typical income covers

30% of the median household income ($87,693) is $2,192 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($2,050); a 4-bedroom is $2,370.

Rank in Elgin

1st cheapest of 3 ZIP codes in Elgin.

From Zillow's monthly rent index (ZORI) for ZIP 60123. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$19,176/yr

At $1,598/mo median

Location

CityElgin

StateIL

CountyKane County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (4.0% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+4.0% YoY, +0.6% 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

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About renting in ZIP 60123

Last updated: October 17, 2026

ZIP code 60123 covers Elgin, IL. The median rent here is $1,598/mo as of October 2026. A 1-bedroom rents for a median of $1,410/mo. A 2-bedroom rents for a median of $1,590/mo.

At 22% of local median household income ($87,693/yr), ZIP 60123 ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.0% over the past year.

FAQ

Frequently asked questions

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 $64,000/year (about $31/hour full-time) to afford the median rent of $1,598/mo in ZIP 60123. The local median household income is $87,693/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 60123?

Rent in ZIP 60123 has risen 4.0% over the past year as of September 2026. That is the highest level since Zillow's records here began in May 2023.

How does ZIP 60123 compare to other ZIPs in Illinois?

ZIP 60123 is in the middle among Illinois ZIP codes for rent, ranking #149 of 227 at $1,598/mo. Over the year to September 2026, rent in ZIP 60123 changed +4.0%, against a typical +4.7% across the 172 Illinois ZIP codes Zillow tracks.