ZIP Code · IL

ZIP 60124

Part of Elgin, IL

Pop. 24,487·Kane County·50th most expensive ZIP in Illinois

Median rent (all units)

$2,319/mo

Year-over-Year

Stable

Month-over-Month

+1.1%

vs US Median

+$387

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 60124 · $2,319

More expensive than 74% 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

$2,100

1 BR

$2,250

2 BR

$2,530

3 BR

$3,260

4 BR+

$3,770

Research median

$2,530/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

What a typical income covers

30% of the median household income ($139,982) is $3,500 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($3,260); a 4-bedroom is $3,770.

Rank in Elgin

3rd cheapest of 3 ZIP codes in Elgin.

Cheaper nearby

ZIP 60123, 5 miles away, rents for 31% less ($1,598/mo), about $8,700 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 60124. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$27,828/yr

At $2,319/mo median

Location

CityElgin

StateIL

CountyKane 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, +1.1% MoM), not inventory.

Demographics

Who lives here

ZIP 60124 (Elgin, IL) is majority owner-occupied, has a median income above the national average, 49.5% of residents hold a bachelor's degree or higher.

Population

24,487

Median income

$139,982

Median age

43.7

Renters

7.6%

Age distribution

21.5%

18.1%

26.4%

17.1%

16.9%

Under 1821.5%

18–3418.1%

35–5426.4%

55–6417.1%

65+16.9%

Gender

50.4%

49.6%

Male50.4%

Female49.6%

Race & ethnicity

72%

12.1%

White72%

Black1.9%

Hispanic11.6%

Asian12.1%

Other2.4%

Education (25+)

21.1%

26.4%

49.5%

No HS diploma3.1%

HS diploma21.1%

Some college26.4%

Bachelor's+49.5%

Housing tenure

92.4%

Owner92.4%

Renter7.6%

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

2021 vs 2026

How ZIP 60124 in Elgin, IL has changed in 5 years

Income

$125,754 → $139,982

up 11.3%

Population

24,176 → 24,487

up 1.3%

Renter share

3.3% → 7.6%

+4.3 pts

Bachelor's+

47.2% → 49.5%

+2.3 pts

Median age

42.2 → 43.7

+1.5 yrs

Census figures show median household income at $139,982 today, compared with $125,754 five years earlier. The population has grown by 1.3% since 2021, moving from about 24,176 residents to roughly 24,487. Renters now make up 7.6% of households, compared with 3.3% five years ago. College-educated residents now make up 49.5% of adults here, versus 47.2% in 2021.

Community

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Local insights

Tips for renters in ZIP 60124

About renting in ZIP 60124

Last updated: October 17, 2026

ZIP code 60124 covers Elgin, IL. The median rent here is $2,319/mo as of October 2026. A 1-bedroom rents for a median of $2,250/mo. A 2-bedroom rents for a median of $2,530/mo.

At 20% of local median household income ($139,982/yr), ZIP 60124 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 60124?

To keep rent at or below 30% of gross income, you would need to earn at least $93,000/year (about $45/hour full-time) to afford the median rent of $2,319/mo in ZIP 60124. The local median household income is $139,982/yr, so the typical household meets that bar.