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ZIP Code · IL

ZIP 60124

Part of Elgin, IL
Pop. 24,487·Kane County·54th most expensive ZIP in Illinois
Median rent (all units)
$2,361/mo
Year-over-Year
Stable
Month-over-Month
-1.7%
vs US Median
+$396
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 60124 · $2,361
More expensive than 75% of US ZIP codes · National median $1,965/mo
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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: July 20, 2026

Annual cost
$28,332/yr
At $2,361/mo median
Location
CityElgin
StateIL
CountyKane County
Rent Market Meter
Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are softening (down 0.0% YoY), so renters have negotiating leverage.
Based on rent-price momentum (+0.0% YoY, -1.7% 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.

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Local insights

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About renting in ZIP 60124

Last updated: July 20, 2026

ZIP code 60124 covers Elgin, IL. The median rent here is $2,361/mo as of July 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 is rent in ZIP code 60124?

As of July 20, 2026, the median monthly rent in ZIP 60124 (Elgin, IL) is $2,361. This is based on aggregated data from public sources and community submissions.

How does ZIP 60124 rent compare to the US average?

ZIP 60124's median rent of $2,361/mo is $396 (20%) above the US national median of $1,965/mo.

How does ZIP 60124 compare to other ZIPs in Illinois?

ZIP 60124 is one of the pricier ZIP codes in Illinois, ranking #54 out of 230 ZIPs tracked at $2,361/mo.

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 $94,000/year (~$45/hour full-time) to afford the median rent of $2,361/mo in ZIP 60124. The local median household income is $139,982/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 60124?

Rent in ZIP 60124 has been relatively stable over the past year, with a 0.0% change year over year as of July 20, 2026.

Is ZIP 60124 an affordable place to rent?

ZIP 60124 is considered very affordable for renters. At $2,361/mo, rent takes approximately 20% of the local median household income ($139,982/yr). The standard benchmark is 30%. ZIP 60124 falls comfortably within that range.

What percentage of ZIP 60124 residents rent vs. own?

According to Census data, approximately 7.6% of ZIP 60124 households are renters, while 92.4% are owner-occupied. ZIP 60124 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 60124 compare to the rest of Elgin?

ZIP 60124 is pricier than Elgin as a whole. At $2,361/mo, it's $452 above the Elgin citywide median of $1,909/mo.

When was rent data for ZIP 60124 last updated?

Rent data for ZIP 60124 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
20%
VERY AFFORDABLE

At $2,361/mo, rent takes ~20% of ZIP 60124's median household income ($139,982/yr). The standard benchmark is 30%.

ZIP 60124 20%Benchmark 30%
State income tax4.95%
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Schools nearby

Public schools near ZIP 60124 (Elgin, IL)

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