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ZIP Code · IL

ZIP 60640

Part of Chicago, IL
Pop. 65,445·Cook County·93rd most expensive ZIP in Illinois
Median rent (all units)
$2,042/mo
Year-over-Year
+11.1%
Month-over-Month
+1.1%
vs US Median
+$77
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 60640 · $2,042
More expensive than 63% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,910
1 BR
$2,040
2 BR
$2,300
3 BR
$2,960
4 BR+
$3,430
Research median
$2,300/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
$24,504/yr
At $2,042/mo median
Location
StateIL
CountyCook County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 11.1% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+11.1% YoY, +1.1% MoM), not inventory.
Demographics

Who lives here

ZIP 60640 (Chicago, IL) is majority renter-occupied, skews toward younger working-age adults, 62.9% of residents hold a bachelor's degree or higher.

Population
65,445
Median income
$73,254
Median age
38.2
Renters
68.2%
Age distribution
33%
31.7%
13.7%
Under 1810.5%
18–3433%
35–5431.7%
55–6411.2%
65+13.7%
Gender
51.4%
48.6%
Male51.4%
Female48.6%
Race & ethnicity
56.6%
17.2%
13.5%
White56.6%
Black17.2%
Hispanic13.5%
Asian10.4%
Other2.3%
Education (25+)
12.4%
17.9%
62.9%
No HS diploma6.9%
HS diploma12.4%
Some college17.9%
Bachelor's+62.9%
Housing tenure
31.8%
68.2%
Owner31.8%
Renter68.2%

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

2021 vs 2026

How ZIP 60640 in Chicago, IL has changed in 5 years

Rent
$1,386 → $2,042
up 47.3%
Income
$63,660 → $73,254
up 15.1%
Population
67,936 → 65,445
down 3.7%
Renter share
66.8% → 68.2%
+1.4 pts
Bachelor's+
61.1% → 62.9%
+1.8 pts
Median age
37.5 → 38.2
+0.7 yrs

Across the past five years, the going rent in ZIP 60640 in Chicago, IL has shifted from $1,386 to $2,042, up 47.3% since 2021. On the earnings side, the typical household in ZIP 60640 in Chicago, IL now reports about $73,254, up from $63,660 in 2021. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show ZIP 60640 in Chicago, IL losing about 2,491 residents over the five-year window, down 3.7% on net. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and ZIP 60640 in Chicago, IL reflects that arc in its own way.

Community

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Local insights

Tips for renters in ZIP 60640

About renting in ZIP 60640

Last updated: July 20, 2026

ZIP code 60640 covers Chicago, IL. The median rent here is $2,042/mo as of July 2026. A 1-bedroom rents for a median of $2,040/mo. A 2-bedroom rents for a median of $2,300/mo.

At 33% of local median household income ($73,254/yr), ZIP 60640 ranks as moderate compared to the national benchmark of 30%. Rents have increased 11.1% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 60640?

As of July 20, 2026, the median monthly rent in ZIP 60640 (Chicago, IL) is $2,042. This is based on aggregated data from public sources and community submissions.

How does ZIP 60640 rent compare to the US average?

ZIP 60640's median rent of $2,042/mo is $77 (4%) above the US national median of $1,965/mo.

How does ZIP 60640 compare to other ZIPs in Illinois?

ZIP 60640 falls in the middle range for Illinois, ranking #93 out of 230 ZIPs at $2,042/mo.

How much income do you need to rent in ZIP 60640?

To keep rent at or below 30% of gross income, you would need to earn at least $82,000/year (~$39/hour full-time) to afford the median rent of $2,042/mo in ZIP 60640. The local median household income is $73,254/yr, meaning the typical household falls short of that threshold.

Is rent going up or down in ZIP 60640?

Rent in ZIP 60640 has increased 11.1% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 60640 an affordable place to rent?

ZIP 60640 is considered moderate for renters. At $2,042/mo, rent takes approximately 33% of the local median household income ($73,254/yr). The standard benchmark is 30%. ZIP 60640 slightly exceeds that threshold, so budgeting carefully matters here.

What percentage of ZIP 60640 residents rent vs. own?

According to Census data, approximately 68.2% of ZIP 60640 households are renters, while 31.8% are owner-occupied. With a majority renter population, ZIP 60640 has a strong rental market.

How does ZIP 60640 compare to the rest of Chicago?

ZIP 60640 is more affordable than Chicago overall. At $2,042/mo, it's $367 below the Chicago citywide median of $2,409/mo.

When was rent data for ZIP 60640 last updated?

Rent data for ZIP 60640 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
33%
MODERATE

At $2,042/mo, rent takes ~33% of ZIP 60640's median household income ($73,254/yr). The standard benchmark is 30%.

ZIP 60640 33%Benchmark 30%
State income tax4.95%
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Schools nearby

Public schools near ZIP 60640 (Chicago, IL)

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