ZIP Code · IL

ZIP 60640

Part of Chicago, IL

Pop. 65,445·Cook County·94th most expensive ZIP in Illinois

Median rent (all units)

$1,983/mo

Year-over-Year

+7.4%

Month-over-Month

+0.5%

vs US Median

+$51

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 60640 · $1,983

More expensive than 61% of US ZIP codes · National median $1,932/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: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

December. Asking rents in ZIP 60640 usually run 1.6% below trend in December and 1.5% above it in July, about $61 a month apart at today's median. Based on 11 years of data.

Compared with the peak

Rent in ZIP 60640 is at its highest level since Zillow's records here began in January 2015.

Past year vs. the rest of Illinois

Rent in ZIP 60640 changed +7.4% over the year to September 2026. Across the 172 Illinois ZIP codes Zillow tracks, the typical change was +4.7%.

Rent vs. income since 2019

From 2019 to 2024, rent in ZIP 60640 rose 25.5% while median household income rose 28% ($57,221 to $73,254). Income kept ahead of rent.

Since before the pandemic

Rent in ZIP 60640 is 40.2% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent has risen 28 months in a row, and rose in 12 of the last 12 months.

What a typical income covers

30% of the median household income ($73,254) is $1,831 a month. That is less than HUD's Fair Market Rent for a studio ($1,910).

Rank in Chicago

31st cheapest of 51 ZIP codes in Chicago.

Cheaper nearby

ZIP 60659, 2 miles away, rents for 12% less ($1,752/mo), about $2,800 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 60640. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$23,796/yr

At $1,983/mo median

Location

CityChicago

StateIL

CountyCook County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 7.4% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+7.4% YoY, +0.5% 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

$1,361 → $1,983

up 45.7%

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 $1,361 to $1,983, up 45.7% 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.

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About renting in ZIP 60640

Last updated: October 17, 2026

ZIP code 60640 covers Chicago, IL. The median rent here is $1,983/mo as of October 2026. A 1-bedroom rents for a median of $2,040/mo. A 2-bedroom rents for a median of $2,300/mo.

At 32% of local median household income ($73,254/yr), ZIP 60640 ranks as moderate compared to the national benchmark of 30%. Rents have increased 7.4% over the past year.

FAQ

Frequently asked questions

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 $79,000/year (about $38/hour full-time) to afford the median rent of $1,983/mo in ZIP 60640. The local median household income is $73,254/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 60640?

Rent in ZIP 60640 has risen 7.4% over the past year as of September 2026. That is the highest level since Zillow's records here began in January 2015.

When is the cheapest time to rent in ZIP 60640?

Asking rents in ZIP 60640 are usually lowest in December, about 1.6% below their yearly trend, and highest in July, about 1.5% above it. At today's median that is a gap of roughly $61 a month. This pattern comes from 11 years of Zillow rent data.

Has rent outpaced income in ZIP 60640?

No. From 2019 to 2024, rent in ZIP 60640 rose 25.5% while median household income rose 28%, from $57,221 to $73,254. Rent is Zillow's yearly average; income is the Census 5-year estimate for the same years.

How does ZIP 60640 compare to other ZIPs in Illinois?

ZIP 60640 is in the middle among Illinois ZIP codes for rent, ranking #94 of 227 at $1,983/mo. Over the year to September 2026, rent in ZIP 60640 changed +7.4%, against a typical +4.7% across the 172 Illinois ZIP codes Zillow tracks.