Elgin, IL
Kane County · Pop. 114,797
Ranked #70 of 243 cities
50Moderate
Median Home Price
🏠$280K
2.8% YoY
Median Rent
🔑$1,350
2.0% YoY
Median Income
💰$65K
Rent Burden
📊28.0%
% of income to rent
Income to Buy
🏦$81K
annual income needed
Income to Rent
📝$54K
annual income needed
Price-to-Income
⚖️4.3x
Homeownership
🏡62.0%
Rent vs. Buy
Buy
$1,490/mo
Est. mortgage (7%, 20% down)
Need $81K/yr income
Rent
$1,350/mo
Median rent
Need $54K/yr income
How Elgin Compares
| Metric | Elgin | Illinois | National |
|---|---|---|---|
| Home Price | $280K | $263K | $410K |
| Rent | $1,350 | $1,238 | $1,500 |
| Income | $65K | $80K | $75K |
| Rent Burden | 28.0% | 32.5% | 30.0% |
Key Takeaways
- • Home prices in Elgin are 32% lower than the national average.
- • Rent is 10% lower than the national average.
- • You need an income of $81K to comfortably buy a home here.
- • The homeownership rate is 62.0%, compared to 65.0% nationally.