Elgin Home Prices: $358K, Up 2.7% — 3 ZIPs Analyzed (2026)
$358K. That’s what a typical home costs in Elgin right now — and prices haven’t stopped climbing. Part of the Chicago metro but priced well below Naperville or the city itself, Elgin sits in a price band that still attracts buyers who’ve been pushed out of pricier suburbs. Year over year, the median is up 2.7%.
Quick answer: The average home price in Elgin, IL is $357,869 as of February 2026, up 2.7% year over year according to Zillow.
Current Home Prices in Elgin
Here’s where Elgin stands as of February 2026:
| Metric | Value |
|---|---|
| Median Home Price | $357,869 |
| Year-over-Year Change | +2.7% |
| Lowest ZIP Price | $287,380 |
| Highest ZIP Price | $487,054 |
| Number of ZIPs Tracked | 3 |
| Data as of | February 2026 |
A 2.7% annual gain sounds modest, and it is. But context matters. Elgin hasn’t seen a single month of decline in the past year. Every month from March 2025 through February 2026 posted a higher average than the one before. That kind of consistency matters more than headline-grabbing spikes.
The spread between the cheapest and most expensive ZIP is nearly $200,000 — a sign that Elgin isn’t a single market. Where you buy within the city dramatically changes what you’ll pay.
For a buyer putting 20% down on the median-priced home, you’re financing roughly $286,000. At a 6.5% mortgage rate, that’s about $1,810/month before taxes and insurance. With property taxes in Kane and Cook counties, the all-in monthly cost pushes well north of $2,200.
Elgin Home Prices by Neighborhood
All three Elgin ZIP codes are tracked. The gap between the most and least expensive is $199,674.
| ZIP Code | Median Home Price | Median Rent |
|---|---|---|
| 60120 | $287,380 | $1,558/mo |
| 60123 | $299,174 | $1,615/mo |
| 60124 | $487,054 | $2,339/mo |
Most Expensive
60124 leads at $487,054, sitting 36% above the city median — this is where Elgin’s higher-end housing stock concentrates, with rents to match at $2,339/month.
Most Affordable
60120 comes in at $287,380, roughly $70,000 below the city average. It also has the lowest rent at $1,558/month, making it the entry point for both buyers and renters. 60123 is close behind at $299,174, offering a middle ground with rents of $1,615/month. Both of these ZIPs keep you under $300K.
Rent vs Buy in Elgin
Renting is cheaper than buying across all three Elgin ZIPs right now — at least on a pure monthly payment basis.
| ZIP Code | Monthly Rent | Est. Mortgage Payment* | Difference |
|---|---|---|---|
| 60120 | $1,558 | ~$1,900 | Rent saves ~$342/mo |
| 60123 | $1,615 | ~$1,975 | Rent saves ~$360/mo |
| 60124 | $2,339 | ~$3,220 | Rent saves ~$881/mo |
*Estimated mortgage: 20% down, 6.5% rate, principal and interest only. Taxes and insurance not included.
The gap is widest in 60124. That $881/month difference adds up to over $10,500 a year. Even in the more affordable ZIPs, renters save $300+ monthly.
That said, mortgage payments build equity. Renters save cash now; buyers build wealth over time. With Elgin prices rising 2.7% per year, a $358K home gains roughly $9,600 in value annually. Whether that trade-off works depends on how long you plan to stay.
If you’re staying fewer than 3-4 years, renting makes strong financial sense in Elgin. Longer than that, the math tilts toward buying — especially in the sub-$300K ZIPs.
Population Growth and Migration
Elgin’s population is flat. Not growing, not shrinking — just holding steady.
| Year | Population |
|---|---|
| 2020 | 114,645 |
| 2021 | 114,093 |
| 2022 | 113,392 |
| 2023 | 113,922 |
| 2024 | 114,701 |
The city dipped below 113,400 in 2022 before recovering. By 2024, it had clawed back to just above its 2020 level. The four-year growth rate rounds to 0.0%.
How does that compare to other Illinois cities?
| City | 2024 Population | 4-Year Growth |
|---|---|---|
| Champaign | 91,961 | +4.0% |
| Naperville | 153,124 | +2.5% |
| Joliet | 151,837 | +1.0% |
| Aurora | 180,710 | +0.2% |
| Elgin | 114,701 | 0.0% |
| Waukegan | 88,570 | -0.6% |
Elgin beats Waukegan but trails every other city on this list. Champaign and Naperville are pulling residents. Elgin is not. For housing, flat population means demand isn’t surging — but it isn’t collapsing either. Price growth here is driven by regional market forces and limited inventory, not a population boom.
Elgin Housing Market Trends
The 12-month trend shows a slow, steady climb. No dramatic moves, no dips.
| Month | Average Price | Low ZIP | High ZIP |
|---|---|---|---|
| Mar 2025 | $348,596 | $280,512 | $475,833 |
| Apr 2025 | $349,042 | $281,249 | $475,658 |
| May 2025 | $348,801 | $281,826 | $474,240 |
| Jun 2025 | $348,867 | $282,405 | $473,582 |
| Jul 2025 | $349,720 | $283,199 | $474,681 |
| Aug 2025 | $350,677 | $283,771 | $476,405 |
| Sep 2025 | $351,547 | $284,124 | $478,225 |
| Oct 2025 | $352,011 | $284,181 | $479,228 |
| Nov 2025 | $353,123 | $284,520 | $481,108 |
| Dec 2025 | $354,724 | $285,183 | $483,527 |
| Jan 2026 | $356,427 | $286,111 | $485,749 |
| Feb 2026 | $357,869 | $287,380 | $487,054 |
From March 2025 to February 2026, the average rose $9,273 — roughly $773 per month. The expensive ZIP (60124) gained the most in absolute terms, climbing from $475,833 to $487,054. The affordable ZIP (60120) moved from $280,512 to $287,380.
There’s no month where prices went backward. That kind of 12-month streak isn’t common, and it signals persistent buyer demand in the market.
Is Elgin a Good Place to Buy in 2026?
The numbers point to a stable market, not a frothy one. A 2.7% annual gain is roughly in line with inflation, which means Elgin isn’t overheating. That’s actually good news if you’re a buyer — you’re not chasing a runaway market.
Two ZIPs sit under $300K. For the Chicago metro area, that’s genuinely affordable. You’d pay double or more in Naperville.
The risk? Flat population growth means demand could stall if the broader Chicago economy softens. Elgin doesn’t have the demographic momentum that Champaign or Naperville show.
For buyers with a 5+ year timeline, Elgin’s affordable ZIPs offer a reasonable entry into the Chicago metro market. For short-term holds, the modest appreciation rate doesn’t leave much margin after transaction costs.
Elgin Housing Market Outlook for 2026-2027
The 12-month trend shows no sign of slowing. Prices gained momentum in the second half of 2025 — the monthly increase from September to February averaged about $1,264/month, faster than the first half’s pace of roughly $350/month.
If the current pace continues through mid-2026, the city median could push past $365,000 by summer. The three-month trend from December through February shows gains of roughly $1,050/month.
Nothing in the data suggests a correction is imminent. But these are modest gains — a shift in mortgage rates or a broader economic slowdown could easily flatten the curve. Elgin’s flat population growth means there’s no built-in demand surge to sustain prices through a downturn.
Similar Markets in IL
If you’re comparing options across Illinois, here are a few markets worth checking:
- Chicago — The anchor of the metro, with far more inventory and a wider price range than Elgin.
- Aurora — Elgin’s neighbor with similar pricing and a slightly larger population of 180,710.
- Joliet — South of Elgin in the I-80 corridor, often cheaper and growing at 1.0%.
- Naperville — The premium option in the western suburbs, expect to pay significantly more.
- Plainfield — A growing suburb between Joliet and Naperville worth comparing.
Frequently Asked Questions
What is the average home price in Elgin?
The average home price in Elgin is $357,869 as of February 2026. That’s the city-wide median across three tracked ZIP codes. Prices range from $287,380 in ZIP 60120 to $487,054 in ZIP 60124.
Are home prices going up or down in Elgin?
Prices are going up. Elgin’s median home price rose 2.7% year over year and posted gains every single month over the past 12 months. The average monthly increase was about $773.
Is it cheaper to rent or buy in Elgin?
Renting is cheaper on a monthly basis across all three Elgin ZIPs. In the most affordable ZIP (60120), rent runs $1,558/month compared to an estimated mortgage payment of roughly $1,900. The gap is largest in ZIP 60124, where renters save about $881/month versus buyers.
What is the most affordable neighborhood in Elgin?
ZIP code 60120 is the cheapest area in Elgin with a median home price of $287,380 — about $70,000 below the city-wide average. Rent there averages $1,558/month, also the lowest in the city.
Methodology
Home values are based on the Zillow Home Value Index (ZHVI), a smoothed measure of typical home values in the 35th to 65th percentile range. Rent estimates use the Zillow Observed Rent Index (ZORI). Population figures come from the U.S. Census Bureau Population Estimates Program (2020-2024 vintage). All datasets are publicly available. Housing data updated 2026-02-28.