Real Estate Investing in Waukegan, Illinois (60085)
Should you buy in 60085 (Waukegan, IL)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
Rare combination of both appreciation and cash flow. These markets don't last long — worth serious consideration.
No major risk flags on the data we track.
What’s happening in Waukegan, IL (60085)?
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Market Analysis: 60085 Waukegan
Investors eyeing 60085 need to respect the fundamentals at play. Home values of $238K come alongside slower price movement and elevated management overhead.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $238K asset, 60085 is the wrong submarket. If the plan prices in friction, the yield can still work.
Regionally, 60085 sits on the difficult end of the IL spectrum. The a viable market for read — for disciplined operators — is that pricing reflects the difficulty.
The 60085 ZIP's population of 72,763 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that comes in at the need for careful underwriting.
The 60085 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Waukegan:
Property Strategy for 60085
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $192,974 | $1,540 | 5.7% | +9.7% | $96,487 |
| 3BR | $227,310 | $1,980 | 6.3% | +9.2% | $75,770 |
| 4BR | $242,376 | $2,290 | 6.8% | +9.1% | $60,594 |
| 5BR | $254,612 | — | — | +9.5% | $50,922 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 60085 Compare?
| Metric | 60085 | Waukegan | Illinois |
|---|---|---|---|
| Home Value | $238,311 | $253,438 | $279,761 |
| 5-Year CAGR | 8.4% | 8.7% | 6.6% |
| Avg Rent | $1,682 | $1,582 | - |
| Cap Rate | 5.5% | 4.9% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 60085 (Waukegan, IL). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $238,311 |
| Monthly Rent | $1,682 |
| Price-to-Rent | 11.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 8.5% |
| Cap Rate | 5.5% |
| 5-Year IRR | 13.9% |
📈 Home Appreciation
| 1-Year | +10.0% ▲ |
| 3-Year CAGR | +9.9% ▲ |
| 5-Year CAGR | +8.4% ▲ |
| 10-Year CAGR | +9.6% ▲ |
🏠 Rent Trends
| 1-Year | +1.1% ▲ |
| 3-Year CAGR | +5.7% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.5%) exceeds the estimated cap rate (5.5%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 60085
Population: 72,763
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 60085
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 1,032 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What are rental rates like in Waukegan, IL?
Rent in Waukegan, IL is around $1,682/mo. The resulting rent-to-value relationship with $238K pricing is reasonable for most investor models.
What is the smart move for investors in Waukegan, IL?
The best-fit strategy in Waukegan, IL is careful cash-flow rentals with hands-on management. That approach the rent and price profile of the market.
Does house hacking work in Waukegan, IL?
The house hack math a challenging in Waukegan, IL. Owner-occupant buyers benefit from the $1,682/mo rents and $238K home values.
Is Waukegan, IL a friendly market for rental owners?
Landlord-friendliness in Waukegan, IL is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
What price range are homes in Waukegan, IL?
Expect median prices around $238K in Waukegan, IL. The market has run at a 0.0% 5-year CAGR, so entry costs have been reliable.
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