Real Estate Investing in Waukegan, Illinois (60087)
Should you buy in 60087 (Waukegan, IL)? Our answer, based on the numbers below.
Strong fundamentals — affordable, appreciating, and stable. A confident pick for primary residence.
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 (60087)?
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Market Analysis: 60087 Waukegan
The 60087 ZIP covers a section of Waukegan that demands careful diligence. Prices near $269K look accessible, but the work to make a deal cash flow is real.
The investment case in 60087 is solid only for operators who understand what they are buying. A $269K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
Statewide comparisons place 60087 among IL's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
From a cash-flow lens, 27,428 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
Distressed ZIPs reward experience. solid returns are possible in 60087, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Waukegan:
Property Strategy for 60087
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $201,683 | $1,630 | 5.8% | +10.5% | $100,841 |
| 3BR | $252,022 | $2,100 | 6.0% | +9.9% | $84,007 |
| 4BR | $301,105 | $2,430 | 5.8% | +9.1% | $75,276 |
| 5BR | $324,597 | — | — | +8.2% | $64,919 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 60087 Compare?
| Metric | 60087 | Waukegan | Illinois |
|---|---|---|---|
| Home Value | $268,565 | $253,438 | $279,761 |
| 5-Year CAGR | 8.9% | 8.7% | 6.6% |
| Avg Rent | $1,482 | $1,582 | - |
| Cap Rate | 4.3% | 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 60087 (Waukegan, IL). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $268,565 |
| Monthly Rent | $1,482 |
| Price-to-Rent | 15.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.6% |
| Cap Rate | 4.3% |
| 5-Year IRR | 13.2% |
📈 Home Appreciation
| 1-Year | +11.4% ▲ |
| 3-Year CAGR | +9.3% ▲ |
| 5-Year CAGR | +8.9% ▲ |
| 10-Year CAGR | +8.5% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.5%) exceeds the estimated cap rate (4.3%). 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 60087
Population: 27,428
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 60087
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
How do home values compare in Waukegan, IL?
Median home price in Waukegan, IL is near $269K, with a 5-year CAGR of 0.0%. Prices have been even-keeled and supportive of buy-and-hold strategies.
Can I live-in-and-rent in Waukegan, IL?
Waukegan, IL offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $1,482/mo rent level.
How strong is Waukegan, IL for real estate investors?
Investors tracking Waukegan, IL will find a 3.0/5 rating supported by $269K median home values and $1,482/mo rents. That profile suits long-term holders targeting predictable returns.
Is IL a landlord-friendly state?
IL law landlord-friendly for landlords, and Waukegan inherits those rules. Investors should still review local ordinances for rental licensing.
Is it easy to find good tenants in Waukegan, IL?
Tenant quality in Waukegan, IL ranks as solid. Landlords generally report predictable occupancy at market rents of $1,482/mo.
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