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Rental Insights for ZIP Code 60620 (Chicago, IL)

Housing Rentals in ZIP Code 60620 (Chicago, IL)

60620 ZIP Code in Illinois

A Detailed Housing Rental Snapshot of the ZIP Code 60620

ZIP Code 60620 is principally located in Chicago, IL in Cook County. The median housing rent in this Illinois region is estimated at $903 per month. Approximately 53.2% of housing units in this Cook County ZIP Code are renter-occupied, and the region has an estimated vacancy rate of 7.4%.

The median rent in ZIP Code 60620 of $903 per month is 11% lower than the aggregate Illinois median monthly rent of $1,010, and is 15% lower than the $1,062 the median monthly rent in the U.S. overall. An estimated 48.3% of residents in ZIP Code 60620 pay between $500 and $999 per month for rent. That is 24% higher than in Illinois overall, in which 38.8% of total state residents pay between $500 and $999 per month for housing. Just 0.6% of renters in this Chicago, IL region pay between $2,000 and $2,499 for monthly rent.

ZIP Code 60620 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 60620

See the chart below for a comparison of monthly rental costs in ZIP Code 60620, Illinois, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 60620 along with those in the state of Illinois and the U.S. overall. For example, what percentage of renters pay between $1,000 and $1,499 monthly.

Rental Cost in ZIP Code 60620

See the table below for the regional comparison of monthly rental costs.

Cost ZIP 60620 Illinois U.S.
Less than $500 12.8% 10.4% 9.4%
$500 to $999 48.3% 38.8% 36.2%
$1,000 to $1,499 28.6% 30.1% 30.0%
$1,500 to $1,999 9.7% 12.8% 14.0%
$2,000 to $2,499 0.6% 4.7% 5.6%
$2,500 to $2,999 0.0% 1.8% 2.4%
$3,000 or more 0.0% 1.4% 2.4%

Rent Cost vs. Income in ZIP Code 60620

Renters in ZIP Code 60620 use an estimated 32.76% of their income to cover their monthly rent payments. That is about 12% higher than in Illinois overall. The estimate for Illinois overall is 29.36% of income used for housing rent payments. In comparison to the U.S. as a whole, ZIP Code 60620 renters use about 10% more of their income to cover rent expense. Household income figures for ZIP Code 60620 come in lower than in Illinois as a whole. The median annual household income in ZIP Code 60620 of $36,767 sits approximately 44% lower than the overall Illinois median income of $65,886 and approximately 41% lower than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 60620

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 60620, Illinois, and also in the U.S. as a whole.

This chart visualizes monthly rent cost as a percentage of household income in ZIP Code 60620 along with the same calculations in the state of Illinois and the U.S. overall. For example, what percentage of renters pay 15.0 to 19.9 percent of the monthly household income toward rent.

Rent as a Percentage of Income in ZIP Code 60620

See the table below for the regional comparison of monthly rent as a percentage of household income.

Rent Cost as % of Income ZIP 60620 Illinois U.S.
Less than 15.0 percent 9.6% 14.1% 13.1%
15.0 to 19.9 percent 9.9% 13.6% 12.9%
20.0 to 24.9 percent 9.0% 13.1% 12.9%
25.0 to 29.9 percent 9.3% 11.2% 11.6%
30.0 to 34.9 percent 9.1% 8.6% 9.1%
35.0 percent or more 53.0% 39.4% 40.5%

Household Income in ZIP Code 60620

See the table below for the regional comparison of annual household income in ZIP Code 60620.

Income ZIP 60620 Illinois U.S.
Less than $10,000 13.8% 6.3% 6.0%
$10,000 to $14,999 8.0% 3.8% 4.3%
$15,000 to $24,999 15.2% 8.6% 8.9%
$25,000 to $34,999 11.3% 8.4% 8.9%
$35,000 to $49,999 14.0% 11.6% 12.3%
$50,000 to $74,999 15.8% 16.7% 17.2%
$75,000 to $99,999 9.3% 12.8% 12.7%
$100,000 to $149,999 9.9% 16.1% 15.1%
$150,000 to $199,999 1.6% 7.4% 6.8%
$200,000 or more 1.1% 8.3% 7.7%

Household Income in ZIP Code 60620

See the chart below for a comparison of annual household income figures in ZIP Code 60620, Illinois, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 60620 alongside the same figures for the state of Illinois and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 60620

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 60620.

ZIP 60620 Illinois U.S.
Median Housing Rent $903 $1,010 $1,062
Renter-Occupied Housing Units 53.2% 33.9% 36.0%
Rental Vacancy Rate 7.4% 6.2% 6.0%
Average Size of Renter-Occupied Unit 2.39 2.35 2.49
Average # of Bedrooms Per Unit 2.58 2.7 2.75
Percent of Income Spent on Rent 32.76% 29.36% 29.83%
Per Capita Income $20,242 $36,038 $34,103
Median Household Income $49,860 $92,395 $88,607
Living Below the Poverty Line 22.3% 8.9% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 60620

In ZIP Code 60620 (Chicago, IL), and estimated 53.2% of housing units are occupied by renters. This region has an approximate rental vacany rate of 7.4%.

The per capita income in 60620 is estimated at $20,242, which goes along with an estimated median household income of $49,860. About 22.3% of residents in this Cook County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 2.39 occupants, while the units have an aggregate average size of 2.58 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 32.76% of their income on housing rental costs.

Rental FAQs for ZIP Code 60620

1

What is the median monthly rent in ZIP Code 60620?

Median rent for housing in ZIP Code 60620 in Cook County in Illinois is approximately $903 per month.
2

Is it expensive to rent in ZIP Code 60620?

Rent in ZIP Code 60620 is lower than average in the state of Illinois overall. The median monthly rent of $903 in ZIP Code 60620 is approximately 11% lower than the Illinois median of $1,010. Additionally, median rent in this Chicago, IL region ($903) is about 15% lower than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 60620?

High-priced rentals are not common in the Chicago, IL ZIP Code of 60620, as the region has no rentals costing $3,000 or more per month. In contrast, in the state of Illinois overall, approximately 1.4% of rentals fall in this upper tier of $3,000 or more per month.
4

Are affordable rentals common in ZIP Code 60620?

Affordable rentals are more common in ZIP Code 60620 than in Illinois overall. The percentage of housing rentals in ZIP Code 60620 costing $999 or less per month (61.1%) is approximately 24% higher than the Illinois rate of 49.2% that fall in that range. In addition, the aggregate U.S. rate of 45.6% paying $999 or less per month is about 34% lower than the previously mentioned 60620 rate of 61.1%.
5

What is the most common cost range that rentals fall into in ZIP Code 60620?

The most common range for rental cost in ZIP Code 60620 is between $500 and $999 per month. About 48.3% of renters in 60620 pay in this range for monthly rent. In comparison, approximately 38.8% of renters in the state of Illinois fall in the between $500 and $999 range, and 36.2% of overall U.S. renters fall in this range.
6

Does ZIP Code 60620 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 60620 is higher than the rental vacancy rate in the state of Illinois overall. Rental vacancy of 7.4% in ZIP Code 60620 is about 19% higher than the Illinois rate of 6.2%. Looking more broadly, rental vacancy in this Chicago, IL region (7.4%) is an estimated 23% higher than the estimated rental vacancy rate of 6.0% in the U.S. overall.
7

What is the average household income in ZIP Code 60620? How does it compare to other Illinois regions?

Median household income in ZIP Code 60620 is lower than in the state of Illinois overall. Annual household income of $36,767 in ZIP Code 60620 is about 44% lower than the Illinois median of $65,886. Additionally, median household income in this Chicago, IL region ($36,767) is approximately 41% lower than median household income of $62,843 in the U.S. as a whole.
8

How much of their income do renters in ZIP Code 60620 spend on housing costs?

Renters in ZIP Code 60620 spend a higher amount of their income on rent costs than do renters in Illinois overall. Renters in ZIP Code 60620 spend an estimated 32.76% of their income on rent payments, which is about 12% higher than the overall Illinois estimated rate of 29.36%. In addition, the aggregate U.S. estimated rate of 29.83% of income spent on housing rental costs is about 10% lower than the ZIP Code 60620 estimated rate of 32.76%.
9

Do renters in ZIP Code 60620 typically spend a large portion of their income on rent payments?

It is common for renters in ZIP Code 60620 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 60620 spending 30 percent or more of their income on rent costs (62.1%) is approximately 29% higher than the Illinois rate of 48% that spend that much. In addition, the overall U.S. rate of 49.6% paying 30 percent or more of their income on rent costs is about 25% lower than the aforementioned 60620 rate of 62.1%.
10

What is the average household size of renter-occupied units in ZIP Code 60620?

The average household size of renter-occupied units in ZIP Code 60620 is higher than in the state of Illinois overall. Annual household size of 2.39 in ZIP Code 60620 is about 2% higher than the Illinois median of 2.35. Additionally, median household size in this Chicago, IL region (2.39) is approximately 4% lower than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other Illinois ZIP Codes