60120, Elgin, IL

The 60120 zip code of Elgin, IL has a median home value of $163,000 and a median home equity value of $111,000. These values are significantly higher than the Illinois statewide median home value of $140,800 and the national median home value of $177,600. The high values in the 60120 zip code may be due to its affluent population and proximity to major metropolitan areas such as Chicago and St. Louis.

The average household income in the 60120 zip code is $101,500, which is significantly higher than the Illinois statewide average household income of $76,900 and the national average household income of $53,046. This high income may be due to the affluent population in the area or strong job market conditions. The unemployment rate in Elgin was 2.9% as of March 2016, which is lower than both Illinois' unemployment rate (4.1%) and national unemployment rate (4.9%).

The majority (86%)of households in the 60120 zip code own their homes outright while only 14% are owner-occupied with a mortgage. This high homeownership rate may be due to strong job market conditions or low interest rates over recent years. Additionally, there is a large number of vacant homes in this area which could also contribute to this high homeownership rate.