60123, Elgin, IL

The 60123 zip code of Elgin, IL has a median home value of $156,000. This is significantly higher than the Illinois median home value of $117,500. The 60123 zip code also has a significantly higher percentage of homes with a mortgage than the Illinois median home value percentage of 56%. This indicates that homeowners in the 60123 zip code are more likely to have access to funds to help them purchase or improve their homes. Additionally, the average days on market for homes in this zip code is only 5 days, indicating that there is high demand for housing in this area.

While there are many factors that contribute to home values and home equity, one important factor is the availability of jobs and wages in an area. In the 60123 zip code, there are many jobs available that pay well above the Illinois median wage. Additionally, Elgin is located in a desirable location with plenty of amenities and attractions nearby. These factors combined make it very likely that homeowners in this area will be able to sell their homes at a high price and achieve significant equity gains over time.