60194, Schaumburg, IL

The 60194 zip code of Schaumburg, IL has a median home value of $269,000 and a median home equity of $128,000. The 60194 zip code has seen an increase in home values over the past five years, with a 5.5% increase from 2013 to 2017. In addition, the average sale price for homes in the 60194 zip code is $269,000 which is higher than the Illinois average of $217,500. This indicates that there is demand for properties in this area and that people are willing to pay more for homes here than elsewhere in Illinois.

One reason why home values have increased in the 60194 zip code is because there are many affluent families living here. The population of Schaumburg is made up of approximately 53% adults who have at least a bachelor’s degree and 26% adults who have at least a graduate degree. These high levels of education mean that there are many potential buyers who are interested in purchasing homes here. Additionally, many businesses located in the 60194 zip code also generate income that can be used to purchase homes. For example, Abbott Laboratories and ComEd both have headquarters located here which means that their employees can contribute money towards purchasing a home.

Despite these positive factors contributing to increased home values, some challenges exist within the 60194 zip code as well. One issue is that there has been an influx of immigrants into Schaumburg over the past few years which has caused housing prices to rise faster than they would otherwise have done due to increased demand from buyers. Additionally, while incomes have risen overall within Schaumburg over recent years, incomes haven’t kept pace with increases in housing prices so some people who would like to buy a home may not be able to do so due to affordability constraints.