According to statistics, the population in Elgin, IL amounts to 112,628, which shows decline 1% compared to the previous year. The median age of the city’s residents is 34. The average household income is $63,655, shifting growth 5% from the past year, and the average property value in Elgin, IL growth 3% to $171,200 throughout the year.
|Number Of Employees||55,424|
|Median Property Value||$171,200|
The average household income in Elgin, IL grew from $60,375 to $63,655 in the past year. This data is an estimate based upon 35,919 households in Elgin, IL . The chart below presents how household income is distributed in Elgin, IL in comparison to the revenue allocation amid households nationally.
According to data from last year, the average property value in Elgin, IL shifted from $166,500 to $171,200 throughout the year. The subsequent graph indicates the share of properties in the given price range in Elgin, IL in comparison to the median property value in the same price segment across the country. According to the data, the greatest share of Elgin, IL properties falls in the '$150,000 to $174,999' range, which is lower than the most significant median property across the country.
One of the most important aspects for property owners is the amount of property taxes. This graph shows distribution of property taxes in Elgin, IL compared to median property taxes around the country. The prevalent amount of property taxes in Elgin, IL equals $3000, which is less than the national average.
|Apartment Size||Jul||vs Last Month|
|Studio for sale||$70,000||N/A|
|1 bed for sale||$127,833||+150.7%|
|2 bed for sale||$228,798||+0.3%|
|3 bed for sale||$274,196||-13%|
|4+ bed for sale||$346,473||-10.7%|
During Jul 2022, the average price for an apartment in/near Elgin, IL decreased by 12% to $275,965.
After collecting all data points, we now see that the average price for 1-bed apartment increased by 150.7% to $127,833. Asking price for 2-bed apartment also increased by 0.3% and a place of this size will now cost you $228,798. A 3-bed apartment goes for $274,196, it decreased by 13% lately. We discerned the rise of 4- and more bed apartment pricing. It decreased by 10.7% and made it down to $346,473.
|Listing Type||Jul||vs Last Month|
|Townhouses for sale||$260,495||+5.5%|
|Apartments for sale||$70,000||N/A|
|Houses for sale||$295,915||-12.9%|
|Condos for sale||$200,631||-7.9%|
|Land for sale||$99,700||-73.6%|
|Duplexes for sale||$261,211||-4.9%|
|Other for sale||$71,250||N/A|
While assessing the property pricing Elgin, IL, you can note that it remains flat with a price tag of $70,000. Price reports demonstrate that house price decreased by 12.9% this month making it up to $295,915. Condos faced an upward trend these days. The median price for a condo decreased by 7.9%, it’s now available for $200,631. You can now purchase a duplex for just $261,211, duplex price decreased by 4.9% this month. The property value of townhouses increased by 5.5%, you’ll have to spend around $260,495 to get one.