The 60618 ZIP code is located in Chicago, Ill., and is part of the broader Chicago-Naperville-Elgin metropolitan area.
As with many urban ZIP codes, it’s modest in terms of area, at just 5.06 square miles, but large in terms of population, with 97,324 residents. Also, it has 1,942 business establishments operating within it.
Buying a home in 60618
With a median home value of $320,600 compared to the national average of $178,600, prices for homes in this area are likely to be higher than in the national as a whole.
Buyers may find it will take some updating and renovating to bring their new home up to date. A typical home here was built before 1939, compared to 1976 for the rest of the country.
Paying for a home in this ZIP code might be a challenge, but finding one that fits your tastes may be relatively easy.
Over the last 5 years, Census data shows that the percentage of homes put up for sale has been higher there than in the rest of the country, suggesting that there will be a good amount of inventory for buyers to choose from.
Property taxes are an important thing for prospective homebuyers to keep an eye on when determining how much house they can afford. The median annual property taxes in the 60618 ZIP code are $5,388 a year, according to Census figures.
Something else to consider when figuring out your budget? Financing costs. Check out rates in your area now.
The rental cost picture in 60618
Those considering renting in this ZIP code may have a hard time finding something that fits their budget. The median rent for a two-bedroom home is $1,079 a month, which is above the national median of $912.
For those on the lookout for a smaller, 1-bedroom home, the median rent in the area is $879. For larger homes with 3 bedrooms, the median cost is $1,244. One thing to keep in mind about these figures: they’re “gross rents,” a term used by the Census to include the contract rent as well as the estimated average monthly cost of utilities and fuels.
If you aren’t a fan of driving, this area could work for you. Residents there are less likely to commute by car than in the rest of the country, with 61.0 percent driving to work there versus 85.9 percent in the entire U.S.. However, driving remains the most used method to get to work there, beating out public transit, walking and biking.
Whichever way you get to work, expect it to take a while if you live in this ZIP. The typical commute there is 33.5 minutes, higher than the national median of 27.4 minutes.
For parents or prospective parents, school quality is always a big issue. Parents in the 60618 ZIP code tend to rely less on the public schools than is the norm nationally. The percentage of K-12 students attending private school there is 14.9 percent, higher than the national average.
High educational attainment tends to be the norm in this ZIP. Residents are more likely to be college educated than elsewhere in the country, with 26.0 percent holding at least a bachelor’s degree, compared to the national average of 18.5 percent.
Demographics and income
Those living in the 60618 ZIP code are more advanced in age than the nation as a whole. The median age is 33.5 years old, compared to the national median of 37.6. Folks living there are also less likely to be married than the national average.
People there also tend to be higher earners than in other areas. The median household income is $57,500, compared to $53,889 for the U.S. as a whole. The average unemployment rate there between 2011 and 2015 was 6.5 percent, according to the most recent Census data. That was lower than the national average of 8.3 percent.
Sources: The data found on this ZIP profile comes primarily from the most recent 5-year averages from the American Community Survey produced by the U.S. Census. Mortgage rates are from Bankrate.com’s database.