Last updated
Average Rent in Elgin 60124 & Rent Trends
Rent prices and market trends across 1 apartment community in Elgin 60124, Elgin, IL. Updated daily.
Market Average
$2,267/mo
Lowest Available
$1,865/mo
cheapest unit on market
Communities
1
tracked daily
Units Listed
34
available now
Price Cuts This Week in Elgin 60124
6 listed units across 1 building in Elgin 60124 dropped their asking rent in the past 7 days, an average cut of $91/mo. These are the largest cuts, tracked unit by unit with daily price checks.
| Apartment | Unit | Last Week | Now | Cut |
|---|---|---|---|---|
| Watermark at the Grove | Unit B107 | $2,860 | $2,695 | $165 |
| Watermark at the Grove | Unit C108 | $2,795 | $2,695 | $100 |
| Watermark at the Grove | Unit E106 | $2,425 | $2,325 | $100 |
| Watermark at the Grove | Unit A207 | $2,595 | $2,499 | $96 |
| Watermark at the Grove | Unit A120 | $2,650 | $2,595 | $55 |
| Watermark at the Grove | Unit A320 | $2,775 | $2,745 | $30 |
Elgin 60124 vs Elgin, IL Average
Elgin 60124 is more expensive than the Elgin, IL average by $161/mo (8%). The citywide average is $2,106/mo across all neighborhoods.
Is Rent Going Up or Down in Elgin 60124?
As of August 2026, the average rent in Elgin 60124 is $2,267 per month across 1 apartment community and 34 available units.
The most affordable option is Watermark at the Grove starting at $1,865/mo. By unit type, a 1-bedroom averages $1,997/mo, a 2-bedroom averages $2,571/mo.
Prices range from $1,865 to $2,895 per month. The most common price point is the $2,000 range, where 10 units are currently listed.
Average Rent by Bedroom
Rent Price Distribution
Rent by Bedroom Type in Elgin 60124
Rent Prices by Apartment in Elgin 60124
| Property | Starting at | Average | Units | Rating |
|---|---|---|---|---|
| Watermark at the Grove | $1,865/mo | $2,267/mo | 34 | 4.3 |
Frequently Asked Questions About Rent in Elgin 60124
What is the average rent in Elgin 60124?
Is rent going up or down in Elgin 60124?
What is the cheapest apartment in Elgin 60124?
How much is a 1-bedroom apartment in Elgin 60124?
How many apartments are available in Elgin 60124?
What salary do I need to live comfortably in Elgin 60124?
Built on the 25 to 30 percent rent-to-income guideline used by most landlords and credit-scoring models.
Minimum to afford average rent
$91,000/year
Based on the 30 percent rule, using our tracked average rent of $2,267/mo.
Comfortable income
$109,000/year
Based on the 25 percent rule, leaving more room for savings, transport, and groceries.
To afford the cheapest tracked apartment ($1,865/mo), you need to earn at least $75,000/year.
Median household income in Elgin 60124 is $88,316 , about 19% below the comfortable-living threshold.
Cost of living in Elgin 60124
Overall prices in Elgin 60124 runs above the national average by about 2% (BEA Regional Price Parity index 102.5, where 100 equals the U.S. average). The breakdown below estimates monthly costs for a single adult, using national consumer-spending baselines from the Bureau of Labor Statistics scaled by Elgin 60124's regional price parities.
| Category | Monthly estimate |
|---|---|
| Rent (market average) | $2,267 |
| Utilities | $477 |
| Groceries | $563 |
| Transportation | $1,138 |
| Healthcare | $555 |
| Other goods and services | $888 |
| Estimated total | $5,888/mo |
Population
114,106
Median household income
$88,316
Census median rent
$1,260/mo
Rent as % of income
28.5%
Median age
36.3
Mean commute
28 min
Methodology
Rent data
Sourced directly from each tracked apartment community and refreshed every 24 hours. Every listed unit price on this page is real and listed today.
Cost of living
Estimates combine national consumer-spending baselines from the U.S. Bureau of Labor Statistics (Consumer Expenditure Survey) with the U.S. Bureau of Economic Analysis Regional Price Parities (MARPP dataset). Both are peer-reviewed federal data releases published annually.
Salary to live comfortably
Applies the standard 25 to 30 percent rent-to-income rule on top of the listed rent. This is the same affordability guideline used by most landlords and credit-scoring models.
Demographic figures
Median household income, population, median age, commute time, Census median rent, and rent as percentage of income come from the U.S. Census Bureau's American Community Survey 5-year estimates, the most recent complete release.
Cost of living and demographic figures were last published in 2023.
Google Search Trends for Elgin 60124 Apartments
Search interest for apartments in this area over the past 12 months.
Search Interest Over Time
Explore Elgin 60124 Apartments
Browse all 1 communities with daily-updated pricing and availability.