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Housing market/Illinois/ZIP 60623

ACS 2023 · FY2027 SAFMR

ZIP 60623 Chicago, Illinois

Chicago-Joliet-Naperville, IL HUD Metro FMR Area · Illinois. Census housing stock, renter economics, HUD SAFMR, LIHTC, and population change. Not a listing page and not a buy/sell score.

Population
77,061
Households
27,450
Median HH income
$44,040
Renter share
61.6%
Median gross rent
$1,054
Vacancy
12.3%
Pop. change
-10.4%
2BR SAFMR
$1,530
SAFMR / rent
1.452×
2–49 unit stock
23,612
LIHTC proj / units
15 / 1,900
HUD assisted MF
7 / 775

ZIP brief

Email this profile

HUD schedule, ACS stock, and the 90–110% band for ZIP 60623 · IL — sent to you.

ZIP 60623 · IL

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ACS rent vs 2BR SAFMR

ZIP 60623 — Chicago, IL HUD Section 8 Payment Standards / SAFMR →
ACS median rent$1,054
2BR SAFMR$1,530
90% floor$1,377
110% ceiling$1,683

ACS median is all-bedroom occupied rent. SAFMR is the 2-bedroom HCV benchmark.

Housing stock

ACS 2023 units-in-structure · ZCTA 60623

  • 1-unit detached6,10819.6%
  • 1-unit attached6001.9%
  • 2–4 units19,53262.6%
  • 5–49 units4,08013.1%
  • 50+ units6222.0%
  • Mobile2820.9%
TypeUnitsShare
1-unit detached6,10819.5%
1-unit attached6001.9%
2 units (duplex)10,36733.1%
3–4 units9,16529.3%
5–9 units3,0689.8%
10–19 units5271.7%
20–49 units4851.5%
50+ units6222.0%
Mobile2820.9%

2–4 unit share 62.4% · 5–49 unit share 13.0% · combined 2–49 75.4%.

Units by bedrooms

Studio
1,390
1BR
2,846
2BR
14,061
3BR
9,376
4BR
2,615
5+
1,012

Rent burden

Rent ≥30% of income53.7%
Rent ≥50% of income27.4%
  • ACS median gross rent $1,054 (all bedrooms, occupied rentals).
  • Median contract rent $857.
  • Renters paying ≥30% of income 53.7%; ≥50% 27.4%.
  • FY2027 2BR SAFMR $1,530 (1.452× ACS median gross rent).

Population

77,061 residents · ACS 2023

Change versus the 2018 ACS 5-year estimate: -10.4%.

ACS 5-year estimates lag current construction. This is not a forecast.

Assisted inventory

  • LIHTC: 15 projects, 1,900 units.
  • HUD project-based assisted MF: 7 properties, 775 assisted units.
  • HCV household counts (Picture of Subsidized Households) are not on this page yet.

New apartment permits

About 3,088 new apartments in 5+ unit buildings may have been permitted in this ZIP’s share of the county. That is units (doors), not a building count.

Cities and counties report building permits to the Census. Apartment counts are for the whole county, not a project list in this ZIP.

What the data shows

ZIP 60623 61.6% of occupied households are renters; vacancy is 12.3%; ACS median gross rent is $1,054; population changed -10.4% between the 2018 and 2023 ACS vintages; the housing stock includes 19,532 units in 2–4-unit structures and 4,080 units in 5–49-unit structures; 15 LIHTC projects totaling 1,900 units; FY2027 2BR SAFMR is $1,530 versus ACS median gross rent of $1,054. These figures describe the underlying housing market, not the cash flow of any one property. Asking rents, expenses, condition, taxes, insurance, and the rent roll have to be underwritten separately.

Illinois research

ZIP 60623 is a Census / HUD profile for Chicago-Joliet-Naperville, IL. Not a listing page. Brokerage is Georgia; out-of-state work is referral.

ZIP 60623 — Chicago, IL HUD Section 8 Payment Standards / SAFMR·Illinois ZIP directory

Nearby ZIPs in this FMR area

ZIPPlaceRentersMed. rent2BR SAFMR
60002Chicago-Joliet-Naperville, IL HUD Metro FMR Area19.3%$1,176$1,65060004Chicago-Joliet-Naperville, IL HUD Metro FMR Area22.7%$1,703$2,47060005Chicago-Joliet-Naperville, IL HUD Metro FMR Area36.6%$1,621$2,20060006Chicago-Joliet-Naperville, IL HUD Metro FMR Area——$1,98060007Chicago-Joliet-Naperville, IL HUD Metro FMR Area26.0%$1,574$2,21060008Chicago-Joliet-Naperville, IL HUD Metro FMR Area27.5%$1,561$2,16060009Chicago-Joliet-Naperville, IL HUD Metro FMR Area——$1,98060010Chicago-Joliet-Naperville, IL HUD Metro FMR Area11.9%$2,459$3,02060011Chicago-Joliet-Naperville, IL HUD Metro FMR Area——$2,02060012Chicago-Joliet-Naperville, IL HUD Metro FMR Area5.4%$2,162$2,19060013Chicago-Joliet-Naperville, IL HUD Metro FMR Area11.6%$1,489$2,12060014Chicago-Joliet-Naperville, IL HUD Metro FMR Area19.4%$1,429$1,990

Census ZIP areas approximate mail ZIPs. Sources: Census ACS 5-year 2023, HUD FY2027 Small Area FMR, HUD LIHTC and assisted multifamily lists, Census building permits (county). This page is Illinois research. Brokerage is Georgia.

FAQ

What is the housing market like in ZIP 60623?

ZIP 60623 (Chicago-Joliet-Naperville, IL HUD Metro FMR Area) has 77,061 residents, 27,450 households, a renter share of 61.6%, median household income of $44,040, and ACS 2023 median gross rent of $1,054. Vacancy is 12.3%. These are ZCTA estimates, not a property rent roll.

How much small multifamily housing is in 60623?

ACS counts 10,367 units in 2-unit buildings, 9,165 in 3–4 unit buildings, 3,068 in 5–9, 527 in 10–19, and 485 in 20–49. Combined 2–49 unit stock is 23,612 units. This is occupied-and-vacant stock, not listings for sale.

What is the Section 8 rent in 60623?

The Housing Choice Voucher benchmark is the FY2027 Small Area FMR. 2-bedroom SAFMR is $1,530. See the full schedule and 90–110% payment-standard band on the ZIP 60623 — Chicago, IL HUD Section 8 Payment Standards / SAFMR.

Does this Illinois ZIP profile include Georgia listings?

No. ZIP 60623 is Census / HUD research for Chicago-Joliet-Naperville, IL HUD Metro FMR Area. Jeff Crowe CRE does not list Illinois property. Licensed brokerage is Georgia. If you use this stock table and then buy in Georgia, live FMLS Residential Income is on multifamily for sale in Georgia.