ZIP Code 60123 — Elgin, IL Home Prices (2026)
The typical home in ZIP 60123 (Elgin, Illinois) is worth about $318,000 at roughly $201 per square foot — about the same as the Elgin median and 8% more expensive than the typical U.S. home.
How 60123 compares
ZIP 60123 is a mid-priced ZIP code for Elgin: its typical home value of $318,000 ranks #2 of the 3 Elgin ZIP codes we track (the citywide range runs from $307,000 in 60120 to $512,000 in 60124). Per square foot it costs about $201, against $201 for Elgin as a whole, $135 for Illinois, and $195 nationally.
| Area | Typical value | $ / sq ft |
|---|---|---|
| ZIP 60123 | $318,000 | $201 |
| Elgin, IL | $318,000 | $201 |
| Illinois | $200,000 | $135 |
| United States | $294,000 | $195 |
Home value by size in 60123
Using this ZIP’s rate of about $201 per square foot. Condition, lot, and the exact street move these meaningfully — use the estimator below for a home-specific figure.
| Home size | Estimated value |
|---|---|
| 1,000 sq ft | $201,000 |
| 1,500 sq ft | $301,500 |
| 2,000 sq ft | $402,000 |
| 2,500 sq ft | $502,500 |
| 3,000 sq ft | $603,000 |
Salary needed to buy a home in ZIP 60123
To buy the typical $318,000 home in ZIP 60123 with 20% down, you need a household income of roughly $87,000 a year (about $2,020 a month for the mortgage, taxes, and insurance). With 10% down the bar rises to about $103,000, because the loan is bigger and mortgage insurance kicks in.
| Down payment | Cash down | Monthly payment | Income needed |
|---|---|---|---|
| 5% (+PMI) | $15,900 | $2,510/mo | $108,000/yr |
| 10% (+PMI) | $31,800 | $2,400/mo | $103,000/yr |
| 20% | $63,600 | $2,020/mo | $87,000/yr |
Assumes a 30-year fixed mortgage at 6.5%, property tax at 1.1% and insurance at 0.45% of value per year, PMI of 0.75% on loans with less than 20% down, and the standard 28% housing-to-income rule. Your rate, taxes, and HOA will move these — run your own numbers in the mortgage calculator.
What your budget buys in ZIP 60123
At about $201 per square foot, here is roughly how much home different budgets get you in ZIP 60123:
| Budget | Approx. size | What that looks like locally |
|---|---|---|
| $150k | 750 sq ft | below the local median — condos, smaller or older homes |
| $200k | 1000 sq ft | below the local median — condos, smaller or older homes |
| $250k | 1240 sq ft | below the local median — condos, smaller or older homes |
| $300k | 1490 sq ft | around the typical home here |
| $400k | 1990 sq ft | around the typical home here |
Wondering where that budget goes further? The relocation calculator ranks hundreds of U.S. cities by what the same money buys — it opens pre-filled with a typical 60123 home.
Estimate a specific home in 60123
The estimator below is pre-set to ZIP 60123 — pick your home’s size for an instant ballpark, then open the full calculator to adjust beds, baths, and condition.
All Elgin ZIP codes by home value
Where 60123 sits among Elgin’s 3 ZIP codes:
ZIP 60123 home prices: frequently asked
What is the average home price in ZIP code 60123? +
What is the price per square foot in 60123? +
What salary do you need to buy a house in ZIP 60123? +
Is 60123 an expensive ZIP code? +
See the full Elgin home values page, all Illinois cities, or price per square foot by ZIP code nationwide.
Directional estimates from public market data (Realtor.com & Zillow research), not appraisals. A single ZIP contains very different homes; actual values vary and change over time.