With an average rental costing $883 per month, it's easy to see why the vacancy rates in the city of Elgin have been slowly dipping. The rental vacancy rate is a low 5%, while the owner vacancy rate is an even lower 3.2%. Both are excellent economic indicators of stability. The median home price in the area is $209,800, quite moderate when compared to the rest of the country.
Arts and Culture
Elgin has a rich local culture, which is supported by the residents in glorious fashio.! There is a Children's Theatre of Elgin, Elgin Art Showcase, Elgin Choral Union, Elgin Children's Chorus, Elgin Community Theatre, Elgin Opera, Elgin Symphony Orchestra, Elgin Youth Symphony Orchestra, and Hemmens Cultural Center, just to name a few of the cities programs that embrace the arts and culture.
Local sports are also loved and nurtured in Elgin. The city's Elgin Sports Complex is proof enough of that! With 10 lighted softball fields, 10 full sized soccer fields, The Hill (a killer BMX track), as well as two sand volleyball courts, this complex impresses all who come to play. Whether it's bicycling, walking, golfing, soccer, baseball, football or an interest in the arts, there is always something to do in this beautiful little city.
Elgin has a good mix of rental homes, rent to own houses, or apartments to buy or rent. Here are some of its most interesting neighborhoods:
Bowers Rd & S Water Rd:Bowes Rd & S Water Rd is a suburban neighborhood populated with quiet, urban sophisticates who are well educated executives and professionals, as well as some managerial, sales and service workers. This is a relatively wealthy neighborhood where the median rental price is $1,365 per month and the vacancy rate is a low 6.4%.
Southeastern Elgin:Located on the southeast side of Elgin, the crime rates are very low in this area and the locals tend to want to stay when they move in. Another wonderful neighborhood worth mentioning is the Villa St & Willard Ave area. With Riley's Run Park on the east side and Drake Field Park on the northwest end, there are plenty of areas to walk, run and enjoy the outdoors. The average rental price for this area are some of the highest in the city at $1,908 per month, but well worth the cost given the environment and quality of life in the area. Very low crime coupled with a very walkable area equals many happy residents who opt to stay when given the choice. The vacancy rate is incredibly low in this area at 1.9% People in this neighborhood tend to enjoy the arts, fine dining and shopping on the weekends with friends.
Northwest Elgin:One last neighborhood to highlight is on the northwest side of Elgin and it's called Almora. A bulk of the area is taken up with the Burnridge Forest Preserve, lending a quiet sense of wilderness and peace to the area. The average rental price in this neighborhood is $724 per month with a vacancy rate at a low 4.4%, well below the national average. This is another area people tend to discover and never want to leave!