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Downers Grove village, IL

ZIP 60516 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Upper Middle ClassLow Snow AreaRemote Work Hub

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 60516

Median Home Value
$423,000
Median Rent
$1,587
Affordability Snapshot
$116,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$2,717/mo PITI).

16%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

3.6x
Home Price-to-Income Ratio

Within the typical 3-5x range for home affordability.

22.2 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 60516 in Downers Grove village, IL, a household would need roughly $116,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $2,717. That is roughly in line with the local median household income ($118,780). Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Mostly owner-occupied, low vacancy — stable housing market.

Heating Fuel
Housing Metrics
Owner Occupied
77.6%+19% vs US avg
x
Vacancy Rate
4.4%-57% vs US avg
x
Broadband Access
95.4%+10% vs US avg
x
4+ Bedrooms
6.5%-56% vs US avg
x
Built Pre-1939
2.3%-82% vs US avg
x
Built Post-2014
0.5%-93% vs US avg
x
Rent Burden >30%
13.7%-72% vs US avg
x
Mortgage-Free
39.3%+3% vs US avg
x
$423,000
Home Value
$1,587
Rent
1976
Year Built
2011
Moved In

Residents have lived here since ~2011 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached67.7%
  • 1-unit attached8.4%
  • 2-9 units8.9%
  • 10+ units13.8%
  • Mobile home & other1.2%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$423,000
Median rent$1,587
Owner-occupied77.6%
Vacant4.4%
Price-to-income3.6x
Est. income to buy$116,000