Waukegan’s Zillow ZHVI is $247,565, and Zillow ZORI is $1,648 per month. Together they imply an 8.0% gross yield before every operating cost, vacancy loss, capital expense and financing charge. ZHVI rose 7.0% year over year while ZORI rose 2.0%, so the current gross spread should not be mistaken for net performance. ZHVI is 3.44x ACS median household income, and annual ZORI equals 27.5% of that income, framing entry cost and broad affordability rather than property-specific rent capacity.
Citywide, renters occupy 49.8% of occupied homes, indicating a nearly even tenure split. Single-family homes are 58.6% of housing units, and units in large multifamily structures are 12.0%, so assets may differ materially by stock type. ACS gives a $190,900 median owner-reported home value and $1,205 median gross rent for surveyed occupied housing; gross rent includes contract rent plus selected utilities. These ACS measures differ in concept and period from Zillow’s typical value and observed market rent and should not be averaged.
Among measured city renters, 49.0% spend 30% or more of income on gross rent. Of ACS vacant units, 25.9% were classified as for rent, a reason share rather than investable-listing inventory. Population increased 2.0% between overlapping ACS five-year vintages, a nonannualized comparison that may reflect boundary changes. Median household income is $71,919; the 15.3% poverty rate and 6.4% unemployment rate describe demand constraints without establishing causes. These citywide surveys cannot show unit quality, applicant depth, achievable rent, turnover time or whether a particular rental will lease quickly.
In county context, Lake County’s effective property-tax rate is 2.58%, a material cost below gross yield. In county context, Lake County listings had a 29-day median market time, useful resale evidence but not city liquidity. In metro context, Chicago employment grew 0.15% year over year, offering regional labor context without identifying Waukegan employers. In metro context, Chicago authorized 14,826 housing units, measuring regional supply rather than city inventory. The national Freddie Mac 30-year mortgage rate is 6.58%, a benchmark rather than a borrower quote.
Citywide and wider aggregates do not underwrite an address. Verify legal use, unit count, condition, deferred maintenance, utilities, taxes, insurance, flood and climate exposure, association charges and likely capital work. Review leases and delinquencies, compare unit-level asking rents with genuine comparables, and test vacancy, concessions, management, repair and turnover assumptions. Price actual loan terms and exit costs, then model cash flow without substituting ACS gross rent, county listing behavior, metro supply or the national benchmark for property evidence.