Quick facts: Addison, IL

Quick Facts

102.4
Cost of Living
above US average
35,127
Population
1.85
Crime Rate per 1000
below US average
$82,547
Median Income
above US average
$379,900
Median House Price
above US average
$1871.67
Average Rent
above US average
5%
Poverty Rate
below US average
5.6%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $82,547.

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Income Needed to Buy

βœ— Stretch
$119k/year
Based on $379,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $119k vs median $82,547
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Income Needed to Rent

βœ“ Affordable
$80k/year
Based on $1871.67/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($82,547) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Addison, IL

Addison, Illinois, located in DuPage County, is a vibrant suburban community approximately 20 miles west of downtown Chicago. With a population of around 36,000, it offers a mix of residential, commercial, and recreational spaces. The town is known for its diverse neighborhoods and a variety of housing options, from single-family homes to condominiums, appealing to a broad demographic. Addison boasts several parks and recreational facilities, including the popular Addison Park District, which provides numerous programs for residents. The village is also home to a number of shopping areas, restaurants, and entertainment options, making it a convenient place for families and individuals alike. Transportation is accessible, with proximity to major highways such as I-290 and I-355, as well as the Metra train service connecting residents to Chicago and surrounding suburbs. The town blends suburban living with the perks of city life, making it an appealing location for those working in Chicago but seeking a quieter place to call home. With community events and a focus on local pride, Addison is a welcoming town poised for growth and development.

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