Quick facts: Albion, IL

Quick Facts

102.4
Cost of Living
above US average
1,906
Population
17.84
Crime Rate per 1000
below US average
$55,848
Median Income
below US average
$65,000
Median House Price
above US average
$1707
Average Rent
above US average
12%
Poverty Rate
above US average
3.0%
Unemployment Rate
below 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 $55,848.

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Income Needed to Buy

βœ“ Affordable
$20k/year
Based on $65,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($55,848) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$73k/year
Based on $1707/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $73k vs median $55,848
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Albion, IL

Albion is a small city located in Edwards County in southeastern Illinois. Established in the early 19th century, it serves as a quaint community steeped in history. With a population of around 1,800 residents, it showcases a tight-knit atmosphere where neighbors know each other, promoting a strong sense of community. The city features picturesque landscapes, primarily characterized by rural scenery and agricultural land. Outdoor enthusiasts can enjoy activities like fishing and hiking in the nearby parks. Local attractions include the historic downtown area, which offers a glimpse into its charming past with preserved architecture. Albion also hosts various community events throughout the year that reflect its vibrant culture, fostering interaction among residents. The local economy is primarily driven by agriculture, small businesses, and services catering to the community's needs. While Albion offers a quiet lifestyle, it is conveniently located near larger cities like Mount Carmel and Olney, providing residents access to additional amenities, shopping, and entertainment options. Overall, Albion embodies the essence of small-town living in Illinois.

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