Quick facts: Arcola, IL

Quick Facts

102.4
Cost of Living
above US average
2,923
Population
5.13
Crime Rate per 1000
below US average
$73,188
Median Income
below US average
$240,000
Median House Price
above US average
$1707
Average Rent
above US average
10%
Poverty Rate
below US average
4.5%
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 $73,188.

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Income Needed to Buy

βœ— Stretch
$75k/year
Based on $240,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $75k vs median $73,188
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Income Needed to Rent

βœ“ Affordable
$73k/year
Based on $1707/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($73,188) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Arcola, IL

Arcola, Illinois, is a small city located in Douglas County, characterized by its charming small-town atmosphere and rich cultural heritage. Known for its vibrant Amish community, Arcola offers unique cultural experiences and local craftsmanship, particularly in quilting and woodworking. The city's annual events, such as the Arcola Broomcorn Festival, celebrate its agricultural roots and attract visitors with food, crafts, and entertainment. Arcola is strategically positioned near major highways, making it accessible while still maintaining its quaint ambiance. The surrounding landscape features scenic rural settings, providing opportunities for outdoor activities such as hiking, biking, and exploring local parks. The city is also home to a number of local businesses, restaurants, and recreational facilities that cater to the needs of its residents. Arcola's sense of community is evident in its friendly residents and numerous community events, fostering connections among neighbors. Overall, Arcola serves as a peaceful retreat with a unique cultural tapestry in central Illinois.

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