Quick facts: Bellwood, IL

Quick Facts

102.4
Cost of Living
above US average
18,081
Population
20.57
Crime Rate per 1000
below US average
$72,228
Median Income
below US average
$289,900
Median House Price
above US average
$1932.22
Average Rent
above US average
15%
Poverty Rate
above US average
4.0%
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 $72,228.

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Income Needed to Buy

βœ— Stretch
$91k/year
Based on $289,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $91k vs median $72,228
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Income Needed to Rent

⚠ Stretch
$83k/year
Based on $1932.22/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $83k vs median $72,228
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Bellwood, IL

Bellwood is a village located in Cook County, Illinois, just 12 miles west of downtown Chicago. With a population of around 19,000, Bellwood is known for its close-knit community and diverse population. The village covers approximately 2.3 square miles and is primarily residential, featuring a mix of single-family homes and apartment complexes. The area is well-served by major roadways, including the Eisenhower Expressway, which makes commuting to Chicago and surrounding suburbs convenient. Bellwood also has access to public transport options, including Metra train services connecting residents to the greater Chicago area. Bellwood takes pride in its parks and recreational facilities, offering various outdoor activities and community events. The village has public housing initiatives and educational institutions that cater to the needs of its residents. Culturally, Bellwood hosts a mix of annual events that celebrate its rich heritage, fostering a sense of community pride. Overall, Bellwood offers a suburban feel with easy access to the urban amenities of Chicago, making it an attractive place to live for families and individuals alike.

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