Quick facts: Champaign, IL

Quick Facts

95.2
Cost of Living
below US average
89,241
Population
23.83
Crime Rate per 1000
above US average
$58,273
Median Income
below US average
$235,000
Median House Price
above US average
$1933.06
Average Rent
above US average
19%
Poverty Rate
above US average
5.5%
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 $58,273.

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Income Needed to Buy

βœ— Stretch
$74k/year
Based on $235,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $74k vs median $58,273
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Income Needed to Rent

⚠ Stretch
$83k/year
Based on $1933.06/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $83k vs median $58,273
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Champaign, IL

Champaign, Illinois, is a vibrant city located in Champaign County and is part of the larger Urbana-Champaign metropolitan area. Known for its rich cultural scene and strong emphasis on education, Champaign is home to the University of Illinois at Urbana-Champaign, one of the leading public research universities in the United States. This institution not only shapes the city's economy but also its cultural landscape, hosting numerous events, art exhibits, and festivals throughout the year. Champaign boasts a diverse population and offers a variety of recreational activities, including parks, trails, and sports facilities. Downtown Champaign features a chic atmosphere with boutique shops, restaurants, and bars, making it a popular spot for both locals and visitors. The city's architecture is a mix of historic buildings and modern developments, contributing to its unique charm. Additionally, Champaign hosts various cultural events, such as the Champaign-Urbana Folk & Roots Festival and the Urbana Sweetcorn Festival, showcasing local music, food, and art. With its lively community, educational focus, and cultural opportunities, Champaign is a dynamic city that caters to a wide range of interests.

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