Quick facts: Chatham, IL

Quick Facts

102.4
Cost of Living
above US average
14,466
Population
7.81
Crime Rate per 1000
below US average
$104,000
Median Income
above US average
$195,000
Median House Price
above US average
$1883.5
Average Rent
above US average
5%
Poverty Rate
below US average
3.2%
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 $104,000.

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Income Needed to Buy

βœ“ Affordable
$61k/year
Based on $195,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($104,000) exceeds requirement
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Income Needed to Rent

βœ“ Affordable
$81k/year
Based on $1883.5/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($104,000) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Chatham, IL

Chatham is a charming village located in Sangamon County, Illinois, just southeast of Springfield, the state capital. With a population of approximately 13,000 residents, Chatham offers a friendly, suburban atmosphere that is ideal for families and professionals alike. The village is known for its strong sense of community, excellent schools, and abundance of parks and recreational facilities. Chatham boasts a rich history, with roots dating back to the early 19th century. Today, it features a mix of residential neighborhoods, local businesses, and convenient access to larger shopping areas in Springfield. Outdoor enthusiasts can enjoy activities at local parks, walking trails, and the nearby Sangamon River. The community hosts various events throughout the year, fostering local engagement. With its proximity to Springfield, residents can easily access cultural attractions, restaurants, and entertainment options. Chatham’s commitment to maintaining a high quality of life makes it a desirable location for those seeking a peaceful yet connected lifestyle. Overall, Chatham is a vibrant community that balances small-town charm with accessibility to urban amenities.

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