Quick facts: Colfax, IL

Quick Facts

102.4
Cost of Living
above US average
991
Population
3.03
Crime Rate per 1000
below US average
$63,750
Median Income
below US average
$250,000
Median House Price
above US average
$1707
Average Rent
above US average
5%
Poverty Rate
below US average
3.5%
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 $63,750.

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Income Needed to Buy

βœ— Stretch
$78k/year
Based on $250,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $78k vs median $63,750
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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 $63,750
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Colfax, IL

Colfax is a small village located in northeastern Illinois, primarily within McLean County, with a portion stretching into nearby Woodford County. As of the last census, the population is just over 1,000 residents, reflecting its charm as a tight-knit community. Colfax is conveniently situated along U.S. Route 51, offering residents and visitors easy access to larger towns and cities nearby, such as Bloomington and Normal, which are about 15 miles to the south. Notable features of Colfax include its rich agricultural background and friendly, rural atmosphere. The village is characterized by quiet neighborhoods, local parks, and a mix of historical buildings and modern residences. Community events often highlight its small-town spirit, welcoming participation from families and visitors alike. Colfax is also home to basic amenities, including dining options, local shops, and schools. The surrounding landscape showcases the beauty of the Midwest, with expansive fields and scenic views. It's an ideal spot for those seeking a peaceful lifestyle while remaining connected to more urban conveniences nearby.

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