Quick facts: Eldorado, IL

Quick Facts

102.4
Cost of Living
above US average
3,641
Population
2.2
Crime Rate per 1000
below US average
$35,799
Median Income
below US average
$39,000
Median House Price
above US average
$1003.0
Average Rent
below US average
13%
Poverty Rate
above US average
5.0%
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 $35,799.

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Income Needed to Buy

βœ“ Affordable
$12k/year
Based on $39,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($35,799) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$43k/year
Based on $1003.0/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $43k vs median $35,799
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Eldorado, IL

Eldorado, Illinois, is a small city located in Saline County in the southern part of the state. Known for its friendly atmosphere and close-knit community, Eldorado is often referred to as the "Gateway to the Shawnee National Forest." The city boasts a rich history, with roots dating back to the mid-19th century when it became a mining hub for coal and other minerals. Eldorado offers a variety of outdoor recreational opportunities, making it a great spot for nature lovers. It's close to several lakes and parks, providing options for fishing, hiking, and biking. The Shawnee National Forest nearby is a popular destination for camping and exploring its scenic trails and diverse wildlife. Downtown Eldorado features local shops and eateries that reflect the charm of small-town living. The community also hosts various events and festivals throughout the year, fostering a sense of unity among residents. With a population of around 4,000, Eldorado is a tranquil place with a strong sense of local pride. Whether you're visiting or considering a move, Eldorado exemplifies the quaint allure of Illinois’ rural communities.

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