Quick facts: Elgin, IL

Quick Facts

102.4
Cost of Living
above US average
113,177
Population
9.42
Crime Rate per 1000
below US average
$85,998
Median Income
above US average
$274,900
Median House Price
above US average
$2328.7
Average Rent
above US average
10%
Poverty Rate
below US average
6.2%
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 $85,998.

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Income Needed to Buy

βœ— Stretch
$86k/year
Based on $274,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $86k vs median $85,998
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Income Needed to Rent

⚠ Stretch
$100k/year
Based on $2328.7/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $100k vs median $85,998
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Elgin, IL

Elgin, Illinois, located in Kane and Cook Counties, is a vibrant city situated about 35 miles northwest of downtown Chicago. With a rich history dating back to the 1830s, Elgin was once known for its thriving watchmaking industry and has evolved into a diverse suburb with a population of approximately 110,000 residents. The city boasts a strong sense of community and offers a variety of recreational activities, including parks, trails, and waterfront access along the Fox River. Elgin’s downtown area features a mix of historic architecture, modern shops, restaurants, and cultural venues like the Elgin Symphony Orchestra and the Elgin Art Showcase. Education is facilitated by the Elgin School District U46, one of the largest in Illinois, providing quality education to its students. The city is well-connected with major highways and public transportation options, making it accessible for commuters traveling to Chicago and the surrounding areas. Elgin is known for its annual events, such as the Elgin Fringe Festival and the Holiday Home Decoration Contest, fostering a lively atmosphere throughout the year. With a blend of history, culture, and community spirit, Elgin is a welcoming place for residents and visitors alike.

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