Quick facts: Franklin park, IL

Quick Facts

102.4
Cost of Living
above US average
18,059
Population
14.95
Crime Rate per 1000
below US average
$74,167
Median Income
below US average
$349,900
Median House Price
above US average
$2600.0
Average Rent
above US average
9%
Poverty Rate
below US average
5.1%
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 $74,167.

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Income Needed to Buy

βœ— Stretch
$110k/year
Based on $349,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $110k vs median $74,167
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Income Needed to Rent

⚠ Stretch
$111k/year
Based on $2600.0/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $111k vs median $74,167
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Franklin park, IL

Franklin Park is a vibrant suburb located in Cook County, Illinois, just 20 miles west of downtown Chicago. With a population of approximately 18,000 residents, it is known for its strong sense of community and diverse demographic. The village boasts a mix of residential, commercial, and industrial areas, making it an ideal spot for both living and working. Franklin Park features a variety of parks and recreational facilities, providing ample opportunities for outdoor activities. Notable parks include the Franklin Park Conservatory and various sports fields and playgrounds. The area is also served by several schools under the Franklin Park School District, catering to families with children. The village is well-connected through major highways, such as I-294 and I-90, and is close to O'Hare International Airport, making it convenient for commuters and travelers alike. Franklin Park also has a rich cultural scene and hosts several community events throughout the year, fostering a strong sense of local identity and pride. Overall, it offers a balanced lifestyle with access to urban amenities while maintaining a suburban charm.

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