Quick facts: Gibson city, IL

Quick Facts

102.4
Cost of Living
above US average
3,401
Population
4.7
Crime Rate per 1000
below US average
$51,275
Median Income
below US average
$74,000
Median House Price
above US average
$1707
Average Rent
above US average
Poverty rate Data is updating, will be available soon
Unemployment Data is updating, will be available soon

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 $51,275.

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Income Needed to Buy

βœ“ Affordable
$23k/year
Based on $74,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($51,275) exceeds requirement
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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 $51,275
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Gibson city, IL

Gibson City is a small city located in Ford County, Illinois. With a population of around 3,200 residents, it boasts a close-knit community atmosphere. The city is situated in the east-central part of the state, making it accessible to larger urban areas, including Champaign-Urbana and Bloomington-Normal. Gibson City is known for its agricultural roots and offers various local businesses, restaurants, and parks that cater to residents and visitors alike. The city's downtown area features a mix of historical buildings and modern conveniences, highlighting its rich history while providing essential services. Outdoor enthusiasts can enjoy activities in nearby parks and recreational areas. Additionally, Gibson City hosts events throughout the year, bringing the community together and celebrating local culture. The Gibson City-Melvin-Sibley School District serves the educational needs of families, contributing to the community's family-friendly environment. Overall, Gibson City embodies the charm of small-town living with the benefit of being conveniently located near larger cities for additional amenities and services.

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