Quick facts: Hillsboro, IL

Quick Facts

102.4
Cost of Living
above US average
5,825
Population
9.44
Crime Rate per 1000
below US average
$48,302
Median Income
below US average
$110,000
Median House Price
above US average
$1707
Average Rent
above US average
10%
Poverty Rate
below 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 $48,302.

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Income Needed to Buy

βœ“ Affordable
$35k/year
Based on $110,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($48,302) 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 $48,302
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Hillsboro, IL

Hillsboro is a quaint city located in Montgomery County, Illinois. Known for its small-town charm, it serves as a hub for agricultural activities in the region. With a population of around 6,000, Hillsboro offers a close-knit community atmosphere, making it an inviting place for families and individuals alike. The city features a historic downtown area that showcases a mix of local businesses, restaurants, and parks. Outdoor enthusiasts can enjoy recreational activities at nearby Lake Hillsboro, which offers fishing, boating, and picnicking opportunities. Additionally, Hillsboro is surrounded by rich farmland, contributing to its picturesque landscape. Education in Hillsboro is provided by the Hillsboro Community School District, which focuses on fostering a supportive and engaging learning environment. The city also boasts various community events throughout the year, including festivals and farmers' markets, which highlight local culture and foster community spirit. Overall, Hillsboro, Illinois, combines a friendly atmosphere with a vibrant community, making it an appealing destination for those seeking a peaceful lifestyle in a rural setting.

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