Quick facts: Hoffman estates, IL

Quick Facts

102.4
Cost of Living
above US average
50,682
Population
10.46
Crime Rate per 1000
below US average
$107,428
Median Income
above US average
$378,700
Median House Price
above US average
$2726.17
Average Rent
above US average
4%
Poverty Rate
below US average
5.2%
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 $107,428.

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Income Needed to Buy

βœ— Stretch
$119k/year
Based on $378,700 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $119k vs median $107,428
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Income Needed to Rent

⚠ Stretch
$117k/year
Based on $2726.17/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $117k vs median $107,428
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Hoffman estates, IL

Hoffman Estates is a vibrant suburb located in Cook and Kane Counties in Illinois, approximately 30 miles northwest of downtown Chicago. Established in the late 1950s, the area has transformed into a thriving community known for its residential neighborhoods, abundant green spaces, and diverse amenities. One of the town's prominent features is the Poplar Creek Forest Preserve, which offers hiking trails, fishing, and picnic areas, making it a favorite spot for nature enthusiasts. The city's commitment to recreational activities is also highlighted by the Pavilion, a community center with fitness facilities, sports programs, and cultural events. Hoffman Estates is home to various shopping and dining options, including the popular Woodfield Mall nearby, which is one of the largest shopping centers in the U.S. The community hosts several annual events, bringing residents together for festivals, concerts, and farmers' markets. Education is served by highly rated school districts, contributing to its appeal for families. Overall, Hoffman Estates balances suburban tranquility with accessibility to urban amenities, making it an attractive location for both residents and businesses.

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