Quick facts: Loves park, IL

Quick Facts

102.4
Cost of Living
above US average
23,365
Population
18.02
Crime Rate per 1000
below US average
$56,370
Median Income
below US average
$200,000
Median House Price
above US average
$1809.75
Average Rent
above US average
9%
Poverty Rate
below US average
3.6%
Unemployment Rate
below 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 $56,370.

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Income Needed to Buy

βœ— Stretch
$63k/year
Based on $200,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $63k vs median $56,370
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Income Needed to Rent

⚠ Stretch
$78k/year
Based on $1809.75/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $78k vs median $56,370
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Loves park, IL

Loves Park, Illinois, is a charming city located in Winnebago County, just north of Rockford. With a population of approximately 25,000 residents, it offers a suburban feel while providing easy access to urban amenities. The city is known for its beautiful parks, including the scenic Loves Park Riverfront, which features walking trails, picnic areas, and recreational facilities. Loves Park boasts a variety of dining, shopping, and entertainment options, catering to diverse tastes and preferences. The city is also home to some notable attractions, such as the Magic Waters Waterpark and the Loves Park Sports Complex, which hosts numerous local sports events and activities. The community is family-friendly, with several schools, community centers, and events that foster a strong sense of belonging among its residents. Additionally, Loves Park is conveniently located near major highways, allowing for easy commuting to nearby cities. Overall, Loves Park offers a balanced lifestyle with a blend of outdoor activities, community engagement, and accessibility.

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