Quick facts: Milan, IL

Quick Facts

102.4
Cost of Living
above US average
4,985
Population
28.89
Crime Rate per 1000
above US average
$60,304
Median Income
below US average
$115,000
Median House Price
above US average
$1400.0
Average Rent
below 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 $60,304.

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Income Needed to Buy

βœ“ Affordable
$36k/year
Based on $115,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($60,304) exceeds requirement
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Income Needed to Rent

βœ“ Affordable
$60k/year
Based on $1400.0/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($60,304) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Milan, IL

Milan, Illinois, is a charming village located in Rock Island County, just a short distance from the larger cities of Moline and Rock Island. With a population of around 5,500 residents, it offers a friendly, small-town atmosphere while still being close to urban amenities. The village is known for its picturesque landscapes, featuring lush parks and recreational areas, making it ideal for outdoor activities like hiking, biking, and picnicking. The historic downtown area is quaint, with locally owned shops, restaurants, and community events fostering a strong sense of community. Milan is conveniently situated near the Mississippi River, offering numerous opportunities for boating, fishing, and other water-related activities. Additionally, it has easy access to major highways, connecting residents to nearby cities and attractions. The local school district is appreciated for its commitment to quality education, and various community programs cater to families and individuals alike. Overall, Milan combines rural charm with the benefits of city proximity, making it a desirable place to live and visit.

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