Quick facts: Oakwood, IL

Quick Facts

102.4
Cost of Living
above US average
1,295
Population
13.13
Crime Rate per 1000
below US average
$47,344
Median Income
below US average
$185,000
Median House Price
above US average
$1200.0
Average Rent
below US average
10%
Poverty Rate
below US average
4.5%
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 $47,344.

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Income Needed to Buy

βœ— Stretch
$58k/year
Based on $185,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $58k vs median $47,344
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Income Needed to Rent

⚠ Stretch
$51k/year
Based on $1200.0/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $51k vs median $47,344
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Oakwood, IL

Oakwood is a small village located in Vermilion County, Illinois. Situated in the east-central part of the state, it provides a quiet, rural atmosphere. With a population of just over 1,000 residents, Oakwood embodies a close-knit community feel. The village is predominantly residential and features charming homes, local parks, and a few small businesses, contributing to its laid-back lifestyle. The area is primarily agricultural, surrounded by picturesque landscapes typical of the Midwest. Nature enthusiasts can explore nearby parks and trails. Oakwood's location also allows for convenient access to larger towns in Vermilion County, offering additional amenities and services. Education in Oakwood is served by community school districts that emphasize quality learning. The village hosts local events and gatherings that strengthen community bonds. With its peaceful atmosphere, Oakwood appeals to those seeking a slower pace of life in a quaint Midwestern setting. Its proximity to urban areas provides a balance of tranquility and accessibility to more populated regions.

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