Quick facts: Park ridge, IL

Quick Facts

102.4
Cost of Living
above US average
38,278
Population
0.5
Crime Rate per 1000
below US average
$137,964
Median Income
above US average
$585,000
Median House Price
above US average
$3042.73
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 $137,964.

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Income Needed to Buy

βœ— Stretch
$184k/year
Based on $585,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $184k vs median $137,964
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Income Needed to Rent

βœ“ Affordable
$130k/year
Based on $3042.73/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($137,964) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Park ridge, IL

Park Ridge is a charming suburban city located in Cook County, Illinois, about 15 miles northwest of downtown Chicago. Known for its tree-lined streets and strong sense of community, Park Ridge boasts a rich history that dates back to its incorporation in 1873. The city is celebrated for its excellent schools, making it a popular choice for families. Park Ridge features a blend of residential areas, parks, and vibrant shopping districts. The Uptown area is a focal point, offering a variety of dining options, boutiques, and cafes. The city's commitment to green spaces is evident with several parks, including the expansive Park Ridge Park District, which provides recreational facilities and programs for residents. Transport links are convenient, with access to public transit options like the Metra train service, which connects residents to Chicago’s Loop. Additionally, the city's proximity to major highways enhances its appeal for commuters. Cultural activities thrive here, with events hosted throughout the year, including art fairs and festivals, emphasizing Park Ridge's community spirit and active lifestyle. Overall, Park Ridge presents a perfect blend of suburban tranquility and urban accessibility.

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