Quick facts: Princeton, IL

Quick Facts

102.4
Cost of Living
above US average
7,721
Population
13.6
Crime Rate per 1000
below US average
$55,926
Median Income
below US average
$154,900
Median House Price
above US average
$837.5
Average Rent
below US average
8%
Poverty Rate
below US average
4.0%
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 $55,926.

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Income Needed to Buy

βœ“ Affordable
$49k/year
Based on $154,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($55,926) exceeds requirement
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Income Needed to Rent

βœ“ Affordable
$36k/year
Based on $837.5/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($55,926) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Princeton, IL

Princeton, Illinois, is a charming small city located in Bureau County, situated in the north-central part of the state. With a population of around 7,500, it serves as a community hub for the surrounding agricultural region. Princeton is known for its rich history, reflected in its well-preserved historic buildings and a vibrant downtown area that features a mix of local shops, eateries, and annual events. The city is home to the U.S. Route 6, providing easy access to nearby cities and attractions. Outdoor enthusiasts can enjoy the scenic views at the nearby Hennepin Canal Parkway State Park, offering opportunities for biking, fishing, and hiking. The local education system includes several public schools, making it a family-friendly place. Princeton hosts various events throughout the year, such as the Bureau County Fair, showcasing local agriculture, crafts, and entertainment. Its pleasant community atmosphere and proximity to larger cities in Illinois make Princeton a welcoming place for both residents and visitors.

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