Quick facts: Sherman, IL

Quick Facts

102.4
Cost of Living
above US average
4,625
Population
3.68
Crime Rate per 1000
below US average
$139,475
Median Income
above US average
$245,000
Median House Price
above US average
$2500.0
Average Rent
above US average
5%
Poverty Rate
below US average
3.5%
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 $139,475.

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Income Needed to Buy

βœ“ Affordable
$77k/year
Based on $245,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($139,475) exceeds requirement
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Income Needed to Rent

βœ“ Affordable
$107k/year
Based on $2500.0/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($139,475) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Sherman, IL

Sherman, Illinois, is a quaint village located in Sangamon County, just a few miles northwest of the state capital, Springfield. With a population of around 4,000 residents, Sherman offers a tight-knit community atmosphere while still being close to urban amenities. The village is known for its friendly neighborhoods, excellent school system, and well-maintained parks, making it a desirable place for families. Sherman boasts a mix of small-town charm and modern conveniences, with local shops, dining options, and recreational facilities. The proximity to Springfield provides easy access to cultural attractions, including museums, theaters, and events. Outdoor enthusiasts can enjoy parks like the Sherman Village Park, which features playgrounds, sports fields, and picnic areas. The community hosts various events throughout the year, fostering a sense of belonging among residents. With its strong sense of community, low crime rate, and good quality of life, Sherman is an appealing place to live for those seeking a peaceful suburban lifestyle while still being near a larger city.

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