Quick facts: Waterman, IL

Quick Facts

102.4
Cost of Living
above US average
1,427
Population
14.02
Crime Rate per 1000
below US average
$87,292
Median Income
above US average
$359,900
Median House Price
above US average
$1707
Average Rent
above US average
6%
Poverty Rate
below US average
4.1%
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 $87,292.

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Income Needed to Buy

βœ— Stretch
$113k/year
Based on $359,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $113k vs median $87,292
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Income Needed to Rent

βœ“ Affordable
$73k/year
Based on $1707/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($87,292) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Waterman, IL

Waterman, Illinois, is a small village situated in DeKalb County, approximately 60 miles west of Chicago. With a population of around 1,200 residents, Waterman offers a quaint, rural atmosphere characterized by its close-knit community and scenic landscapes. The village is primarily residential, with a mix of farmland and small businesses contributing to the local economy. Waterman’s location provides easy access to outdoor activities, including parks and recreational spaces, ideal for families and nature enthusiasts. The historic downtown area features local shops and dining options, adding to its charm. Education is an essential aspect of the community, with schools operated by the Waterman School District. The village hosts various seasonal events that foster community engagement, including festivals and farmers' markets, making it a welcoming place for both residents and visitors. With its combination of rural living and proximity to larger urban centers, Waterman offers a peaceful lifestyle while remaining connected to the conveniences of city life.

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