Quick facts: Freeport, IL

Quick Facts

102.4
Cost of Living
above US average
23,413
Population
16.23
Crime Rate per 1000
below US average
$44,658
Median Income
below US average
$124,900
Median House Price
above US average
$797.5
Average Rent
below US average
Poverty rate Data is updating, will be available soon
6.9%
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 $44,658.

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Income Needed to Buy

βœ“ Affordable
$39k/year
Based on $124,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($44,658) exceeds requirement
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Income Needed to Rent

βœ“ Affordable
$34k/year
Based on $797.5/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($44,658) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Freeport, IL

Freeport, Illinois, located in the northwestern part of the state, is a charming city known for its rich history and vibrant community. With a population of around 25,000, Freeport is characterized by its small-town feel while offering various amenities typical of larger cities. Established in the early 1800s, it played a significant role in the westward expansion of the U.S. and has preserved many of its historical buildings and sites, including the iconic Lincoln-Douglas Debate Square. The city offers a range of recreational opportunities, with beautiful parks, walking trails, and nearby natural areas like Krape Park, which features a pond, playgrounds, and an expansive picnic area. Freeport is also home to several cultural institutions, including the Freeport Art Museum, which showcases local artists and hosts various events. Economically, Freeport has a diverse base with manufacturing, healthcare, and retail sectors, showcasing its resilience through changing times. Community events, such as the annual Pretzel City Expo, highlight Freeport's unique local culture and foster community spirit. Overall, Freeport is a welcoming city that balances history, community, and opportunity.

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