Quick facts: Joliet, IL

Quick Facts

88.5
Cost of Living
below US average
150,033
Population
15.36
Crime Rate per 1000
below US average
$84,971
Median Income
above US average
$330,000
Median House Price
above US average
$1756.0
Average Rent
above US average
12%
Poverty Rate
above US average
7.1%
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 $84,971.

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Income Needed to Buy

βœ— Stretch
$104k/year
Based on $330,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $104k vs median $84,971
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Income Needed to Rent

βœ“ Affordable
$75k/year
Based on $1756.0/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($84,971) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Joliet, IL

Joliet, located in Will and Kendall counties in Illinois, is a vibrant city situated approximately 40 miles southwest of Chicago. With a rich history dating back to its founding in the 1830s, Joliet has evolved into a major urban center. Known for its historic architecture, the city features notable sites such as the Joliet Prison, which was operational from 1858 until its closure in 2002, and the beautiful Rialto Square Theatre, an architectural gem that hosts various performances. Joliet's economy is diverse, with sectors like manufacturing, logistics, and healthcare playing significant roles. The city is also home to the Chicagoland Speedway, attracting motorsport enthusiasts, and the Harrah's Casino, offering entertainment options for residents and visitors alike. In terms of recreational opportunities, Joliet boasts numerous parks, golf courses, and the scenic Des Plaines River. The city's robust public transportation system makes it easy to commute to Chicago, providing access to the larger metropolitan area while allowing residents to enjoy a suburban lifestyle. Overall, Joliet is a dynamic city with a blend of history, culture, and community spirit.

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