Quick facts: Mattoon, IL

Quick Facts

102.4
Cost of Living
above US average
16,666
Population
3.36
Crime Rate per 1000
below US average
$45,953
Median Income
below US average
$114,900
Median House Price
above US average
$1120.0
Average Rent
below US average
13%
Poverty Rate
above US average
4.2%
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 $45,953.

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Income Needed to Buy

βœ“ Affordable
$36k/year
Based on $114,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($45,953) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$48k/year
Based on $1120.0/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $48k vs median $45,953
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Mattoon, IL

Mattoon is a charming city located in Coles County, Illinois, with a population of approximately 18,000 residents. Known for its friendly atmosphere, Mattoon is often referred to as the "Heart of Coles County." The city boasts a rich history, with roots dating back to the mid-19th century when it was established as a railroad hub. Mattoon features a mix of urban and rural characteristics, offering a variety of parks, recreational opportunities, and local events that foster community engagement. Notable attractions include the Mattoon Arts Council, local farmers markets, and the annual Mattoon Bagelfest, celebrating the city’s rich culture and culinary scene. The city is also home to several educational institutions, including Mattoon High School and nearby community colleges that provide valuable resources and learning opportunities for residents. With a focus on family-friendly living, Mattoon provides a balance of small-town charm and access to essential amenities, making it an attractive destination for both residents and visitors. Its central location allows easy access to larger cities like Champaign and Charleston, enhancing its appeal.

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