Quick facts: Medinah, IL

Quick Facts

102.4
Cost of Living
above US average
1,968
Population
20.33
Crime Rate per 1000
below US average
$90,500
Median Income
above US average
$465,000
Median House Price
above US average
$1707
Average Rent
above US average
3%
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 $90,500.

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Income Needed to Buy

βœ— Stretch
$146k/year
Based on $465,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $146k vs median $90,500
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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 ($90,500) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Medinah, IL

Medinah is a charming village located in DuPage County, Illinois. Nestled approximately 30 miles northwest of downtown Chicago, Medinah is known for its picturesque landscapes, lush greenery, and a strong sense of community. With a population of around 2,100 residents, it is a small and serene area, ideal for families seeking a tranquil suburban lifestyle. The village is famous for the Medinah Country Club, a prestigious golf club that has hosted several major tournaments, including the Ryder Cup. Medinah boasts an array of outdoor recreational opportunities, with parks and nature trails that encourage an active lifestyle. Residents enjoy a suburban feel with easy access to nearby urban amenities, including shopping, dining, and entertainment options. The community is served by highly-rated schools, making it attractive for families with children. Additionally, with convenient access to major highways and public transportation, commuting to Chicago or other surrounding cities is relatively easy. Overall, Medinah offers a blend of quiet residential living while remaining close to the vibrancy of metropolitan Chicago.

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