Quick facts: Montgomery, IL

Quick Facts

102.4
Cost of Living
above US average
21,799
Population
12.02
Crime Rate per 1000
below US average
$105,240
Median Income
above US average
$345,000
Median House Price
above US average
$2135.76
Average Rent
above US average
5%
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 $105,240.

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Income Needed to Buy

βœ— Stretch
$108k/year
Based on $345,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $108k vs median $105,240
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Income Needed to Rent

βœ“ Affordable
$92k/year
Based on $2135.76/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($105,240) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Montgomery, IL

Montgomery, Illinois, located in both Kane and Kendall counties, is a charming village that combines suburban living with a touch of rural charm. Nestled along the Fox River, it offers beautiful landscapes and outdoor recreational opportunities. The village has a population of approximately 20,000 residents and is part of the larger Chicago metropolitan area, making it a convenient spot for commuters. Montgomery features a range of parks, playgrounds, and nature areas, including the expansive Montgomery Park and the scenic Riverwalk. The village hosts various community events throughout the year, fostering a strong sense of community among residents. Local amenities include shopping centers, dining options, and services that cater to families and individuals alike. The area's rich history is showcased in the historic downtown, where you'll find quaint buildings and local businesses. The community is served by quality schools within the Oswego and West Aurora school districts. With its blend of residential comfort, community spirit, and easy access to larger cities, Montgomery is an appealing place to live and raise a family.

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