Quick facts: Palatine, IL

Quick Facts

102.4
Cost of Living
above US average
65,485
Population
8.93
Crime Rate per 1000
below US average
$93,383
Median Income
above US average
$515,000
Median House Price
above US average
$1987.83
Average Rent
above US average
4%
Poverty Rate
below US average
5.1%
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 $93,383.

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Income Needed to Buy

βœ— Stretch
$162k/year
Based on $515,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $162k vs median $93,383
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Income Needed to Rent

βœ“ Affordable
$85k/year
Based on $1987.83/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($93,383) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Palatine, IL

Palatine, Illinois, is a vibrant suburb located about 30 miles northwest of downtown Chicago. As part of Cook and Lake counties, Palatine boasts a rich history, having been founded in 1866. The town offers a blend of urban amenities and suburban charm, making it a desirable place to live and work. Palatine has a diverse population and is known for its strong community feel, with numerous parks, recreational facilities, and events throughout the year. The town is home to several excellent schools, both public and private, serving families and contributing to its family-friendly reputation. The downtown area features a variety of shops, restaurants, and entertainment options, providing residents with a local hub for social and cultural activities. With easy access to major highways and the Metra commuter train service, residents enjoy convenient travel to Chicago and surrounding areas. Additionally, Palatine is known for its commitment to preserving green spaces, with numerous parks and trails that cater to outdoor enthusiasts. Overall, Palatine offers a balanced lifestyle with the benefits of suburban living close to a major city.

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