Quick facts: Park forest, IL

Quick Facts

102.4
Cost of Living
above US average
20,954
Population
16.8
Crime Rate per 1000
below US average
$58,907
Median Income
below US average
$156,000
Median House Price
above US average
$1913.46
Average Rent
above US average
13%
Poverty Rate
above US average
8.9%
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 $58,907.

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Income Needed to Buy

βœ“ Affordable
$49k/year
Based on $156,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($58,907) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$82k/year
Based on $1913.46/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $82k vs median $58,907
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Park forest, IL

Park Forest, located in Cook and Will counties in Illinois, is a suburban community approximately 30 miles south of downtown Chicago. Established in the 1940s as one of the first planned communities in the United States, Park Forest initially attracted post-World War II families looking for affordable housing. The village covers an area of about 4.4 square miles and is characterized by its tree-lined streets and a strong sense of community. The population of Park Forest is diverse and has seen demographic changes over the years. The village offers various recreational options, including parks, sports fields, and walking trails, making it a family-friendly location. The Park Forest Plaza and various shopping centers provide convenient retail options, while cultural experiences can be found through local events and organizations. Education is predominantly served by several elementary and high school districts, with options for public and private education. The community also promotes accessibility through public transport links, connecting residents to the broader Chicago metropolitan area. Overall, Park Forest is a community that embraces its rich history while fostering a welcoming atmosphere for all its residents.

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