Quick facts: Waukegan, IL

Quick Facts

102.0
Cost of Living
above US average
87,976
Population
3.59
Crime Rate per 1000
below US average
$66,077
Median Income
below US average
$229,900
Median House Price
above US average
$1866.25
Average Rent
above US average
14%
Poverty Rate
above US average
6.4%
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 $66,077.

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Income Needed to Buy

βœ— Stretch
$72k/year
Based on $229,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $72k vs median $66,077
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Income Needed to Rent

⚠ Stretch
$80k/year
Based on $1866.25/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $80k vs median $66,077
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Waukegan, IL

Waukegan, located in Lake County, Illinois, is situated on the western shore of Lake Michigan, approximately 40 miles north of downtown Chicago. As the ninth-largest city in Illinois, Waukegan boasts a diverse community and offers a rich history dating back to its founding in the early 1800s. The city is known for its vibrant waterfront, with scenic parks such as the Waukegan Harbor and the beautiful North Beach, providing recreational opportunities like swimming, fishing, and picnicking. Waukegan also has a thriving arts scene, highlighted by the Genesee Theatre, home to various performances and events, and the Waukegan Arts Council, which promotes local artists and cultural programs. Waukegan is well-connected by public transportation, offering Metra train services to Chicago and other nearby areas, facilitating easy commuting. The city also features a variety of dining, shopping, and entertainment options, making it a dynamic place to live and visit. With its rich cultural tapestry, natural beauty, and community events, Waukegan offers residents and visitors a welcoming atmosphere.

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