Kewanee and Rock Falls Rank Among the Most Affordable Places to Live in Illinois

Kewanee and Rock Falls have both made the Smart Asset list of the most affordable places to live in Illinois. Mark LoCastro, spokesman for Smart Asset tells WKEI that their affordability studied factored in 5 criteria regarding all cities in Illinois. 1 Average Closing Cost on a Home, 2 Annual Property Tax, 3 Annual Homeowners Insurance, 4 Average Annual Mortgage Payment, and 5 Median Income. Mark explains how each of these factors determined the Affordability Index. By the numbers

Kewanee had an Average Closing Cost of $2710.00

Rock Falls Average Closing Cost was $2,989.00

Kewanee has an Annual Property Tax of $1,424.00

Rock Falls has Annual Property Tax of $1,754.00

Annual Homeowner’s Insurance cost in Kewanee $329.00

Annual Homeowner’s Insurance cost in Rock Falls $404.00

Average Annual Mortgage Payment in Kewanee $3,130.00

Average Annual Mortgage Payment in Rock Falls $3,840.00

Median Income in Kewanee $39,392.00

Median Income in Rock Falls $48,242.00

These factors combined to rank Rock Falls number 7 in the Top 10 Most Affordable Places to live with an Affordability Index of 58.22, just slightly better ranked than Kewanee at number 8 with an Affordability Index of 57.77. Sumner, Illinois in Lawrence County, was ranked as the Most Affordable Place to live in Illinois with an astonishing Affordability Index of 91.83, the percentage of your income spent on living in the City. You can see the full index linked here at SmartAsset.com. You can also hear Mark LoCastro from Smart Asset explain the methodology in this interview…

Submit a Comment