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Blue Island Real Estate Market Facts

  • $123,500Median home price
    30% lower than Illinois
  • $828Median rent asked
    8% lower than Illinois
  • 57.8%Home owners
    14% lower than Illinois
  • 2.8People per home
    8% higher than Illinois
Above, you will see a summary of real estate in Blue Island, IL. On average, homes in Blue Island, IL cost $123,500, a value that is 30% lower than the average in Illinois. In general terms, this results in Blue Island, IL real estate being more affordable than Illinois real estate. On average, people who rent houses in Blue Island, IL pay $828; this value is 8% lower than the average amount renters pay in Illinois. 57.8% of Blue Island, IL residents own their own homes and, on average, each of the homes has 2.8 occupants. Blue Island, IL real estate features a range of homes, which include everthing from large houses to small condos to stacked townhomes. Accessing real estate listings and homes that are up for sale in Blue Island, IL is easy because in our search area shown above, we categorize real estate and homes based on location, price, and the number of bedrooms and bathrooms.

Blue Island Home Affordability

  • $123,500Median home price
    30% lower than Illinois
  • $39,023Median home income
    32% lower than Illinois
  • 3.2xHome price to income ratio
    3% higher than Illinois
It’s advisable to look at home affordability when trying to find the ideal place to find real estate in Blue Island, IL. To estimate home affordability, one method is to use the ratio of home price to median household income. The Blue Island, IL’s median home price stands at $123,500 while $39,023 is the value of the average household income. The resulting home price to income ratio, which is 3.2x, differs from the Illinois average as the ratio is 3% higher than the state’s average. The average home price divided by the median home income results in the home affordability ratio. Considering the comparison between the home price and home income, homes in Blue Island, IL are considered less expensive if the ratio of home price to income is lower. Besides the home price to median household income ratio, other considerable factors do apply in determining home affordability. Using the home affordability calculator displayed below can help determine the exact price that suits any budget when searching for real estate in Blue Island, IL.

Blue Island Affordability Calculator

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Are you looking for real estate in Blue Island, IL? Be careful not to purchase a home outside of your budget. A home affordability calculator lets you input your income, down payment, and debts to figure out how much you can afford to spend on your new home. If you know further information, such as mortgage term and rate or insurance, taxes, and HOA dues, you can input that as well to get a better estimate of the total cost. The calculator will show you the maximum amount you can afford to spend on a home. With that number in mind, you can start looking for a home in Blue Island, IL and avoid homes that don’t fit in your budget to guard yourself from an emotional, yet costly, decision. Thanks to the home affordability calculator, you can also create a stronger budget plan. Once you know your housing costs, you can figure out how much money you should spend and how much money you can save.

Blue Island Mortgage Calculator

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What will I pay monthly if I buy real estate in Blue Island, IL? Determining the monthly payment amount of a home is based on a number of different factors. Obviously, the most significant variable is the overall price of the house, but there are also other considerations to make such as homeowners insurance, the interest rate, amount of the down payment, property taxes, private mortgage insurance (PMI), and even home owner's association dues. A great way to eliminate the PMI is by paying 20% of the cost of the house as a down payment. The mortgage calculator is filled out with default values for these variables, but they can be reset to give you a more accurate payment amount. The best rule when it comes to house payments is that you want to keep your debt to income ratio at no more than 36%. This means paying no more than 36% of your monthly income on your housse and all other debt payments.

Blue Island Demographics

  • 23,453Population
  • 5,761People / sq mile
  • 34.4Median age
  • 1.0:1Male/Female ratio

Nearby cities with low home prices

City, StatePopulationHome PriceNational Avg.
Dixmoor, IL3,635$30,50083%
Hodgkins, IL2,185$43,10075%
Ford Heights, IL2,777$62,70064%
Robbins, IL5,221$74,30058%
Phoenix, IL2,143$75,30057%
Blue Island, IL23,453$123,50030%

Cities with similar population

City, StatePopulationHome PriceNational Avg.
Faribault, MN23,460$150,60014%
Eagle Mountain, UT23,468$191,6009%
Chantilly, VA23,431$446,600154%
Highland, IN23,429$152,00013%
Griffin, GA23,425$112,90036%
Blue Island, IL23,453$123,50030%
Source: The Blue Island, IL housing data displayed above is derived from the United States Census Bureau.