Find Real Estate Listings In Richton Park

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Richton Park Real Estate Market Facts

  • $138,100Median home price
    21% lower than Illinois
  • $1,042Median rent asked
    13% higher than Illinois
  • 54.8%Home owners
    17% lower than Illinois
  • 2.5People per home
    1% lower than Illinois
Above, you will see a summary of real estate in Richton Park, IL. On average, homes in Richton Park, IL cost $138,100, a value that is 21% lower than the average in Illinois. In general terms, this results in Richton Park, IL real estate being more affordable than Illinois real estate. On average, people who rent houses in Richton Park, IL pay $1,042; this value is 13% higher than the average amount renters pay in Illinois. 54.8% of Richton Park, IL residents own their own homes and, on average, each of the homes has 2.5 occupants. Richton Park, 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 Richton Park, 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.

Richton Park Home Affordability

  • $138,100Median home price
    21% lower than Illinois
  • $53,693Median home income
    9% lower than Illinois
  • 2.6xHome price to income ratio
    13% lower than Illinois
It’s advisable to look at home affordability when trying to find the ideal place to find real estate in Richton Park, IL. To estimate home affordability, one method is to use the ratio of home price to median household income. The Richton Park, IL’s median home price stands at $138,100 while $53,693 is the value of the average household income. The resulting home price to income ratio, which is 2.6x, differs from the Illinois average as the ratio is 13% lower 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 Richton Park, 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 Richton Park, IL.

Richton Park Affordability Calculator

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Are you looking for real estate in Richton Park, 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 Richton Park, 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.

Richton Park Mortgage Calculator

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What will I pay monthly if I buy real estate in Richton Park, 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.

Richton Park Demographics

  • 13,668Population
  • 3,439People / sq mile
  • 39.1Median age
  • 0.9:1Male/Female ratio

Nearby cities with low home prices

City, StatePopulationHome PriceNational Avg.
Dixmoor, IL3,614$44,20076%
Ford Heights, IL2,775$58,80068%
Sauk Village, IL10,541$69,10063%
Phoenix, IL2,042$71,60061%
Robbins, IL5,216$72,50061%
Richton Park, IL13,668$138,10025%

Cities with similar population

City, StatePopulationHome PriceNational Avg.
Covington, GA13,667$115,20038%
McMinnville, TN13,664$92,50050%
Lakeway, TX13,662$403,800119%
Sharon, PA13,659$61,30067%
Heber, UT13,655$271,10047%
Richton Park, IL13,668$138,10025%
Source: The Richton Park, IL housing data displayed above is derived from the 2016 United States Census Bureau American Community Survey (ACS).