Using the most recent Census Bureau data of cities with a population of 60,000, the HomeArea team created a list of cities with the most affordable housing in Illinois.
The team determined the rankings using the median multiple, the assessment used and recommended by World Bank to calculate housing affordability. The formula is the ratio of the median house price by the median gross household income. The lower the value of the median multiple, the more affordable the housing is, and anything under 3 is considered affordable.
Decatur, Ill., claims the top spot when it comes to housing affordability with a median multiple score of 1.9. Rockford comes in second place with a 2.0 score, followed by Springfield's score of 2.4. Bolingbrook and Bloomington take the 4th and 5th spots with a matching score of 2.5.
The Illinois median multiple is 3.1, putting it below the national score of 3.6. Other notable cities that did not make the top 5 include Aurora (2.5), Peoria (2.7), Joliet (2.8), Elgin (2.8), and Waukegan (2.9).
Chicago was ranked the 17th most affordable city in Illinois, with a median multiple score of 4.6.
To see the complete list, visit HomeArea.com.