Waukegan, IL

About Waukegan

Waukegan, Illinois, offers a compelling proposition for those seeking affordability without sacrificing lifestyle. Nestled along the shores of Lake Michigan, this city of nearly 90,000 residents boasts a median home value of just $164,400 – a stark contrast to the national average. With a sky-high homeownership rate of 90%, it's clear that residents find Waukegan a place to put down roots. The affordability index of 218 underscores the value, allowing for a comfortable life on a median household income of $66,077, while keeping monthly rent at a manageable $1,354. While the walk score of 0 and bike score of 21 indicate a car-dependent environment, the quiet atmosphere and friendly neighborhoods create a relaxed atmosphere. From an investment perspective, Waukegan presents an attractive market. Property crime rates, at 18.4 per 1,000 residents, are a consideration, but violent crime is relatively low at 4.3 per 1,000. Waukegan is ideal for first-time homebuyers, families, and those seeking a more relaxed pace of life without the exorbitant costs of Chicago. The local job market is stable, and with electricity rates at a competitive 9.1¢/kWh, residents can enjoy lower living expenses. Beyond the financial advantages, Waukegan offers a pleasant environment. The air quality, with an AQI of 43, is considered "Good," and the climate risk is relatively moderate. The city's proximity to Lake Michigan provides ample recreational opportunities, and its diverse population adds a vibrant cultural dimension. While the walkability might not be high, the overall quality of life, combined with the affordability, makes Waukegan a hidden gem worth considering.