Waterman, IL
Population 1,419 · Illinois
About Waterman, IL
Waterman is a small community in Illinois with a population of 1,419 residents. The median household income is $97,386 per year, which is above the national average. The median age in Waterman is 35.6 years.
Housing in Waterman has a median home value of $212,900 and median monthly rent of $897. Of the 508 total housing units, the majority are owner-occupied, with 414 owner-occupied and 67 renter-occupied units.
The unemployment rate in Waterman is 3.3% and the poverty rate is 7.2%. 25.8% of residents hold a bachelor's degree or higher. The average commute time is 37.8 minutes.
Cost of Living in Waterman, IL
Compared to national averages, Waterman has a median household income of $97,386 (30% above the national median of $75,149). Home values average $212,900, which is 13% below the national median. Monthly rent at $897 is 23% below the US average of $1,163. Within Illinois, Waterman's income is 30% above the state average of $75,072, and home values are 28% above the state median of $165,779.
Why Live in Waterman, IL?
Waterman offers a strong local economy with a median household income of $97,386, well above the national average, and affordable housing with a median home value of $212,900, below the US average of $244,900, and rent that’s lower than the national average at $897/month. Additionally, the city features a strong job market with an unemployment rate of just 3.3%, and a low poverty rate of 7.2%, better than the national average.
Waterman has a population of 1,419 with a median age of 35.6 years. Compare Waterman with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Waterman
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Mazon | 1,424 | $76,458 | $203,100 | Compare |
| Cerro Gordo | 1,426 | $69,118 | $108,000 | Compare |
| East Dubuque | 1,427 | $62,313 | $146,800 | Compare |
| Albers | 1,428 | $116,691 | $209,000 | Compare |
| Arbury Hills | 1,408 | $103,456 | $225,600 | Compare |
| Lily Lake | 1,432 | $145,192 | $379,300 | Compare |
| Walnut | 1,402 | $62,019 | $94,700 | Compare |
| St. Elmo | 1,401 | $47,115 | $80,300 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Illinois
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Waterman
What is the population of Waterman, IL?
The population of Waterman, IL is 1,419 according to the latest Census data.
What is the median household income in Waterman?
The median household income in Waterman, IL is $97,386 per year.
What is the median home value in Waterman?
The median home value in Waterman, IL is $212,900.
What is the average rent in Waterman?
The median monthly rent in Waterman, IL is $897.
What is the unemployment rate in Waterman?
The unemployment rate in Waterman, IL is 3.3%.