Waterman, IL
Population 1,419 · Illinois
About Waterman, IL
Waterman is a small town located in Illinois with a population of 1,419 residents according to the latest US Census Bureau American Community Survey data. The median household income is $97,386 per year, which is 30% above the national median of $75,149. The median age of 35.6 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Waterman features a median home value of $212,900, which is 13% below the national median of $244,900. This positions Waterman in a moderately priced market relative to the rest of the country. Median monthly rent is $897, 23% below the national average of $1,163/month. Of the 508 total housing units, 86% are owner-occupied (414 units) and 14% are renter-occupied (67 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Waterman shows an unemployment rate of 3.3%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 7.2%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Waterman have an average one-way commute time of 37.8 minutes, suggesting many residents commute to jobs in a nearby metro area.
Education & Demographics
25.8% of Waterman residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 10.4% White, 1.1% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 4.7% of the population being foreign-born.
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.
Compare Waterman With Other Cities
Frequently Asked Questions about Waterman
What is the population of Waterman, IL?
The population of Waterman, IL is 1,419 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Illinois.
What is the median household income in Waterman?
The median household income in Waterman, IL is $97,386 per year, which is 30% above the national median of $75,149.
What is the median home value in Waterman?
The median home value in Waterman, IL is $212,900, which is 13% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Waterman?
The median monthly rent in Waterman, IL is $897, which is 23% below the national average of $1,163/month.
What is the unemployment rate in Waterman?
The unemployment rate in Waterman, IL is 3.3%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Waterman, IL a good place to live?
Waterman offers above-average incomes, affordable housing, and a strong job market. With a population of 1,419 and a median age of 35.6, the city appeals to a broad range of residents.
How educated is Waterman, IL?
25.8% of residents in Waterman aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Waterman?
Key cost-of-living indicators for Waterman, IL: median home value is $212,900 (13% below national), median rent is $897/month, and median household income is $97,386. The home-value-to-income ratio is 2.2x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Waterman?
The poverty rate in Waterman, IL is 7.2%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Waterman, IL?
Waterman's population is 10.4% White, 1.1% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 2.4% two or more races. 4.7% of residents are foreign-born.