Home Affordability for Illinois (2026)
Illinois (IL) Key Facts
Median Home Price
$270,000
Median Household Income
$72,000
Affordability Index
533
Price to Income Ratio
3.8
Max Affordable Payment (28% Rule)
$1,680
How This Calculator Works in Illinois
This home affordability calculator estimates how much house you can afford in Illinois based on your income, debts, down payment, and current interest rates. It accounts for Illinois's property tax rate and insurance costs to give you a realistic maximum home price. Enter your financial details to see whether the median-priced home in Illinois is within your reach.
Illinois Overview
Illinois has a median home price of approximately $270,000 and a median household income of $72,000, yielding a price-to-income ratio of 3.8. State income taxes in Illinois reduce take-home pay, so factor your after-tax income when budgeting for a home. Property taxes average 2.27%, which meaningfully impacts monthly housing costs.
How Illinois Compares
Illinois's price-to-income ratio of 3.8 is below the national average of roughly 5.5. Nearby Indiana has a median price of $240,000 and median income of $58,000, yielding a ratio of 4.1. Differences in property taxes and insurance costs between states further shift the true cost of homeownership.
| State | Top Rate | Notes |
|---|---|---|
| Indiana | $240,000 | Median home price is $240,000 with a median household income of approximately $58,000. The price-to-income ratio is 4.1. |
| Wisconsin | $270,000 | Median home price is $270,000 with a median household income of approximately $65,000. The price-to-income ratio is 4.2. |
| Iowa | $210,000 | Median home price is $210,000 with a median household income of approximately $62,000. The price-to-income ratio is 3.4. |
With a median home price of $270,000 and a median household income of $72,000, Illinois has a price-to-income ratio of 3.8. The national average price-to-income ratio is approximately 5.5. Illinois is more affordable than the national average.
Tips for Illinois Residents
- 1The median household income in Illinois is $72,000. Under the 28% rule, this supports a maximum monthly housing payment of about $1,680, including principal, interest, taxes, and insurance.
- 2Illinois's price-to-income ratio of 3.8 means the typical home costs 3.8 times the annual median income. This is relatively affordable by national standards.
- 3State income taxes in Illinois reduce take-home pay, so factor your after-tax income when budgeting for a home.
- 4Property taxes in Illinois average 2.27%, which adds $511 per month to your housing cost on the median home. Don't overlook this when calculating affordability.
- 5Look into Illinois's first-time homebuyer assistance programs, which may include down payment grants, low-interest second mortgages, or mortgage credit certificates (MCCs) that provide a federal tax credit on mortgage interest.