Buying a Home in Illinois: What You Need to Know
If you're considering buying a home in Illinois, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Illinois homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Illinois-specific data to give you accurate monthly payment estimates.
Illinois Property Taxes
Illinois has an effective property tax rate of 1.83%, ranking #1 out of 50 states (where #1 is the highest). On a median-priced home of $286,000, you'd pay approximately $5,234 per year in property taxes, or about $436/month.
Illinois is among the states with the highest property taxes in the nation. This is often because property taxes fund local schools and services. Be sure to factor this into your budget when determining how much home you can afford.
Illinois Homeowners Insurance
The average annual homeowners insurance premium in Illinois is $2,225 for $300,000 in dwelling coverage, or about $185/month.
Illinois's insurance costs are moderate compared to national averages. You may be able to lower your premium by increasing your deductible, bundling with auto insurance, or installing security systems.
Illinois Closing Costs
Closing costs in Illinois average 1.3% of the home's purchase price. On a $286,000 home, that's approximately $3,718. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Illinois Housing Market
The median home price in Illinois is $286,000. This is below the national median of approximately $410,000, making Illinois one of the more affordable states for homebuyers. First-time buyers may find more options within their budget here.
More Illinois Mortgage Tools
Use these additional calculators to plan your Illinois home purchase: