Compare Illinois mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Illinois.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Illinois. Plus, shopping lenders is free and there is no obligation.
February 8, 2023
Below we offer valuable insights on the housing market and real estate prices in Illinois. Understand how much you need to make to buy a house in Illinois, including the mortgage you need. Review the monthy loan payment so you can determine if home ownership in Illinois is affordable for you. We provide this helpful information to help you decide if living in Illinois is right for you.
The median home value for Illinois is $252,300
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Illinois is $41,338
With this income, you could qualify for a $227,070 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Illinois is $957
The median household income for Illinois is $77,228
Based on this income, you can afford a home valued at approximately $471,343
The home price you can afford to buy based on household income in Illinois is 187% of the median home value which means housing prices are affordable. Illinois ranks 13 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in Illinois is affordable