Compare Elgin, IL 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 Elgin.
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September 30, 2023
Below we provide helpful information on the real estate market, home prices and housing affordability in Elgin. Understand how much you need to earn to afford a home in Elgin, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Elgin fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Elgin is right for you.
The median home value for Elgin, IL (Kane County) is $311,697
Based on current mortgage rates and a 10% down payment, you need to make $65,025 per year to buy the median priced home in Elgin
With this income, you could qualify for a $280,527 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 Elgin is $1,506
The median household income for Elgin, IL (Kane County) is $92,669
Based on this income, you can afford a home valued at approximately $444,211
The home price you can afford to buy based on household income in Elgin is 143% of the median home value which means housing prices are average. Elgin (Kane County) ranks 97 out of 102 counties in Illinois and 2,073 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Elgin, IL is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Elgin (Kane County) below.
Conforming loan limits for Elgin, IL
FHA loan limits for Elgin, IL
VA loan limits for Elgin, IL