Compare Pekin, 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 Pekin.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Pekin. Plus, shopping lenders is free and there is no obligation.
February 8, 2023
Below we provide helpful information on the real estate market, home prices and housing affordability in Pekin. Understand how much you need to earn to afford a home in Pekin, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Pekin 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 Pekin is right for you.
The median home value for Pekin, IL (Tazewell County) is $163,964
Based on current mortgage rates and a 10% down payment, you need to make $26,865 per year to buy the median priced home in Pekin
With this income, you could qualify for a $147,568 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 Pekin is $622
The median household income for Pekin, IL (Tazewell County) is $71,173
Based on this income, you can afford a home valued at approximately $434,391
The home price you can afford to buy based on household income in Pekin is 265% of the median home value which means housing prices are affordable. Pekin (Tazewell County) ranks 70 out of 102 counties in Illinois and 643 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Pekin, IL is affordable
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Pekin (Tazewell County) below.
Conforming loan limits for Pekin, IL
FHA loan limits for Pekin, IL
VA loan limits for Pekin, IL