Compare Waukegan, 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 Waukegan.
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September 30, 2023
Below we provide helpful information on the real estate market, home prices and housing affordability in Waukegan. Understand how much you need to earn to afford a home in Waukegan, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Waukegan 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 Waukegan is right for you.
The median home value for Waukegan, IL (Lake County) is $335,886
Based on current mortgage rates and a 10% down payment, you need to make $70,071 per year to buy the median priced home in Waukegan
With this income, you could qualify for a $302,297 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 Waukegan is $1,623
The median household income for Waukegan, IL (Lake County) is $97,195
Based on this income, you can afford a home valued at approximately $465,902
The home price you can afford to buy based on household income in Waukegan is 139% of the median home value which means housing prices are average. Waukegan (Lake County) ranks 98 out of 102 counties in Illinois and 2,151 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Waukegan, IL is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Waukegan (Lake County) below.
Conforming loan limits for Waukegan, IL
FHA loan limits for Waukegan, IL
VA loan limits for Waukegan, IL