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Illinois home affordability calculator

The median Illinois household earns about $81,000 a year, and the median home costs about $270,000 — 3.3 times income. With 10% down, no other debts, and the current 7.32% average 30-year rate (Freddie Mac, week of October 22, 2026), standard lending ratios support a home of about $213,191 , roughly $56,809 short of the median. The calculator is pre-filled with those figures — replace them with yours.

$213,191 max home price

Max loan amount
$186,191
Housing payment budget
$1,904
P&I budget
$1,279
Bound by
front-end ratio

Uses the 28% front-end / 36% back-end DTI guidelines. Lenders vary.

How it works

Lenders cap the full housing payment — principal, interest, property tax, insurance — near 28% of gross monthly income, and all debt payments near 36%. In Illinois, property tax at about 2.08% of value plus roughly $2,000 a year of homeowners insurance come to about $635 a month on the median home, and that comes out of the 28% budget before anything goes to the loan. On the median income the housing budget is about $1,904 a month, leaving $1,279 for principal and interest.

Homes in Illinois spend about 35 days on the market on average. Illinois has the second-highest effective property tax rate in the country, so even with modest home prices the annual tax bill is large — often the biggest single line in the monthly payment outside principal and interest.

Frequently asked questions

How much house can I afford in Illinois on the median income?
On Illinois's median household income of about $81,000, with no other debts, 10% down, and a 7.32% 30-year rate, the 28% housing guideline supports a home of roughly $213,191. That's about $56,809 below the $270,000 median home price.
What income do I need to buy a median-priced home in Illinois?
Illinois's median home costs about $270,000 — 3.3 times the median household income. Lenders' 28% front-end rule means the full payment, including about $635 a month in property tax and insurance, needs to fit inside 28% of gross monthly income. Try the calculator with your own income and down payment.
How much do property tax and insurance add in Illinois?
On the median home, Illinois's 2.08% effective property tax rate and about $2,000 a year in homeowners insurance come to roughly $635 a month — money that comes out of the housing budget before any goes to principal and interest.
Does Illinois's income tax affect how much house I can afford?
Not in the lender's math, which uses gross income. It does affect what's comfortable: Illinois's income tax tops out at 4.95%, so take-home pay is smaller than gross by more than federal tax alone.

Learn more: How much house can I afford?

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