Side-by-side comparison of home prices, mortgage payments, and housing costs between Bloomington and Elgin, Illinois. Using Illinois's 2.07% property tax rate and $1,900/year insurance. Updated for 2026.
Bloomington edges out Elgin in affordability, saving you roughly $623/month on total housing costs. Both cities are in Illinois, so property tax rates and insurance costs are the same — the difference comes down to home prices and what you get for your money in each market.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI. Uses Illinois's 2.07% property tax rate.
Buying in Bloomington saves you approximately $623/month ($7,476/year) compared to Elgin, based on median home prices with identical loan terms.
Bloomington is the better choice for first-time buyers, with a median price of $195K versus $275K in Elgin. That's $80K less to save for a down payment. You'd need roughly $7K for an FHA 3.5% down payment in Bloomington, compared to $10K in Elgin. Illinois offers the IHDA 1stHomeIllinois program ($7,500 forgivable loan) which applies in both cities.
Bloomington has the better price-to-rent ratio at 15.9x versus 16.6x in Elgin. A lower ratio generally signals better rental income relative to purchase price. Average rent in Bloomington is $1,020/month on a $195K median home, making it a stronger candidate for buy-and-rent investors.
Elgin (pop. 112,456) offers more amenities, schools, and services typical of a larger city, while Bloomington (pop. 78,902) may offer a quieter, more community-oriented lifestyle. Families on a budget may prefer Bloomington, where lower housing costs free up more income for childcare, education, and savings.