Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Illinois and Michigan. Updated for 2026.
Metric
Illinois
Michigan
Median Home Price
$270K
$240K
Property Tax Rate
2.07%
1.54%
Avg Closing Costs
$5K
$4K
Closing Cost %
2.0%
1.5%
Transfer Tax
0.1%
0.86%
Homeowners Insurance
$1,900/yr
$1,800/yr
First-Time Buyer Program
IHDA 1stHomeIllinois
$7,500 forgivable loan
MSHDA DPA
Up to $7,500 DPA
Verdict
Michigan wins 5 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $240K and lower overall costs, Michigan offers meaningful savings compared to Illinois. Both states offer first-time buyer programs — explore the state pages for full details.