Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Illinois and New York. Updated for 2026.
Metric
Illinois
New York
Median Home Price
$270K
$430K
Property Tax Rate
2.07%
1.72%
Avg Closing Costs
$5K
$12K
Closing Cost %
2.0%
2.8%
Transfer Tax
0.1%
0.8%
Homeowners Insurance
$1,900/yr
$2,100/yr
First-Time Buyer Program
IHDA 1stHomeIllinois
$7,500 forgivable loan
SONYMA Achieving the Dream
Up to $15,000 DPAL
Verdict
Illinois wins 5 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $270K and lower overall costs, Illinois offers meaningful savings compared to New York. Both states offer first-time buyer programs — explore the state pages for full details.