Mortgage payment estimates, closing cost breakdowns, and first-time buyer programs for Illinois homebuyers.
Pre-filled with Illinois medians. Adjust for your property.
Estimated closing costs based on Illinois tax rates and fees.
The median home price in Illinois is $270,000, with property taxes averaging 2.07% annually. Illinois's property tax rate is well above the national average of ~1.1%, adding significant cost to monthly payments — budget carefully.
Closing costs in Illinois average $5K (2.0%% of purchase price). The state charges a 0.1% transfer tax on real estate transactions, which modestly adds to closing costs. Homeowners insurance runs approximately $1,900 per year. This is within the normal range nationally.
Illinois offers the IHDA 1stHomeIllinois for first-time buyers: $7,500 forgivable loan. Contact your state housing finance agency or a HUD-approved housing counselor for eligibility details and application steps.
Illinois presents moderate affordability. The $270K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.