Mortgage payment estimates, closing cost breakdowns, and homebuying data for Elgin, Illinois.
Pre-filled with Elgin median home price and Illinois tax/insurance rates. Adjust for your property.
Estimated closing costs based on Illinois rates and fees applied to Elgin prices.
The median home price in Elgin is $275,000, roughly in line with the Illinois state median of $270,000. With a population of 112,456, Elgin is a mid-size city where home prices reflect strong demand and local economic factors.
Property taxes in Illinois average 2.07% annually. This higher-than-average tax rate means a $275,000 home in Elgin would carry roughly $474/month in property taxes alone — plan accordingly. Homeowners insurance in Illinois runs approximately $1,900 per year. This is within the normal range nationally.
Average rent in Elgin is $1,380/month. The price-to-rent ratio in Elgin is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Elgin presents moderate affordability. The $275K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.