How your housing costs change when you relocate. Based on 2026 data with 10% down, 6.5% rate, 30-year fixed.
Your housing costs will decrease by approximately $496 per month ($5,952/year) when you move from Illinois to Indiana.
If you sell your median-priced Illinois home ($270K) and buy in Indiana ($240K):
Your Illinois equity covers the 20% down payment on a median Indiana home with $33K left over. That surplus can cover closing costs, moving expenses, or go into savings.
Over 10 years, this move saves you approximately $60K in housing costs alone.
Your dollar stretches further in Indiana. The median home costs 11% less than in Illinois, which translates to a $30K difference in purchase price. This means a smaller loan, a lower monthly payment, and less total interest paid over the life of your mortgage.
Good news on taxes: Indiana's 0.84% property tax rate is significantly lower than Illinois's 2.07%. You'll save approximately $3,573 per year on property taxes, which adds up to $36K over a decade.
When you buy in Indiana, expect about $3K in closing costs (1.1% of purchase price). Indiana has no transfer tax, which helps keep your upfront costs lower. Budget for this amount on top of your down payment.
Indiana's IHCDA Next Home offers Up to 6% DPA. If you haven't owned a home in three years (or are buying in Indiana for the first time), you may qualify. Check eligibility requirements and income limits on Indiana's housing finance agency website.