Illinois Housing & Mortgage Data 2026
| Factor | Illinois Data |
|---|---|
| Average Property Tax Rate | 2.27% of assessed value/year |
| Property Tax on $400k Home | ~$9,080/year ($757/mo) |
| 30-Year Fixed Rate (2026 avg) | ~6.65% (varies by lender + credit) |
| State Income Tax | 4.95% |
| Sales Tax Rate | 6.25%+ |
Monthly Payment Estimate: Illinois
| Home Price | 20% Down | P&I (6.5%) | + Illinois Tax/mo | Total PITI est. |
|---|---|---|---|---|
| $300,000 | $60k | $1,517 | ~$568 | ~$2,198 |
| $400,000 | $80k | $2,025 | ~$757 | ~$2,932 |
| $500,000 | $100k | $2,528 | ~$946 | ~$3,662 |
| $600,000 | $120k | $3,034 | ~$1,135 | ~$4,394 |
| $750,000 | $150k | $3,791 | ~$1,419 | ~$5,491 |
P&I = Principal & Interest at 6.5% rate, 30-year fixed. PITI adds estimated Illinois property tax + homeowners insurance (~0.45% annually). PMI not included (assumes 20% down).
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Use the Free Calculator →Frequently Asked Questions
What is the property tax rate in Illinois?
Illinois's average effective property tax rate is 2.27% annually. On a $400,000 home, that's approximately $9,080/year or $757/month in taxes.
Is Illinois expensive to buy a home in?
Illinois's property tax rate of 2.27% is above the national average in the US. High property taxes significantly add to your monthly housing costs.
Related: PITI Calculator · PMI Calculator · Refinance Calculator