How Much House Can You Afford in Illinois?

Illinois property tax rate: 2.08%. Calculate your maximum affordable home price with Illinois-specific rates.

You can afford a home up to

$238,366

That's a 1-bedroom condo in Chicago

Based on your $75,000 income with 20% down

2-bedroom condo
$238K$12K more →

Your $238,366 budget buys

Chicago1-bedroom condoMinneapolis2-bedroom condo/townhomePortland1-bedroom condoAustin1-bedroom condoNashville1-bedroom condoPhoenix2-bedroom condo/townhomeRaleigh2-bedroom apartment/condoCharlotte2-bedroom condo/townhomeTampa2-bedroom condo/townhomeSan FranciscoNothing yetLos AngelesNothing yetSeattleNothing yetNew York CityNothing yetMiamiNothing yetDenverNothing yetSalt Lake CityNothing yet
/Chicago
28%Recommended
$
%
%

Monthly payment breakdown

$1,750/mo

P&I$1,237
Tax$413
Insurance$100
Calculate your mortgage payment on $238,366Should you rent or buy at this price?

Home price

$238,366

Down payment

$47,673

Loan amount

$190,693

No PMI

Waived (20%+ down)

This is an estimate using Illinois's average property tax rate of 2.08%. Actual rates vary by county. Consult a local lender for a pre-approval.

How it works

This calculator uses the 28/36 rule — a widely used guideline for mortgage affordability. Your total housing costs (mortgage, taxes, insurance, PMI, HOA) should not exceed your chosen DTI ratio of gross monthly income.

The calculator works backwards from your income to find the maximum home price that keeps monthly costs within your DTI limit. It uses the standard amortization formula and Illinois's average property tax rate of 2.08%.

Illinois housing quick facts

Average property tax rate 2.08%
Monthly property tax on $400K home $693
Affordable home at $100K income (28% DTI) $322,637
Monthly payment at $100K income $2,333/mo

Cities in Illinois

City-specific affordability data with median home prices and local tax rates.

City Median price Property tax Insurance/yr
Chicago $340K 1.97% $1,500

FAQ

How much house can I afford in Illinois?

On a $100,000 income with 20% down at 6.75% interest and Illinois's 2.08% property tax rate, you can afford approximately $322,637 using the recommended 28% DTI ratio. Your monthly payment would be about $2,333.

What is the property tax rate in Illinois?

The average effective property tax rate in Illinois is 2.08%. On a $400,000 home, that's approximately $693/month in property taxes. Actual rates vary by county and municipality.

Is Illinois expensive for homebuyers?

Illinois has above-average property taxes at 2.08%, which reduces how much house you can afford. On a $100,000 income, you can afford about $322,637 — less than states with lower property taxes.

What is the 28/36 rule?

The 28/36 rule says your total housing costs should not exceed 28% of gross monthly income (front-end DTI), and total debt payments should not exceed 36% (back-end DTI). This calculator lets you adjust the DTI ratio from 20% to 40% to find your comfort level.

What is included in the monthly payment for a Illinois home?

The monthly payment combines four components — principal, interest, taxes, and insurance — known as PITI. For Illinois, that means principal and interest on the mortgage, 2.08% property tax (about $693/month on a $400,000 home), homeowners insurance, and PMI if you put less than 20% down. HOA fees can be added if your property has them.

How much should I save for a down payment in Illinois?

A 20% conventional down payment avoids private mortgage insurance (PMI) — for the example $100,000 income affording about $322,637 in Illinois, that's roughly $64,527. FHA loans allow as little as 3.5% down for qualified buyers but require ongoing mortgage insurance. VA loans and some first-time-buyer programs may allow 0% down.

Related tools