Illinois Mortgage Rates & Home Prices (2026)
Median price: $265,000 · Avg. rate: 6.85%
Illinois Market Overview
$265,000
Median Home Price
6.85%
Avg. 30-Yr Rate
2.23%
Property Tax Rate
66.3%
Homeownership Rate
Illinois offers relatively affordable home prices but has the second-highest property taxes in the nation. Chicago metro drives demand while downstate areas are very affordable. IHDA provides up to $10,000 in forgivable down payment assistance.
Estimated Monthly Payment
Median home in Illinois (20% down, 30-yr fixed)
$1,992/mo
Principal & Interest$1,389
Property Taxes$492
Home Insurance (est.)$110
Total Monthly (PITI)$1,992
Based on a $265,000 home with 20% down ($212,000 loan) at 6.85%. Does not include PMI, HOA, or other fees.
First-Time Buyer Programs in Illinois
- IHDA 1stHomeIllinois
- Opening Doors Program
- SmartBuy Program
Contact your state's Housing Finance Agency for current program availability and requirements.
Rate Comparison: IL Rates
30-Year Fixed6.85%
15-Year Fixed6.08%
5/1 ARM (est.)6.10%
FHA 30-Year6.70%
VA 30-Year6.60%
Rates are estimates based on state averages and may vary by lender and borrower qualifications.
Frequently Asked Questions
Key Stats: IL
FHA Loan Limit$472,030
Median Income$78,433
Cost Index0.98x