Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Connecticut and Illinois. Updated for 2026.
Illinois wins 6 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $270K and lower overall costs, Illinois offers meaningful savings compared to Connecticut. Both states offer first-time buyer programs — explore the state pages for full details.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI.
Buying in Illinois saves you approximately $1,095/month ($13,140/year) compared to Connecticut, based on median home prices with identical loan terms.
Illinois offers meaningfully lower home prices than Connecticut, with median prices running 33% less ($135K difference). This gap translates to both a smaller loan and lower monthly payments. First-time buyers priced out of Connecticut may find Illinois far more accessible, particularly when combined with local down payment assistance programs.
Property tax rates are similar in both states (Connecticut: 2.15%, Illinois: 2.07%), so taxes shouldn't be the deciding factor in your relocation decision. Instead, focus on differences in home prices, insurance costs, and state-specific programs. Both states collect roughly comparable property tax revenue relative to home values.
Closing costs are a one-time but significant expense. Connecticut averages $9K in closing costs (2.1% of purchase price) while Illinois averages $5K (2%). Much of Connecticut's higher costs come from its 1.25% transfer tax, which adds $5K to the median home purchase. Budget for these upfront costs — they affect how much cash you need on hand at closing.
Both states offer down payment assistance for first-time buyers. Connecticut's CHFA Homebuyer Mortgage provides Up to $20,000 DAP loan, while Illinois's IHDA 1stHomeIllinois offers $7,500 forgivable loan. These programs can significantly reduce your upfront costs and make homeownership accessible even if you haven't saved a full 20% down payment. Check eligibility requirements on each state's housing finance agency website — income limits and purchase price caps apply.
The bottom line: Illinois homes cost $135K less than Connecticut on average. That translates to roughly $1,095 less per month in total housing costs if you choose Illinois. For most buyers, this price gap is the single biggest factor — it affects your loan size, monthly payment, and how quickly you build equity.