Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Georgia and Illinois. Updated for 2026.
Georgia wins 3 of 6 cost categories, making it the more affordable state for homebuyers overall. However, Illinois has a lower total cost when combining home price, closing costs, and insurance. 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 $245/month ($2,940/year) compared to Georgia, based on median home prices with identical loan terms.
Illinois offers meaningfully lower home prices than Georgia, with median prices running 21% less ($70K difference). This gap translates to both a smaller loan and lower monthly payments. First-time buyers priced out of Georgia may find Illinois far more accessible, particularly when combined with local down payment assistance programs.
Property taxes are dramatically different: Georgia charges 0.92% while Illinois charges 2.07%, a gap of 1.15 percentage points. On the respective median homes, this means Illinois homeowners pay roughly $5,589 per year in property taxes versus $3,128 in Georgia. Over 30 years of homeownership, this difference alone can add up to six figures. Retirees on fixed incomes should weigh this heavily.
Both states offer down payment assistance for first-time buyers. Georgia's Georgia Dream Homeownership provides Up to $10,000 DPA, 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: property taxes are the defining difference here. Illinois's 2.07% rate versus Georgia's 0.92% means Georgia homeowners save approximately $2,461 every year on taxes alone. Over a 30-year mortgage, that difference compounds into tens of thousands of dollars — making it the most important cost factor in this comparison.