Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Illinois and Maryland. Updated for 2026.
Illinois wins 4 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 Maryland. 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 $809/month ($9,708/year) compared to Maryland, based on median home prices with identical loan terms.
Illinois offers meaningfully lower home prices than Maryland, with median prices running 36% less ($150K difference). This gap translates to both a smaller loan and lower monthly payments. First-time buyers priced out of Maryland may find Illinois far more accessible, particularly when combined with local down payment assistance programs.
Maryland has a moderate property tax advantage at 1.09% versus Illinois's 2.07%. While the rate gap of 0.98% may seem small, it translates to an annual difference of approximately $1,011 when applied to each state's median home price. Over a typical homeownership period of 7-10 years, that adds up to $8K in savings.
Closing costs are a one-time but significant expense. Maryland averages $11K in closing costs (2.5% of purchase price) while Illinois averages $5K (2%). Much of Maryland's higher costs come from its 1.5% transfer tax, which adds $6K 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. Illinois's IHDA 1stHomeIllinois provides $7,500 forgivable loan, while Maryland's MD Mortgage Program offers Up to $25,000 DPA. 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 $150K less than Maryland on average. That translates to roughly $809 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.