Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Illinois and Rhode Island. 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 Rhode Island. 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 $1,041/month ($12,492/year) compared to Rhode Island, based on median home prices with identical loan terms.
Illinois offers meaningfully lower home prices than Rhode Island, with median prices running 36% less ($155K difference). This gap translates to both a smaller loan and lower monthly payments. First-time buyers priced out of Rhode Island may find Illinois far more accessible, particularly when combined with local down payment assistance programs.
Rhode Island has a moderate property tax advantage at 1.53% versus Illinois's 2.07%. While the rate gap of 0.54% may seem small, it translates to an annual difference of approximately $914 when applied to each state's median home price. Over a typical homeownership period of 7-10 years, that adds up to $7K in savings.
Both states offer down payment assistance for first-time buyers. Illinois's IHDA 1stHomeIllinois provides $7,500 forgivable loan, while Rhode Island's RIHousing First Homes offers 10K DPA forgivable. 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 $155K less than Rhode Island on average. That translates to roughly $1,041 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.