Mortgage payment estimates, closing cost breakdowns, and homebuying data for Aurora, Illinois.
Median Home Price
$285K
Population
181K
Avg Monthly Rent
$1,420
Property Tax Rate
2.07% *
* Property tax shown is the Illinois state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Aurora.
Aurora vs Illinois Median
The median home price in Aurora is $285,000, which is 6% above the Illinois state median of $270,000.
Mortgage Calculator — Aurora, IL
Pre-filled with Aurora median home price and Illinois tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $285K home using Illinois's 2.07% tax rate and $1,900/yr insurance.
5% Down
$2,519/mo
Down: $14,250
Loan: $271K
P&I: $1,711
Tax: $492
Insurance: $158
PMI: $158
10% Down
$2,421/mo
Down: $28,500
Loan: $257K
P&I: $1,621
Tax: $492
Insurance: $158
PMI: $150
20% Down (No PMI)
$2,091/mo
Down: $57,000
Loan: $228K
P&I: $1,441
Tax: $492
Insurance: $158
Income needed (28% rule): $90K/year with 20% down, $104K/year with 10% down.
Rent vs Buy in Aurora
Rent
$1,420/mo
vs
Buy (10% down)
$2,421/mo
Price-to-rent ratio: 16.7 — A ratio between 15-20 means the rent vs buy decision in Aurora depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Aurora is $285,000, 6% above the Illinois state median of $270,000. With a population of 180,542, Aurora is a mid-size city where home prices reflect strong demand and local economic factors.
Property taxes in Illinois average 2.07% annually. This higher-than-average tax rate means a $285,000 home in Aurora would carry roughly $492/month in property taxes alone — plan accordingly. Homeowners insurance in Illinois runs approximately $1,900 per year. This is within the normal range nationally.
Average rent in Aurora is $1,420/month. The price-to-rent ratio in Aurora is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Aurora presents moderate affordability. The $285K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Aurora.