Mortgage payment estimates, closing cost breakdowns, and homebuying data for Chicago, Illinois.
Median Home Price
$335K
Population
2.7M
Avg Monthly Rent
$1,750
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 Chicago.
Chicago vs Illinois Median
The median home price in Chicago is $335,000, which is 24% above the Illinois state median of $270,000.
Mortgage Calculator — Chicago, IL
Pre-filled with Chicago median home price and Illinois tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $335K home using Illinois's 2.07% tax rate and $1,900/yr insurance.
5% Down
$2,933/mo
Down: $16,750
Loan: $318K
P&I: $2,012
Tax: $578
Insurance: $158
PMI: $186
10% Down
$2,818/mo
Down: $33,500
Loan: $302K
P&I: $1,906
Tax: $578
Insurance: $158
PMI: $176
20% Down (No PMI)
$2,430/mo
Down: $67,000
Loan: $268K
P&I: $1,694
Tax: $578
Insurance: $158
Income needed (28% rule): $104K/year with 20% down, $121K/year with 10% down.
Rent vs Buy in Chicago
Rent
$1,750/mo
vs
Buy (10% down)
$2,818/mo
Price-to-rent ratio: 16.0 — A ratio between 15-20 means the rent vs buy decision in Chicago 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 Chicago is $335,000, 24% above the Illinois state median of $270,000. With a population of 2,696,555, Chicago is a major metro area 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 $335,000 home in Chicago would carry roughly $578/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 Chicago is $1,750/month. The price-to-rent ratio in Chicago is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Chicago presents moderate affordability. The $335K 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 Chicago.