Mortgage payment estimates, closing cost breakdowns, and homebuying data for Chicago, Illinois.
Pre-filled with Chicago median home price and Illinois tax/insurance rates. Adjust for your property.
Estimated closing costs based on Illinois rates and fees applied to Chicago prices.
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.