Mortgage payment estimates, closing cost breakdowns, and homebuying data for Decatur, Illinois.
Median Home Price
$115K
Population
71K
Avg Monthly Rent
$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 Decatur.
Decatur vs Illinois Median
The median home price in Decatur is $115,000, which is 57% below the Illinois state median of $270,000.
Mortgage Calculator — Decatur, IL
Pre-filled with Decatur median home price and Illinois tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $115K home using Illinois's 2.07% tax rate and $1,900/yr insurance.
5% Down
$1,111/mo
Down: $5,750
Loan: $109K
P&I: $691
Tax: $198
Insurance: $158
PMI: $64
10% Down
$1,071/mo
Down: $11,500
Loan: $104K
P&I: $654
Tax: $198
Insurance: $158
PMI: $60
20% Down (No PMI)
$938/mo
Down: $23,000
Loan: $92K
P&I: $582
Tax: $198
Insurance: $158
Income needed (28% rule): $40K/year with 20% down, $46K/year with 10% down.
Rent vs Buy in Decatur
Rent
$750/mo
vs
Buy (10% down)
$1,071/mo
Price-to-rent ratio: 12.8 — With a ratio under 15, buying in Decatur is likely more cost-effective than renting if you plan to stay 3+ years. The monthly cost of buying is $321 more than renting, but you build equity with every payment.
The median home price in Decatur is $115,000, 57% below the Illinois state median of $270,000. With a population of 70,522, Decatur is a smaller market where home prices tend to be more accessible than in many parts of Illinois.
Property taxes in Illinois average 2.07% annually. This higher-than-average tax rate means a $115,000 home in Decatur would carry roughly $198/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 Decatur is $750/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Decatur over the long term.
Decatur offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Illinois's IHDA 1stHomeIllinois program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Decatur.