Mortgage payment estimates, closing cost breakdowns, and homebuying data for Elgin, Illinois.
Median Home Price
$275K
Population
112K
Avg Monthly Rent
$1,380
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 Elgin.
Elgin vs Illinois Median
The median home price in Elgin is $275,000, which is roughly in line with the Illinois state median of $270,000.
Mortgage Calculator — Elgin, IL
Pre-filled with Elgin median home price and Illinois tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $275K home using Illinois's 2.07% tax rate and $1,900/yr insurance.
5% Down
$2,436/mo
Down: $13,750
Loan: $261K
P&I: $1,651
Tax: $474
Insurance: $158
PMI: $152
10% Down
$2,341/mo
Down: $27,500
Loan: $248K
P&I: $1,564
Tax: $474
Insurance: $158
PMI: $144
20% Down (No PMI)
$2,023/mo
Down: $55,000
Loan: $220K
P&I: $1,391
Tax: $474
Insurance: $158
Income needed (28% rule): $87K/year with 20% down, $100K/year with 10% down.
Rent vs Buy in Elgin
Rent
$1,380/mo
vs
Buy (10% down)
$2,341/mo
Price-to-rent ratio: 16.6 — A ratio between 15-20 means the rent vs buy decision in Elgin 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 Elgin is $275,000, roughly in line with the Illinois state median of $270,000. With a population of 112,456, Elgin 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 $275,000 home in Elgin would carry roughly $474/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 Elgin is $1,380/month. The price-to-rent ratio in Elgin is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Elgin presents moderate affordability. The $275K 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 Elgin.