Mortgage payment estimates, closing cost breakdowns, and homebuying data for Joliet, Illinois.
Median Home Price
$255K
Population
150K
Avg Monthly Rent
$1,350
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 Joliet.
Joliet vs Illinois Median
The median home price in Joliet is $255,000, which is 6% below the Illinois state median of $270,000.
Mortgage Calculator — Joliet, IL
Pre-filled with Joliet median home price and Illinois tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $255K home using Illinois's 2.07% tax rate and $1,900/yr insurance.
5% Down
$2,271/mo
Down: $12,750
Loan: $242K
P&I: $1,531
Tax: $440
Insurance: $158
PMI: $141
10% Down
$2,183/mo
Down: $25,500
Loan: $230K
P&I: $1,451
Tax: $440
Insurance: $158
PMI: $134
20% Down (No PMI)
$1,888/mo
Down: $51,000
Loan: $204K
P&I: $1,289
Tax: $440
Insurance: $158
Income needed (28% rule): $81K/year with 20% down, $94K/year with 10% down.
Rent vs Buy in Joliet
Rent
$1,350/mo
vs
Buy (10% down)
$2,183/mo
Price-to-rent ratio: 15.7 — A ratio between 15-20 means the rent vs buy decision in Joliet 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 Joliet is $255,000, 6% below the Illinois state median of $270,000. With a population of 150,362, Joliet is a mid-size city 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 $255,000 home in Joliet would carry roughly $440/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 Joliet is $1,350/month. The price-to-rent ratio in Joliet is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Joliet presents moderate affordability. The $255K 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 Joliet.