Mortgage payment estimates, closing cost breakdowns, and homebuying data for Rockford, Illinois.
Median Home Price
$155K
Population
149K
Avg Monthly Rent
$950
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 Rockford.
Rockford vs Illinois Median
The median home price in Rockford is $155,000, which is 43% below the Illinois state median of $270,000.
Mortgage Calculator — Rockford, IL
Pre-filled with Rockford median home price and Illinois tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $155K home using Illinois's 2.07% tax rate and $1,900/yr insurance.
5% Down
$1,442/mo
Down: $7,750
Loan: $147K
P&I: $931
Tax: $267
Insurance: $158
PMI: $86
10% Down
$1,389/mo
Down: $15,500
Loan: $140K
P&I: $882
Tax: $267
Insurance: $158
PMI: $81
20% Down (No PMI)
$1,209/mo
Down: $31,000
Loan: $124K
P&I: $784
Tax: $267
Insurance: $158
Income needed (28% rule): $52K/year with 20% down, $60K/year with 10% down.
Rent vs Buy in Rockford
Rent
$950/mo
vs
Buy (10% down)
$1,389/mo
Price-to-rent ratio: 13.6 — With a ratio under 15, buying in Rockford is likely more cost-effective than renting if you plan to stay 3+ years. The monthly cost of buying is $439 more than renting, but you build equity with every payment.
The median home price in Rockford is $155,000, 43% below the Illinois state median of $270,000. With a population of 148,655, Rockford 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 $155,000 home in Rockford would carry roughly $267/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 Rockford is $950/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Rockford over the long term.
Rockford 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 Rockford.