Cost of Ownership · Illinois

The true cost of owning a home in Illinois

For a median $250,500 home in Illinois, here is the full monthly cost — not just the mortgage. Built from public data: the state's median home value and effective property-tax rate, its average homeowners premium, and the current 30-year rate. This is a representative example, not a quote.

As of Jul 5, 2026Methodology true-cost-v3

Lender-approved payment

$2,053/mo

PITI + PMI

True monthly cost

$2,262/mo

everything, incl. upkeep

The gap

+$209/mo

what approval leaves out

Principal & interest$1,415/mo

Property tax$432/mo

Homeowners insurance$112/mo

PMI (LTV > 80%)$94/mo

Maintenance reserve$209/mo

True monthly cost$2,262/mo

Effective property-tax rate

2.07%

Avg. homeowners premium

$1,343/yr

NFIP flood claims on record

52,736

These figures use Illinois’s median home value and a 10% down payment as a representative example. Your price, rate, and county rate will differ — run your own numbers in the True Cost tool, see how Illinois ranks on property tax and insurance, or browse every state.