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How Much Will Your Mortgage Be in Illinois?

Illinois, the Land of Lincoln, is located in the Midwest and Great Lakes region of the U.S. It is the sixth most-populous state with close to 13 million residents. In spite of this, the housing affordability is on par with national averages, even in the greater Chicago area where 9.5 million residents dwell. The state has seen a decline in population over the past five years, however. Also, see FHA Loan in Illinois for details and requirements for a home in the state. If you want to move to Illinois, see First-time Homebuyer Guide for Illinois. 

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Illinois Home and Mortgage
Stats to Know

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Factors That Can Affect Your Illinois Mortgage Calculations

Home Prices in Illinois

Home prices in Illinois have risen at a rate of 1.2% over the past year. The current listing for homes has a median of $229,900 with an average sale of homes at $210,300.

Since the majority of the state’s population lives in Chicago and surrounding areas, homes in the metropolitan regions of Chicago are more expensive than state averages. The median price of homes currently listed in the city is $329,000 with a median sale of $309,200. Home values have only risen 0.6% over the past year in the city.

Located to the south-west of Chicago is the city of Aurora. Homes in Aurora are significantly cheaper. The median price of homes here currently listed is $211,150 while the median price of homes that sold is $207,700. Near Aurora is Naperville where homes are some of the most expensive in the state. The median listing in Naperville is $434,900 while the median price of homes that sold is $392,300.

Toward the center of the state is the capital city of Springfield. Homes in Springfield have a current median listing of $114,000 with an average sale of $114,100. Home values have risen 1.1% in Springfield over the past year.

Closing Costs in Illinois

The price of your closing costs factors in your home inspection, appraisal, and origination costs, along with title insurance and courier fees. Some of these costs, such as retaining a lawyer and title insurance, you have the ability to shop around for. Other expenses including obtaining your credit report are not up to your discretion.

Your lender is obligated to show you a Loan Estimate within three days of submitting your loan application which breaks down your closing costs. You should be aware of how much you could end up paying well before this point, however.

Overall, you can expect to pay between 2-5% of your home's value in closing costs.

Illinois Job Stats to Consider

Illinois has a strong and diverse economy. Some of the most popular jobs in the state are in the professions of labors and freight, movers, office clerks, and general business. However, there is an abundance of opportunity in the city of Chicago in many fields including the arts, especially comedy and music. Furthermore, Illinois also has one of the highest minimum wage rates in the nation.

Illinois residents are also quite wealthy on average.  The median household income according to the Census ACS 1-year survey in 2018 was $65,030. This was recorded as higher than the national average of $61,937 and increased at a rate of 2.97% over three years. In January 2020, the Department of Numbers recorded the rate of unemployment at 3.5%, on par with the national average.  

Illinois has a flat income tax rate of 4.75%. This means that regardless of what a person makes, they will pay this rate in taxes. Sales taxes in Illinois are higher than the national average and the seventh highest in the nation when combined with local taxes. The statewide rate is 6.25% with additional local rates throughout the state that can accumulate to 11%.

Illinois Job Stats

Job Stats (Civilian Labor Force, Employment, Unemployment)

Other Illinois Costs That Can Affect Illinois Mortgage Calculations

Homeowners Insurance in Illinois

Homeowner’s insurance rates are higher than the national average with most residents in the state paying $1,405 annually. Illinois experiences above-average tornadoes and high winds. While most homeowner’s insurance policies will cover theft, fire, winds, and storms, they do not necessarily cover the cost to rebuild your home if it has been completely destroyed.

Homeowners in Illinois should also consider purchasing flood insurance due to rising waters. You should consider this is especially if your home is near a large body of water such as the Mississippi River or Lake Michigan. A flood insurance policy can be purchased through the National Flood Insurance Program (NFIP).

Illinois homeowners may also face damage to their homes from underground mining tunnels. The state has a history of mining and roughly 330,000 homes have a dangerous proximity to defunct underground mines. Most insurance policies do not cover damage from such contingencies. Check with others in your area to learn more about mine subsidence insurance and if you may require it.

Closing Costs in Illinois

Illinois has some of the highest closing costs in the nation. Homebuyers can expect to pay between 2-3% of the final purchase price in closing costs. This will include title insurance and transfer tax. Some of these costs can be negotiated between buyer and seller. Since the average home sells between $200,000 and $300,000, homebuyers can estimate their closing costs to fall somewhere between $3,871.33 and $8,710.50.

Title Insurance

Title insurance is a one-time purchase that protects the owner and mortgage lender against any future unforeseeable claims that might arise regarding the property’s title. These claims may be overlooked at the time of purchase and arise in the future. Your lender will usually require a policy that equals the amount of the loan. The nationwide average cost for title insurance is $1,000. The amount of your premium will be dependent upon the cost and location of your home.

Real Estate Transfer Tax

The real estate transfer tax rate varies between counties in Illinois. However, the statewide real estate transfer tax rate is $0.10, or $450 per $100,000 of the final purchase price of the property. This can be paid by the buyer or seller who will then have an additional rate, dependent on the county the property is located in.

Home Inspection

A home inspection is an important part of the buying process to ensure the property is structurally sound before final sale. The average cost of a home inspection in Chicago is between $300 and $500. This will ultimately depend on location and size of the home. Inspections are generally cheaper outside of the city of Chicago in other areas of Illinois.

An inspector will assess the foundation, roofs, basements, plumbing, electrical aspects, fireplaces, heating, and cooling systems of the home. Other tests including termites, pests, mold, and radon can be carried out at an additional cost.

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