Income Needed to Buy a Home in Illinois (2026)
Verdict: stretch — requires $94,840/year (#38 least affordable of 51 US states)
Illinois ranks #38 of 51 US states for housing unaffordability in 2026. Buying the median home at $285,736 requires a household income of about $94,840. That's $11,629 more than the median household actually earns ($83,211) — a shortfall of 14% of typical income.
Illinois's affordability ratio of 1.14 (required income ÷ actual median income) is 10.8% better than the median across all 51 US states (1.28). Home prices here sit 17.6% below the cross-state median of $346,668.
Illinois's 1.83% effective property tax rate is among the heaviest in the country, adding $436 every month on top of principal and interest, while homeowners insurance runs about $2,225/year. All-in, the monthly PITI (principal, interest, taxes, insurance) comes to $2,213.
Illinois monthly cost breakdown (2026)
| Median home price | $285,736 |
| Loan amount (10% down) | $257,162 |
| Monthly principal & interest | $1,592 |
| Monthly property tax (1.83% rate) | $436 |
| Monthly homeowners insurance | $185 |
| Total monthly PITI | $2,213 |
| Required household income | $94,840 |
| Median household income | $83,211 |
Run your own numbers
These figures model the median buyer. Your rate, down payment, and debts change the answer — check your personal maximum with the Home Affordability Analyzer or build a full payment schedule in the Advanced Mortgage Calculator. Closing costs typically add 2–5% on top — estimate them with the Closing Costs Estimator.
How Illinois compares
- Oklahoma — similar affordability (ratio 1.14, requires $75,467)
- Alaska — similar affordability (ratio 1.14, requires $108,841)
- Kentucky — similar affordability (ratio 1.15, requires $74,053)
- West Virginia — among the most affordable US states (requires $48,369)
- Iowa — among the most affordable US states (requires $74,199)
See every state and province ranked in the 2026 Mortgage Affordability Index.
Frequently asked questions
How much income do you need to buy a house in Illinois in 2026?
About $94,840 per year to afford the median-priced home of $285,736, assuming a 10% down payment and standard 28% housing-cost-to-income guideline. The median Illinois household earns $83,211.
What is the monthly cost of owning a median home in Illinois?
Roughly $2,213 per month, including principal and interest, property tax, and homeowners insurance.
Is Illinois affordable at the median income?
No. The required income exceeds the median household income by $11,629 (14%), ranking Illinois #38 least affordable of 51 US states.
Methodology & sources
Assumes 10% down, 30-year fixed at prevailing 2026 rates, 28% housing-cost-to-income guideline. Home prices from Zillow ZHVI (March 2026); incomes from Census ACS 1-Year 2024; property taxes from Tax Foundation; insurance from Bankrate state averages. Figures model the median scenario and are not financial advice. Full sources on the affordability index.