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Illinois
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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.
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Illinois Home and Mortgage
Stats to Know
County | Avg. Home Price | Avg. Days on Market |
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Source of Info PropertyPath
Factors That Can Affect Your Illinois Mortgage Calculations
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%.