5 affordable places to live in Illinois
There's more to Illinois than just Chicago. Here are a few affordable cities you may choose to call home.
1. Springfield
Illinois' state capital is an affordable city to buy in. The median home price in Springfield is $127,500 (according to Niche). For context, the median home value statewide is $204,839 as reported by Zillow. Jobs are fairly abundant in Springfield, and most revolve around state government and the city's hospitals and universities. Meanwhile, Tax-rates.org reports the average property tax rate in Sangamon County is 1.87% of a property's assessed value. The average property tax rate for Illinois as a whole is 1.73%.
2. Rockford
About 30 minutes south of the Wisconsin border, Rockford is home to a number of museums and attractions that make it a family-friendly city. And with a median home value of just $89,700, housing is easy on the wallet, too. Property taxes, on the other hand, may be a little high. Winnebago County has an average property tax rate of 2.39%, high not only for Illinois, but on a national level.
3. Peoria
If you enjoy riverfront views, great restaurants, and plenty of culture, then Peoria may be the ideal city for you. In recent years, the city has attracted families and young professionals alike, and with a median home value of $126,400, you may be able to snag an affordable place to call your own. Property taxes aren't too bad, either. The average tax rate in Peoria County is 2% of a property's assessed value, only slightly higher than the statewide average.
4. Elgin
Just an hour west of Chicago, Elgin calls itself "the city in the suburbs." With ample access to public transportation, it's easy to get around in Elgin, and the city's median home value of $177,500 makes it a reasonably affordable pick. Property taxes are, however, a touch high. The average property tax rate in Kane County, where Elgin is located, is 2.09% of a home's assessed value.
5. Chicago
You may be surprised to see Chicago on the list, but with a median home value of $246,500, buying here may be an attainable goal. Chicago is home to great food, nightlife, parks, and sports venues, and its bustling economy offers a host of job opportunities. Meanwhile, property taxes are relatively affordable. Cook County has an average property tax rate of 1.38%, well below the average statewide rate.
You have options when it comes to finding an affordable place to live in Illinois. Keep in mind that the higher your credit score, the more likely you are to snag the best mortgage rates available. Check out mortgage calculator can help you estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.
