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If you're in the market for a new home in Illinois, you'll want to lock in the best mortgage rates available. Comparing mortgage lenders is a good way to see what offers exist, keeping in mind that rates and borrowing terms can vary from one bank or lending institution to another. The rate you qualify for will ultimately hinge on how trustworthy a borrower you are, which is why having strong credit is important when applying for a mortgage.
There's more to Illinois than just Chicago. Here are a few affordable cities you may choose to call home.
Illinois' state capital is an affordable city to buy in. The median home price in Springfield is $133,400 (according to Niche). For context, the median home value statewide is $252,404 as reported by Zillow. Jobs are fairly abundant in Springfield, and most revolve around state government, hospitals, and universities. It's worth noting that 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%.
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 $91,600, housing is easy on the wallet for many people. 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.
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 $125,700, 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.
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 $186,000 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.
You may be surprised to see Chicago on the list, but with a median home value of $258,000, buying here may be an attainable goal. Chicago is home to great food, nightlife, parks, and sports venues. Plus, its bustling economy offers a host of job opportunities, and 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.
If you want to uncover more about the best mortgage lenders for low rates and fees, our experts have created a shortlist of the top mortgage companies. Some of our experts have even used these lenders themselves to cut their costs.
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