Buying a home in Illinois

Illinois's effective property-tax rate is about 1.793%of a home's value per year, higher than the U.S. average of 0.888%. On a $500,000 home that's roughly $8,965 a year.

Full Illinois property-tax guide →

Illinois is a title/escrow state (no attorney required), and Illinois levies a real-estate transfer/deed tax of about 0.15% — customarily negotiable-paid. state 0.1% + county 0.05%; some municipalities add more (stacks); payer negotiable. On a $400,000 home, estimated closing costs run about $7,845–$11,145 on top of your down payment.

Full Illinois closing-costs guide →

Illinois runs a housing finance agency with first-time-buyer help: down-payment assistance, below-market first mortgages, and mortgage tax credits.

See first-time buyer programs in Illinois →

What you can afford depends on your income, debts, and down payment, not just the home price. Illinois's property taxes above feed straight into the monthly payment lenders measure against your income.

Enter your numbers once and see your real affordability range, debt-to-income, and rent-vs-buy break-even for Illinois:

Home Buying Steps walks you through the whole process, from checking if you're ready to getting pre-approved to closing day, one clear step at a time, tailored to Illinois where the rules differ.

• 1. Are you ready? — budget, credit, rent vs. buy
• 2. Get your finances in order — pre-approval
• 5. Making an offer — earnest money & contingencies
• 10. Closing day — every cost, line by line