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Home Mortgage Rates in Illinois

Chicago Financial District Skyline.

Real estate prices in Illinois present an interesting challenge to analysts because the state has two very distinct markets: Chicago and the surrounding suburbs, and the rest of the state. This dichotomy affects the general level of prices as well as growth rates in the most popular destinations. Ultimately, the mortgage and foreclosure options and procedures apply to both areas and understanding them is important to navigating the Illinois real estate market.

Springbrook Prairie Sunset.

Metropolitan Areas

IL Rank US Rank Metropolitan Area 2016 Pop 2010 Pop Change %
1 3 Chicago-Naperville-Elgin, IL-IN-WI Metro Area 9,512,999 9,461,105 51,894 0.55%
2 20 St. Louis, MO-IL Metro Area 2,807,002 2,787,701 19,301 0.69%
3 138 Davenport-Moline-Rock Island, IA-IL Metro Area 382,268 379,690 2,578 0.68%
4 141 Peoria 376,246 379,186 -2,940 -0.78%
5 151 Rockford 339,376 349,431 -10,055 -2.88%
6 191 Champaign-Urbana 238,554 231,891 6,663 2.87%
7 212 Springfield 210,015 210,170 -155 -0.07%
8 228 Bloomington 188,644 186,133 2,511 1.35%
9 280 Ottawa-Peru 149,612 154,908 -5,296 -3.42%
10 323 Carbondale-Marion 126,430 126,575 -145 -0.11%
11 357 Kankakee 110,008 113,449 -3,441 -3.03%
12 362 Decatur 106,550 110,768 -4,218 -3.81%
13 391 Cape Girardeau, MO-IL Metro Area 97,443 96,275 1,168 1.21%
14 393 Paducah, KY-IL Micro Area 97,143 98,762 -1,619 -1.64%
15 452 Danville 78,111 81,625 -3,514 -4.31%
16 457 Quincy, IL-MO Micro Area 76,712 77,314 -602 -0.78%
17 514 Charleston-Mattoon 63,201 64,921 -1,720 -2.65%
18 528 Fort Madison-Keokuk, IA-IL-MO Micro Area 59,846 62,105 -2,259 -3.64%
19 549 Sterling 56,536 58,498 -1,962 -3.35%
20 585 Rochelle 51,273 53,497 -2,224 -4.16%
21 589 Galesburg 50,938 52,919 -1,981 -3.74%
22 620 Burlington, IA-IL Micro Area 46,608 47,656 -1,048 -2.20%
23 632 Freeport 45,624 47,711 -2,087 -4.37%
24 700 Jacksonville 39,330 40,902 -1,572 -3.84%
25 715 Mount Vernon 38,460 38,827 -367 -0.95%
26 722 Centralia 38,140 39,437 -1,297 -3.29%
27 746 Pontiac 36,526 38,950 -2,424 -6.22%
28 758 Canton 35,536 37,069 -1,533 -4.14%
29 768 Effingham 34,386 34,242 144 0.42%
30 771 Dixon 34,251 36,031 -1,780 -4.94%
31 783 Taylorville 33,309 34,800 -1,491 -4.28%
32 808 Macomb 30,996 32,612 -1,616 -4.96%
33 820 Lincoln 29,527 30,305 -778 -2.57%

General Real Estate Price Levels

Buckingham Fountain in Chicago.

While housing in Illinois tends to be on par with much on the country outside of the Chicago area, Chicago real estate prices are well above the national average. This is expected with any large U.S. city, and is what you will find in Chicago as well. As a whole, the recent average home price in Illinois is between $263,000 and $322,000; this is in line with the average level for the country, putting it well behind California, New York, and Florida (averages in these states tend to be upwards of $400,000). What is misleading in these figures is that home prices in the Chicago area are most consistent with California and New York – the large rural part of the state keeps these figures artificially low.

While some experts believe a recovery has begun, prices have fallen by as much as 30% in certain neighborhoods. This has been concentrated in the higher end of the market, but excludes the very top 5%. The most exclusive areas have held their value and remain with increased demand. When considering both ends of the spectrum, stabilization has likely begun, but a recovery remains elusive.

Washington Street in Downtown Naperville.

The Effect of Taxes

One phenomenon not helping to aid the recovery is the revenue levels of local governments, particularly in the city. As real estate prices have fallen, and foreclosures and delinquencies have mounted, tax revenues have plunged. This has left many municipalities struggling to maintain basic service levels and facing economic hardship.

Sri Venkateswara Swami (Balaji) Temple in Aurora, Illinois.

Cook County, home of downtown Chicago, has been deeply impacted. Economic recession has increased the demand for public services at the same time as revenues have fallen. To offset this disparity to some extent, sales taxes have been raised several times – finally cresting the 10% level. While the city has seen increased income as a result, there has been a definite exodus away from downtown. Consumers faced with the need to tighten their own budgets are more willing to travel outside the city (and county) in search of lower sales tax. In response, businesses have relocated outside of the city as well. The combined impact has put an additional strain of the already struggling local government.

Des Plaines River Near Downtown Joliet, Illinois.

The byproduct of the sales tax maneuvering is that an increased number of people are choosing to live outside of the city. This is adding to the negative price pressure on city real estate. Therefore, while prices have stabilized and remain elevated, the decline has been sizable and has had a significant impact.

Illinois Census Data

As of July 1, 2016 the state of Illinois has an estimated population of 12,801,539 across 55,518.93 mi² yielding a population density of 230.58 people per mi² across the state.

The following table highlights the July 1, 2016 populations of cities, towns, villages & Census Designated Places (CDP) with over 5,000 residents based on United States Census Bureau estimates. For Census Designated Places (CDP) where there was no population estimate available for 2016 the 2011-2015 American Community Survey 5-Year Estimates data was used.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

Rank Geography County 2016 Pop 2010 Pop Change % △ Land mi² Pop Den mi²
1 Chicago Cook & DuPage 2,704,958 2,695,598 9,360 0.35% 227.63 11,883.13
2 Aurora Kane, DuPage, Will & Kendall 201,110 197,899 3,211 1.62% 44.94 4,475.08
3 Joliet Will & Kendall 148,262 147,433 829 0.56% 62.11 2,387.09
4 Rockford Winnebago 147,651 152,871 -5,220 -3.41% 61.08 2,417.34
5 Naperville DuPage & Will 147,122 141,853 5,269 3.71% 38.77 3,794.74
6 Springfield Sangamon 115,715 116,250 -535 -0.46% 59.48 1,945.44
7 Peoria Peoria 114,265 115,007 -742 -0.65% 48.01 2,380.02
8 Elgin Kane & Cook 112,123 108,188 3,935 3.64% 37.16 3,017.30
9 Waukegan Lake 88,182 89,078 -896 -1.01% 23.67 3,725.48
10 Champaign Champaign 86,637 81,055 5,582 6.89% 22.43 3,862.55
11 Cicero Cook 82,992 83,891 -899 -1.07% 5.86 14,162.46
12 Bloomington McLean 78,005 76,610 1,395 1.82% 27.22 2,865.72
13 Arlington Heights Cook & Lake 75,525 75,101 424 0.56% 16.61 4,546.96
14 Evanston Cook 74,895 74,486 409 0.55% 7.78 9,626.61
15 Bolingbrook Will & DuPage 74,518 73,366 1,152 1.57% 24.05 3,098.46
16 Schaumburg Cook & DuPage 74,446 74,227 219 0.30% 19.22 3,873.36
17 Decatur Macon 72,706 76,122 -3,416 -4.49% 42.22 1,722.07
18 Palatine Cook & Lake 68,766 68,557 209 0.30% 13.62 5,048.90
19 Skokie Cook 64,270 64,784 -514 -0.79% 10.06 6,388.67
20 Orland Park Cook & Will 58,862 56,767 2,095 3.69% 21.88 2,690.22
21 Des Plaines Cook 58,141 58,364 -223 -0.38% 14.28 4,071.50
22 Tinley Park Cook & Will 56,831 56,703 128 0.23% 16.02 3,547.50
23 Oak Lawn Cook 56,257 56,690 -433 -0.76% 8.59 6,549.13
24 Berwyn Cook 55,748 56,657 -909 -1.60% 3.91 14,257.80
25 Normal McLean 54,264 52,497 1,767 3.37% 18.35 2,957.17
26 Mount Prospect Cook 54,171 54,167 4 0.01% 10.34 5,238.97
27 Wheaton DuPage 53,389 52,894 495 0.94% 11.25 4,745.69
28 Oak Park Cook 51,774 51,878 -104 -0.20% 4.7 11,015.74
29 Hoffman Estates Cook & Kane 51,738 51,895 -157 -0.30% 20.8 2,487.40
30 Downers Grove DuPage 49,473 47,833 1,640 3.43% 14.31 3,457.23
31 Glenview Cook 47,475 44,692 2,783 6.23% 13.95 3,403.23
32 Elmhurst DuPage & Cook 46,387 44,121 2,266 5.14% 10.25 4,525.56
33 Lombard DuPage 43,815 43,165 650 1.51% 10.25 4,274.63
34 DeKalb DeKalb 43,194 43,862 -668 -1.52% 14.65 2,948.40
35 Plainfield Will & Kendall 42,933 39,581 3,352 8.47% 23.22 1,848.97
36 Moline Rock Island 42,250 43,483 -1,233 -2.84% 16.43 2,571.52
37 Urbana Champaign 42,014 41,250 764 1.85% 11.65 3,606.35
38 Belleville St. Clair 41,906 44,478 -2,572 -5.78% 22.74 1,842.83
39 Buffalo Grove Lake & Cook 41,346 41,496 -150 -0.36% 9.5 4,352.21
40 Bartlett DuPage, Cook & Kane 41,178 41,208 -30 -0.07% 15.63 2,634.55
41 Quincy Adams 40,531 40,633 -102 -0.25% 15.91 2,547.52
42 Crystal Lake McHenry 40,339 40,743 -404 -0.99% 18.35 2,198.31
43 Streamwood Cook 40,166 39,858 308 0.77% 7.82 5,136.32
44 Carol Stream DuPage 40,069 39,711 358 0.90% 9.09 4,408.03
45 Romeoville Will 39,706 39,680 26 0.07% 18.44 2,153.25
46 Wheeling Cook & Lake 38,315 37,648 667 1.77% 8.7 4,404.02
47 Carpentersville Kane 38,291 37,691 600 1.59% 7.9 4,846.96
48 Rock Island Rock Island 38,210 39,018 -808 -2.07% 16.85 2,267.66
49 Hanover Park Cook & DuPage 38,044 37,973 71 0.19% 6.33 6,010.11
50 Park Ridge Cook 37,496 37,480 16 0.04% 7.09 5,288.58
51 Addison DuPage 36,902 36,942 -40 -0.11% 9.77 3,777.07
52 Calumet City Cook 36,732 37,042 -310 -0.84% 7.19 5,108.76
53 Oswego Kendall 34,571 30,355 4,216 13.89% 15.53 2,226.08
54 Glendale Heights DuPage 34,145 34,208 -63 -0.18% 5.37 6,358.47
55 Woodridge DuPage, Will & Cook 33,476 32,971 505 1.53% 9.42 3,553.72
56 Northbrook Cook 33,421 33,170 251 0.76% 13.19 2,533.81
57 Pekin Tazewell & Peoria 33,038 34,094 -1,056 -3.10% 14.56 2,269.09
58 Elk Grove Village Cook & DuPage 32,931 33,127 -196 -0.59% 11.34 2,903.97
59 St. Charles Kane & DuPage 32,717 32,974 -257 -0.78% 14.61 2,239.36
60 Danville Vermilion 31,597 33,027 -1,430 -4.33% 17.89 1,766.18
61 Mundelein Lake 31,475 31,064 411 1.32% 9.57 3,288.92
62 Galesburg Knox 30,960 32,195 -1,235 -3.84% 17.75 1,744.23
63 Gurnee Lake 30,957 31,295 -338 -1.08% 13.5 2,293.11
64 Algonquin McHenry & Kane 30,947 30,046 901 3.00% 12.23 2,530.42
65 Chicago Heights Cook 30,026 30,276 -250 -0.83% 10.07 2,981.73
66 North Chicago Lake 29,951 32,574 -2,623 -8.05% 7.9 3,791.27
67 Highland Park Lake 29,641 29,763 -122 -0.41% 12.2 2,429.59
68 Niles Cook 29,617 29,803 -186 -0.62% 5.85 5,062.74
69 O'Fallon St. Clair 29,031 28,281 750 2.65% 14.35 2,023.07
70 Granite City Madison 28,908 29,849 -941 -3.15% 19.29 1,498.60
71 Burbank Cook 28,886 28,925 -39 -0.13% 4.17 6,927.10
72 Lake in the Hills McHenry 28,830 28,965 -135 -0.47% 10.38 2,777.46
73 Lansing Cook 28,086 28,331 -245 -0.86% 6.79 4,136.38
74 Glen Ellyn DuPage 28,042 27,450 592 2.16% 6.61 4,242.36
75 Oak Forest Cook 27,792 27,962 -170 -0.61% 5.95 4,670.92
76 Round Lake Beach Lake 27,776 28,175 -399 -1.42% 5.06 5,489.33
77 West Chicago DuPage 27,221 27,086 135 0.50% 14.8 1,839.26
78 Wilmette Cook 27,219 27,087 132 0.49% 5.4 5,040.56
79 East St. Louis St. Clair 26,922 27,006 -84 -0.31% 13.99 1,924.37
80 Alton Madison 26,861 27,865 -1,004 -3.60% 15.47 1,736.33
81 McHenry McHenry 26,611 26,992 -381 -1.41% 14.74 1,805.36
82 Huntley McHenry & Kane 26,611 24,291 2,320 9.55% 14.07 1,891.33
83 Kankakee Kankakee 26,445 27,537 -1,092 -3.97% 14.14 1,870.23
84 Batavia Kane & DuPage 26,391 26,045 346 1.33% 9.64 2,737.66
85 Vernon Hills Lake 26,328 25,113 1,215 4.84% 7.71 3,414.79
86 New Lenox Will 26,217 24,394 1,823 7.47% 15.66 1,674.14
87 Carbondale Jackson & Williamson 26,179 25,902 277 1.07% 17.09 1,531.83
88 Lockport Will 25,231 24,839 392 1.58% 11.4 2,213.25
89 Melrose Park Cook 25,229 25,411 -182 -0.72% 4.24 5,950.24
90 Woodstock McHenry 25,085 24,770 315 1.27% 13.55 1,851.29
91 Edwardsville Madison 25,071 24,293 778 3.20% 19.56 1,281.75
92 Belvidere Boone 25,070 25,585 -515 -2.01% 12.08 2,075.33
93 Harvey Cook 24,947 25,282 -335 -1.33% 6.3 3,959.84
94 Westmont DuPage 24,767 24,685 82 0.33% 5.03 4,923.86
95 Collinsville Madison & St. Clair 24,635 25,579 -944 -3.69% 14.68 1,678.13
96 Elmwood Park Cook 24,626 24,883 -257 -1.03% 1.91 12,893.19
97 Homer Glen Will 24,481 24,220 261 1.08% 22.17 1,104.24
98 Freeport Stephenson 24,392 25,638 -1,246 -4.86% 11.78 2,070.63
99 Zion Lake 24,029 24,413 -384 -1.57% 9.81 2,449.44
100 Rolling Meadows Cook 24,021 24,099 -78 -0.32% 5.63 4,266.61
101 Maywood Cook 23,756 24,090 -334 -1.39% 2.72 8,733.82
102 Loves Park Winnebago & Boone 23,413 23,996 -583 -2.43% 16.03 1,460.57
103 Blue Island Cook 23,401 23,706 -305 -1.29% 4.07 5,749.63
104 Morton Grove Cook 23,227 23,270 -43 -0.18% 5.09 4,563.26
105 East Peoria Tazewell 22,939 23,402 -463 -1.98% 19.96 1,149.25
106 Lisle DuPage 22,930 22,390 540 2.41% 6.84 3,352.34
107 Dolton Cook 22,891 23,153 -262 -1.13% 4.56 5,019.96
108 Machesney Park Winnebago 22,873 23,499 -626 -2.66% 12.68 1,803.86
109 Roselle DuPage & Cook 22,814 22,763 51 0.22% 5.41 4,217.01
110 South Elgin Kane 22,433 21,985 448 2.04% 6.99 3,209.30
111 Darien DuPage 22,085 22,086 -1 0.00% 6.18 3,573.62
112 Bloomingdale DuPage 22,075 22,018 57 0.26% 6.78 3,255.90
113 Villa Park DuPage 21,882 21,904 -22 -0.10% 4.71 4,645.86
114 Geneva Kane 21,880 21,495 385 1.79% 9.75 2,244.10
115 South Holland Cook 21,817 22,030 -213 -0.97% 7.27 3,000.96
116 Park Forest Cook & Will 21,785 21,975 -190 -0.86% 4.96 4,392.14
117 Crest Hill Will 21,169 20,837 332 1.59% 9.03 2,344.30
118 East Moline Rock Island 21,135 21,302 -167 -0.78% 14.76 1,431.91
119 Charleston Coles 21,133 21,838 -705 -3.23% 8.92 2,369.17
120 Grayslake Lake 20,831 20,957 -126 -0.60% 9.87 2,110.54
121 Libertyville Lake 20,405 20,315 90 0.44% 8.81 2,316.12
122 Mokena Will 20,097 18,740 1,357 7.24% 8.89 2,260.63
123 Lake Zurich Lake 19,967 19,631 336 1.71% 6.77 2,949.34
124 Evergreen Park Cook 19,637 19,852 -215 -1.08% 3.16 6,214.24
125 Montgomery Kendall & Kane 19,523 18,438 1,085 5.88% 9.34 2,090.26
126 Lake Forest Lake 19,388 19,375 13 0.07% 17.18 1,128.52
127 Homewood Cook 19,175 19,323 -148 -0.77% 5.21 3,680.42
128 Alsip Cook 19,158 19,277 -119 -0.62% 6.39 2,998.12
129 Bellwood Cook 19,107 19,071 36 0.19% 2.4 7,961.25
130 Matteson Cook & Will 19,097 19,009 88 0.46% 9.32 2,049.03
131 Deerfield Lake & Cook 19,000 18,225 775 4.25% 5.58 3,405.02
132 Frankfort Will & Cook 18,857 17,782 1,075 6.05% 14.98 1,258.81
133 Yorkville Kendall 18,833 16,921 1,912 11.30% 19.97 943.06
134 Brookfield Cook 18,753 18,978 -225 -1.19% 3.06 6,128.43
135 Jacksonville Morgan 18,729 19,446 -717 -3.69% 10.47 1,788.83
136 Bourbonnais Kankakee 18,499 18,631 -132 -0.71% 9.31 1,987.00
137 Round Lake Lake 18,375 18,289 86 0.47% 5.47 3,359.23
138 Bensenville DuPage & Cook 18,355 18,352 3 0.02% 5.57 3,295.33
139 Macomb McDonough 18,352 19,288 -936 -4.85% 10.69 1,716.74
140 Ottawa LaSalle 18,289 18,768 -479 -2.55% 12 1,524.08
141 Franklin Park Cook 18,110 18,333 -223 -1.22% 4.77 3,796.65
142 Mattoon Coles 18,028 18,555 -527 -2.84% 10.34 1,743.52
143 Sycamore DeKalb 17,867 17,519 348 1.99% 9.73 1,836.28
144 Cary McHenry 17,840 18,271 -431 -2.36% 6.27 2,845.30
145 Marion Williamson & Johnson 17,826 17,193 633 3.68% 15.99 1,114.82
146 Godfrey Madison 17,733 17,982 -249 -1.38% 34.64 511.92
147 Hinsdale DuPage & Cook 17,631 16,816 815 4.85% 4.6 3,832.83
148 North Aurora Kane 17,426 16,760 666 3.97% 7.18 2,427.02
149 Palos Hills Cook 17,410 17,484 -74 -0.42% 4.25 4,096.47
150 Shorewood Will 16,948 15,615 1,333 8.54% 7.77 2,181.21
151 Lemont Cook, DuPage & Will 16,895 16,000 895 5.59% 7.97 2,119.82
152 Washington Tazewell 16,851 15,134 1,717 11.35% 8.17 2,062.55
153 Fairview Heights St. Clair 16,686 17,078 -392 -2.30% 11.42 1,461.12
154 Country Club Hills Cook 16,637 16,541 96 0.58% 4.82 3,451.66
155 Westchester Cook 16,563 16,718 -155 -0.93% 3.69 4,488.62
156 Morton Tazewell 16,287 16,267 20 0.12% 12.95 1,257.68
157 Bridgeview Cook 16,248 16,446 -198 -1.20% 4.15 3,915.18
158 Prospect Heights Cook 16,242 16,256 -14 -0.09% 4.24 3,830.66
159 La Grange Cook 15,610 15,550 60 0.39% 2.52 6,194.44
160 Bradley Kankakee 15,471 15,895 -424 -2.67% 7.24 2,136.88
161 Mount Vernon Jefferson 15,137 15,277 -140 -0.92% 13.07 1,158.15
162 Dixon Lee 15,135 15,733 -598 -3.80% 7.43 2,037.01
163 Sterling Whiteside 14,908 15,370 -462 -3.01% 5.71 2,610.86
164 Midlothian Cook 14,699 14,819 -120 -0.81% 2.82 5,212.41
165 Norridge Cook 14,498 14,572 -74 -0.51% 1.81 8,009.94
166 Morris Grundy 14,496 13,636 860 6.31% 9.44 1,535.59
167 Lindenhurst Lake 14,372 14,462 -90 -0.62% 4.44 3,236.94
168 Antioch Lake 14,274 14,430 -156 -1.08% 8.21 1,738.61
169 Cahokia St. Clair 14,260 15,241 -981 -6.44% 9.4 1,517.02
170 Chicago Ridge Cook 14,236 14,305 -69 -0.48% 2.25 6,327.11
171 Canton Fulton 14,094 14,704 -610 -4.15% 7.9 1,784.05
172 Hickory Hills Cook 13,992 14,049 -57 -0.41% 2.83 4,944.17
173 Forest Park Cook 13,982 14,167 -185 -1.31% 2.4 5,825.83
174 Lincoln Logan 13,969 14,504 -535 -3.69% 6.4 2,182.66
175 Beach Park Lake 13,913 13,638 275 2.02% 7.1 1,959.58
176 Hazel Crest Cook 13,892 14,100 -208 -1.48% 3.39 4,097.94
177 Wood Dale DuPage 13,813 13,770 43 0.31% 4.72 2,926.48
178 Wauconda Lake 13,758 13,603 155 1.14% 5.05 2,724.36
179 Richton Park Cook 13,557 13,646 -89 -0.65% 3.98 3,406.28
180 Swansea St. Clair 13,500 13,430 70 0.52% 6.26 2,156.55
181 La Grange Park Cook 13,483 13,579 -96 -0.71% 2.23 6,046.19
182 Riverdale Cook 13,398 13,549 -151 -1.11% 3.57 3,752.94
183 Western Springs Cook 13,391 12,975 416 3.21% 2.79 4,799.64
184 Warrenville DuPage 13,246 13,140 106 0.81% 5.46 2,426.01
185 Streator LaSalle & Livingston 13,148 13,710 -562 -4.10% 6.07 2,166.06
186 Shiloh St. Clair 13,011 12,651 360 2.85% 10.86 1,198.07
187 Glen Carbon Madison 12,978 12,934 44 0.34% 10.04 1,292.63
188 Herrin Williamson 12,950 12,501 449 3.59% 9.23 1,403.03
189 Justice Cook 12,844 12,926 -82 -0.63% 2.84 4,522.54
190 Rantoul Champaign 12,815 12,941 -126 -0.97% 8.15 1,572.39
191 Effingham Effingham 12,655 12,328 327 2.65% 9.86 1,283.47
192 Channahon Will & Grundy 12,600 12,560 40 0.32% 14.99 840.56
193 Centralia Marion, Clinton, Washiongton & Jefferson 12,572 13,032 -460 -3.53% 8.19 1,535.04
194 Markham Cook 12,565 12,508 57 0.46% 5.31 2,366.29
195 Lincolnwood Cook 12,527 12,590 -63 -0.50% 2.69 4,656.88
196 Kewanee Henry 12,458 12,916 -458 -3.55% 6.71 1,856.63
197 Chatham Sangamon 12,453 11,500 953 8.29% 5.72 2,177.10
198 Palos Heights Cook 12,438 12,515 -77 -0.62% 3.78 3,290.48
199 Winnetka Cook 12,417 12,187 230 1.89% 3.81 3,259.06
200 Northlake Cook 12,391 12,323 68 0.55% 3.17 3,908.83
201 Pontiac Livingston 11,827 11,931 -104 -0.87% 7.73 1,530.01
202 Schiller Park Cook 11,692 11,793 -101 -0.86% 2.77 4,220.94
203 Plano Kendall 11,358 10,856 502 4.62% 7.46 1,522.52
204 Summit Cook 11,314 11,054 260 2.35% 2.12 5,336.79
205 Campton Hills Kane 11,310 11,131 179 1.61% 16.91 668.84
206 Minooka Grundy, Will & Kendall 11,254 10,924 330 3.02% 9.45 1,190.90
207 River Forest Cook 11,088 11,172 -84 -0.75% 2.48 4,470.97
208 Crestwood Cook 10,891 10,950 -59 -0.54% 3.05 3,570.82
209 Burr Ridge DuPage & Cook 10,780 10,559 221 2.09% 7 1,540.00
210 Taylorville Christian 10,752 11,246 -494 -4.39% 9.86 1,090.47
211 Worth Cook 10,681 10,789 -108 -1.00% 2.37 4,506.75
212 Lyons Cook 10,621 10,729 -108 -1.01% 2.18 4,872.02
213 Roscoe Winnebago 10,521 10,785 -264 -2.45% 10.36 1,015.54
214 Fox Lake Lake & McHenry 10,459 10,579 -120 -1.13% 8.12 1,288.05
215 Sauk Village Cook & Will 10,438 10,506 -68 -0.65% 3.88 2,690.21
216 Barrington Cook & Lake 10,312 10,327 -15 -0.15% 4.62 2,232.03
217 Waterloo Monroe 10,309 9,811 498 5.08% 7.52 1,370.88
218 Columbia Monroe & St. Clair 10,273 9,707 566 5.83% 10.41 986.84
219 Wood River Madison 10,251 10,657 -406 -3.81% 6.98 1,468.62
220 River Grove Cook 10,134 10,227 -93 -0.91% 2.39 4,240.17
221 Troy Madison 10,093 9,888 205 2.07% 5.29 1,907.94
Gages Lake CDP Lake 10,025 10,198 -173 -1.70% 2.99 3,352.84
222 Peru LaSalle 9,893 10,295 -402 -3.90% 8.96 1,104.13
223 Highland Madison 9,830 9,919 -89 -0.90% 6.55 1,500.76
224 Winfield DuPage 9,637 9,080 557 6.13% 2.99 3,223.08
225 Sugar Grove Kane 9,573 8,997 576 6.40% 10.47 914.33
226 Steger Will & Cook 9,456 9,570 -114 -1.19% 3.45 2,740.87
227 Flossmoor Cook 9,362 9,464 -102 -1.08% 3.66 2,557.92
228 Bethalto Madison 9,328 9,521 -193 -2.03% 7.52 1,240.43
Frankfort Square CDP  Will 9,258 9,276 -18 -0.19% 2.53 3,659.29
229 Rochelle Ogle & Lee 9,227 9,574 -347 -3.62% 12.9 715.27
230 Monmouth Warren 9,210 9,444 -234 -2.48% 4.21 2,187.65
231 LaSalle LaSalle 9,203 9,609 -406 -4.23% 11.76 782.57
232 Lynwood Cook 9,159 9,007 152 1.69% 5.47 1,674.41
233 Harvard McHenry 9,119 9,447 -328 -3.47% 8.58 1,062.82
234 Rock Falls Whiteside 8,993 9,266 -273 -2.95% 3.66 2,457.10
235 Manteno Kankakee 8,969 9,204 -235 -2.55% 4.98 1,801.00
236 Olney Richland 8,955 9,115 -160 -1.76% 6.66 1,344.59
237 Glenwood Cook 8,911 8,969 -58 -0.65% 3.12 2,856.09
238 Glencoe Cook 8,894 8,723 171 1.96% 3.72 2,390.86
239 Harrisburg Saline 8,811 9,017 -206 -2.28% 6.55 1,345.19
240 Lake Villa Lake 8,783 8,741 42 0.48% 6.19 1,418.90
241 Riverside Cook 8,748 8,875 -127 -1.43% 1.98 4,418.18
242 Itasca DuPage 8,728 8,649 79 0.91% 4.95 1,763.23
243 Clarendon Hills DuPage 8,653 8,427 226 2.68% 1.8 4,807.22
Boulder Hill CDP Kendall 8,584 8,108 476 5.87% 1.44 5,961.11
244 Chester Randolph 8,562 8,586 -24 -0.28% 5.81 1,473.67
245 Harwood Heights Cook 8,549 8,612 -63 -0.73% 0.82 10,425.61
246 Willowbrook DuPage 8,543 8,540 3 0.04% 2.69 3,175.84
247 Paris Edgar 8,418 8,837 -419 -4.74% 5.51 1,527.77
248 Jerseyville Jersey 8,336 8,465 -129 -1.52% 5.08 1,640.94
249 Mahomet Champaign 8,287 7,258 1,029 14.18% 9.02 918.74
250 Savoy Champaign 8,177 7,280 897 12.32% 3.2 2,555.31
251 Crete Will & Cook 8,171 8,259 -88 -1.07% 9.61 850.26
252 Hawthorn Woods Lake 8,164 7,663 501 6.54% 7.71 1,058.88
253 Long Grove Lake 8,147 8,043 104 1.29% 12.48 652.8
254 Hillside Cook 8,081 8,157 -76 -0.93% 3.18 2,541.19
255 Island Lake McHenry & Lake 8,077 8,080 -3 -0.04% 3.39 2,382.60
256 Oak Brook DuPage & Cook 8,070 7,883 187 2.37% 7.95 1,015.09
257 West Frankfort Franklin 8,001 8,182 -181 -2.21% 4.97 1,609.86
258 Mascoutah St. Clair 7,963 7,483 480 6.41% 9.5 838.21
259 Maryville Madison 7,904 7,487 417 5.57% 5.34 1,480.15
260 Broadview Cook 7,823 7,932 -109 -1.37% 1.78 4,394.94
261 Calumet Park Cook 7,787 7,835 -48 -0.61% 1.11 7,015.32
262 Gilberts Kane 7,724 6,879 845 12.28% 5.55 1,391.71
263 Murphysboro Jackson 7,685 7,970 -285 -3.58% 5.15 1,492.23
264 South Beloit Winnebago 7,652 7,892 -240 -3.04% 5.9 1,296.95
265 Princeton Bureau 7,599 7,660 -61 -0.80% 7.48 1,015.91
266 Robinson Crawford 7,596 7,713 -117 -1.52% 4.74 1,602.53
267 Silvis Rock Island 7,586 7,479 107 1.43% 4.16 1,823.56
268 Manhattan Will 7,546 7,051 495 7.02% 6.57 1,148.55
269 Inverness Cook 7,541 7,399 142 1.92% 6.54 1,153.06
270 Round Lake Park Lake 7,519 7,505 14 0.19% 2.08 3,614.90
271 Rockton Winnebago 7,499 7,685 -186 -2.42% 5.5 1,363.45
272 Marengo McHenry 7,445 7,648 -203 -2.65% 5.01 1,486.03
273 West Dundee Kane 7,361 7,331 30 0.41% 3.71 1,984.10
274 Sandwich DeKalb & Kendall 7,358 7,421 -63 -0.85% 4.69 1,568.87
275 Park City Lake 7,350 7,570 -220 -2.91% 1.19 6,176.47
276 Lincolnshire Lake 7,262 7,275 -13 -0.18% 4.58 1,585.59
277 Salem Marion 7,241 7,485 -244 -3.26% 6.94 1,043.37
278 Orland Hills Cook 7,184 7,149 35 0.49% 1.14 6,301.75
279 Mendota LaSalle 7,158 7,372 -214 -2.90% 5 1,431.60
280 Clinton De Witt 7,147 7,225 -78 -1.08% 3.38 2,114.50
281 Vandalia Fayette 7,054 7,042 12 0.17% 8.1 870.86
282 University Park Will & Cook 7,052 7,129 -77 -1.08% 10.84 650.55
283 Mount Carmel Wabash 6,993 7,284 -291 -4.00% 4.85 1,441.86
284 Benton Franklin 6,990 7,087 -97 -1.37% 5.48 1,275.55
285 Litchfield Montgomery 6,812 6,939 -127 -1.83% 6.45 1,056.12
286 Winthrop Harbor Lake 6,794 6,742 52 0.77% 4.67 1,454.82
287 Greenville Bond 6,758 7,000 -242 -3.46% 6.19 1,091.76
288 Stickney Cook 6,722 6,786 -64 -0.94% 1.93 3,482.90
289 North Riverside Cook 6,598 6,672 -74 -1.11% 1.64 4,023.17
290 Geneseo Henry 6,526 6,586 -60 -0.91% 4.39 1,486.56
291 Bartonville Peoria 6,332 6,471 -139 -2.15% 8.19 773.14
292 Metropolis Massac 6,283 6,537 -254 -3.89% 5.87 1,070.36
293 Johnsburg McHenry 6,264 6,337 -73 -1.15% 7.08 884.75
294 Hampshire Kane 6,247 5,563 684 12.30% 8.95 697.99
295 Chillicothe Peoria 6,206 6,097 109 1.79% 5.13 1,209.75
296 Braidwood Will 6,157 6,191 -34 -0.55% 4.58 1,344.32
297 East Alton Madison 6,141 6,301 -160 -2.54% 5.33 1,152.16
298 Hillsboro Montgomery 6,071 6,207 -136 -2.19% 6.55 926.87
299 Lakemoor Lake & McHenry 5,982 6,017 -35 -0.58% 5.01 1,194.01
300 Countryside Cook 5,947 5,895 52 0.88% 2.88 2,064.93
301 Peoria Heights Peoria, Woodford & Tazewell 5,936 6,156 -220 -3.57% 2.65 2,240.00
302 Posen Cook 5,929 5,987 -58 -0.97% 1.17 5,067.52
303 Mount Zion Macon 5,855 5,833 22 0.38% 4.2 1,394.05
304 Du Quoin Perry 5,849 6,109 -260 -4.26% 6.98 837.97
305 Carterville Williamson 5,843 5,496 347 6.31% 5.19 1,125.82
Grandwood Park CDP Lake 5,757 5,202 555 10.67% 1.55 3,714.19
306 Elburn Kane 5,757 5,602 155 2.77% 3.13 1,839.30
307 Wilmington Greene 5,691 5,724 -33 -0.58% 0.79 7,203.80
308 Spring Grove McHenry 5,674 5,778 -104 -1.80% 8.68 653.69
309 Lake Bluff Lake 5,672 5,722 -50 -0.87% 4.05 1,400.49
310 Beardstown Cass 5,656 6,123 -467 -7.63% 3.57 1,584.31
311 Willow Springs Cook & DuPage 5,648 5,524 124 2.24% 4.01 1,408.48
312 Carlinville Macoupin 5,632 5,917 -285 -4.82% 2.99 1,883.61
313 Pontoon Beach Madison 5,609 5,836 -227 -3.89% 10.02 559.78
314 Monticello Piatt 5,585 5,548 37 0.67% 3.8 1,469.74
315 Pana Christian & Shelby 5,565 5,847 -282 -4.82% 3.84 1,449.22
316 Robbins Cook 5,460 5,337 123 2.30% 1.45 3,765.52
317 Northfield Cook 5,456 5,420 36 0.66% 3.21 1,699.69
318 Coal City Grundy & Will 5,434 5,587 -153 -2.74% 4.9 1,108.98
319 Pinckneyville Perry 5,404 5,648 -244 -4.32% 4.04 1,337.62
320 Eureka Woodford 5,383 5,295 88 1.66% 3.02 1,782.45
321 Highwood Lake 5,324 5,405 -81 -1.50% 0.71 7,498.59
322 Spring Valley Bureau 5,262 5,558 -296 -5.33% 7.37 713.98
323 Creve Coeur Tazewell 5,230 5,451 -221 -4.05% 4.31 1,213.46
324 Genoa DeKalb 5,194 5,193 1 0.02% 2.6 1,997.69
325 Berkeley Cook 5,148 5,209 -61 -1.17% 1.4 3,677.14
326 Hoopeston Vermilion 5,140 5,351 -211 -3.94% 3.69 1,392.95
327 Carmi White 5,105 5,240 -135 -2.58% 2.5 2,042.00
328 Colona Henry 5,086 5,099 -13 -0.25% 4.02 1,265.17
329 Monee Will 5,077 5,148 -71 -1.38% 4.42 1,148.64
330 Poplar Grove Boone 5,054 5,023 31 0.62% 8.03 629.39
331 Staunton Macoupin 5,044 5,139 -95 -1.85% 3.06 1,648.37
332 Milan Rock Island 5,038 5,099 -61 -1.20% 5.87 858.26
333 Centreville St. Clair 5,035 5,309 -274 -5.16% 4.23 1,190.31
334 Fairfield Wayne 5,024 5,154 -130 -2.52% 4.02 1,249.75
335 Watseka Iroquois 5,007 5,255 -248 -4.72% 3.05 1,641.64

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Available Mortgage Types

Downtown Peoria.

Fixed Rate Loans – Perhaps the most standard of all mortgage loans, the 30-year fixed rate mortgage is still the preference of many Illinois borrowers. These loans are recourse loans (see the discussion of foreclosure procedures below), and carry a fixed interest rate for the life of the loan. Occasionally available with a duration of 15 years at a decreased rate, typically fixed rate mortgages are 30 years long.

As of 2017 the conforming loan limit across the United States is set to $424,100, with a ceiling of 150% that amount in areas where median home values are higher. The $424,100 limit applies to all areas across the state of Illinois.

Adjustable Rate Mortgages (ARMs) – With an adjustable rate mortgage, there are two relevant time measures: how soon the rate may be adjusted for the first time and how often thereafter. Almost all ARM last for 30 years after they are initiated. This type of loan tends to carry an initial interest rate that is lower than the fixed option because the lender knows that if rates in the general market increase, the ARM can be reset higher, thus protecting the lender’s position. While not appropriate for everyone, this was an attractive option for borrowers who believed they would not remain in their home for an extended period of time. If you move before rates reset beyond the break-even level, the savings on the lower rate while you remain in the home is worthwhile. If you intend to pursue this approach, carefully assessing where the break-even point falls and making realistic projections about your future circumstances is a critical step in the process.

Interest-Only Loans – While far less available than they once were, Illinois permits this type of mortgage structure. Under an interest-only loan, the borrower is only paying toward the interest for the initial period of the loan, rather than paying down any amount of principal. Originally conceived to benefit homeowners at tax time, this structure was often abused. As all interest towards one’s primary residence is tax deductable, and interest-only loan maximizes this amount early in the payment process. At some point, however, the borrower must begin repaying principal. This can lead to a significant increase in the amount of the monthly payment. When combined with an adjustable rate (as was the case for many of these loans), the borrower often found him or herself in a position where the monthly payment on their loan spiked to a prohibitively high level. In the best scenario, the monthly payments are held consistent under this structure and the mortgage is granted at a fixed rate – over time, when enough interest has been paid, the borrower’s payments begin to be applied to principle, but this is seamless and unfelt by the borrower.

Flexible Payment Mortgages – All but eliminated today, a flexible payment mortgage allows the borrower to decide if he or she will make a principal and interest payment, make an interest payment only, or even skip a payment. This level of flexibility was granted during a time when many lenders considered prices on a never-ending upward trajectory. Since property could only increase in value, if foreclosure was necessary, the lender was protected. While legacy versions of this structure still exist, and new loans can occasionally be located, this option has essentially disappeared.

Home Equity Loans – Illinois law permits property owners to take out revolving lines of credit against property they own. The most common use of these loans in Illinois, aside from allowing borrowers to become over extended, is to help purchases of high cost property to avoid the increased interest rates associated with jumbo loans. In many, if not most, cases, the blended rate available from combining a traditional home mortgage with a higher rate home equity loan, is lower than the rate on a jumbo. This is particularly true for borrowers who are just above the conforming loan limits. This level, which had been set at $417,000 for many years, was recently raised to $730,000. Loans above the old limit, however, still attract the higher rates.

Water Powered Machine Shop Replica in Rockford, Illinois.

Natural Disasters

Flood Insurance

Homeowner's insurance policies typically do not cover flooding. Most of the state of Illinois is considered to have a very low flooding risk. Counties with relatively elevated risks are listed below.

  • low risk: Calhoun, Cook, DeKalb, Lake, Pulaski, Randolph, Vermillion, Winnebago
  • moderate risk: Clinton, Grundy, Henry, Jackson, Jersey, Lee, Marshall, McHenry, Ogle, Rock Island, Whiteside

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don€™t incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government€™s costs in the next disaster.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

Earthquakes

Most of Illinois has a very low earthquake risk. The southern edge of the state near where Arkansas, Illinois, Indiana, Kentucky, Tennessee, and Missouri converge there is a fault line which leads to moderate earthquake risk. Here is a list of counties with a risk profile above very low.

  • Low risk: Bond, Clinton, Crawford, Effingham, Fayette, Jasper, Madison, Monroe, Randolph, Saint Clair
  • Moderate risk: Alexander, Clay, Edwards, Franklin, Gallatin, Hamilton, Hardin, Jackson, Jefferson, Johnson, Lawrence, Marion, Massac, Perry, Pope, Pulaski, Richland, Saline, Union, Wabash, Washington, Wayne, White, Williamson

Standard rental and homeowner insurance policies typically do not cover earthquake damage, though they usually cover losses caused by fires which resulted from an earthquake. You can supplement your homeowner's insurance with an earthquake policy.

Tornadoes

Large portions of the state are considered to have a moderate tornado risk. The southern portion of the state bordering Missouri is considered to have a high to very high tornado risk. A basic homeowners policy should cover financial damages from tornadoes.

Hail

Hail damage is common across the state. Damage from hail is typically covered by home insurance policies.

Illinois Foreclosure Rules

Under Illinois law, both lenders and borrowers have certain rights in the foreclosure process. Every state has slightly different procedures, but each state strives to balance the rights of the lender and the borrower and to promote the general good.

Illinois State House and Capitol Building in Springfield.

What follows are the highlights of the Illinois system:

  1. Both judicial and non-judicial foreclosures are permitted, but as Illinois is a lien state (as opposed to a deed in trust) power of sale non-judicial foreclosures are banned. Essentially, in Illinois, a mortgage creates a lien by the mortgage holder against the property, rather than full property rights. The mortgage holder may therefore, proceed against the property both in and out of court, but may not simply sell the property out from under the delinquent home owner because it does not have sufficient property rights.
  2. The borrower has 90 days to reinstate the loan after being served with a judicial foreclosure and has 90 days to redeem the loan after a judgment of foreclosure is entered. Under the first of these right, the borrower may end the proceedings by bring the loan current. Under the second, the borrower may retain ownership of the home by paying the auction price after a foreclosed home has been sold. These rights have different subtleties, but combine to give a homeowner several protections, even after foreclosure procedures have commenced.
  3. Illinois is a recourse state, meaning that a lender make seek what is called a deficiency judgment. This means that if a borrower defaults on a mortgage, the lender forecloses and sells the house, and the sales price is insufficient to cover the principal amount of the loan, the lender may ask the court for a ruling against that borrower obligating him or her to pay the remaining balance. These judgments have limited effectiveness because usually a foreclosed homeowner has little asset with which to make repayment, but the right does give lenders and added level of protection.

As is the case in most states, legislators are regularly looking for ways to both protect their citizens and to ensure orderly lending practices. The recent financial turmoil has created new pressures to update laws from both perspectives, so homeowners are encouraged to keep abreast of changes that may potentially have a dramatic impact on their rights and responsibilities, particularly in case something goes astray.

Tonti Canyon Falls in Starved Rock State Park.