Affordability evidence
Elgin, IL home values, income, and owner costs
A borrower-focused reading of the latest ACS value, income, and owner-cost evidence for Elgin, IL.
Source: U.S. Census Bureau
Last updated . Article facts reviewed through this date. Time-sensitive figures show their own as-of dates.
Start with the dated local finding: In Elgin, IL, the 2024 ACS reports a median owner-occupied home value of $273,000, median household income of $90,282, and median selected monthly owner costs of $2,016 for owners with a mortgage. Together, those three reference points may help a borrower identify which search-price, income, and recurring-cost assumptions need current verification first. They remain separate medians, not the finances of one representative household, and the $2,016 measure combines recurring ownership expenses rather than real estate taxes alone. For borrower planning, a useful affordability review starts with $273,000, $90,282, and $2,016, then replaces them with the borrower's documented income, cash, debts, property taxes, insurance, association charges, loan terms, and intended occupancy.
Elgin, IL's $273,000 median home-value estimate is above the statewide $263,300 estimate, with a reported city-to-state gap of 3.7%.