How Much House Can You Afford in Illinois?
Lenders typically use the 28/36 rule: your monthly housing payment should not exceed 28% of gross monthly income, and total debt payments should stay under 36%. With Illinois's median income of $72,000/year ($6,000/month), that means a maximum housing payment of roughly $1,680/month.
At 6.84% over 30 years with a 10% down payment ($28,000), that monthly budget supports a purchase price of approximately $266,000–$280,000. The median home price in Illinois is $280,000, which means housing is more affordable than the national average.