CALCMONEY // HOME AFFORDABILITY // IL // HIGHLAND PARK
How much house can you afford in Highland Park? Based on local median home prices, current IL mortgage rates, and Highland Park property tax data.
$980,000
$7,313/mo
$313,414/yr
$383,338
Monthly housing costs of $7,313 represent 49.3% of Highland Park's median gross monthly income ($14,833/mo). At 49.3%, median-income buyers in Highland Park are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $980,000 |
| Down Payment (20%) | $196,000 |
| Loan Amount | $784,000 |
| Monthly PI Payment | $5,190 |
| Monthly Property Tax | $1,715 |
| Monthly Insurance Est. | $408 |
| Total Monthly PITI | $7,313 |
| Housing Cost % of Income | 49.3% |
| Required Income (28% rule) | $313,414/yr |
| Max Affordable Home | $383,338 |
$34,300
$9,053/mo
Highland Park Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $980,000 | Highland Park city median |
| Down Payment (20%) | $196,000 | Conventional loan |
| Monthly PITI | $7,313 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $313,414 | Annual gross |
| Max Affordable Home | $383,338 | Based on median income |
| FHA Down (3.5%) | $34,300 | Minimum FHA |
| Housing Cost % of Income | 49.3% | Median income: $178,000/yr |
| Property Tax Rate | 2.1% | $20,580/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Highland Park is $980,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $784,000, generating a monthly P&I payment of $5,190. Adding property taxes ($1,715/mo) and homeowners insurance ($408/mo) brings total monthly PITI to $7,313.
Highland Park's property tax rate of 2.1% is notably high, meaningfully reducing how much home buyers can afford — lenders factor this directly into debt-to-income calculations. On the Highland Park median home, that is $1,715/month, or $20,580 per year.
Illinois levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Highland Park should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Highland Park's median income of $178,000/year can afford up to $4,153/month in total housing costs. Based on Highland Park's mortgage rate of 6.95% and property tax rate of 2.1%, that translates to a maximum affordable home price of approximately $383,338 with 20% down on a 30-year loan.
To afford the median Highland Park home priced at $980,000, you need an annual gross income of approximately $313,414. Total monthly housing costs (principal and interest of $5,190, property taxes of $1,715, and insurance of $408) come to $7,313/month, which equals 28% of the required income.
At the median home price of $980,000 and median household income of $178,000, the total monthly housing cost of $7,313 represents 49.3% of gross monthly income. This is well above the standard 28% threshold, making Highland Park a challenging market for buyers at median income.
A conventional 20% down payment on the median Highland Park home of $980,000 is $196,000. An FHA loan requires just 3.5% down — $34,300 — but adds mortgage insurance of roughly $670/month, bringing total FHA payments to $9,053/month.