"In 2024, the typical price for a starter home in Illinois was $160,200, requiring a salary of at least $38,369 to stay affordable."
"Illinois scored a 'C' in home ownership affordability, indicating challenges due to low new construction and limited inventory growth."
Navigating the home buying process in Illinois can be daunting for first-time buyers due to rising prices and mortgage rates. However, opportunities abound in both urban and rural markets, with starter homes averaging $160,200 in cost as of 2024. To keep mortgage payments manageable, buyers should aim for an annual income of $38,369. While Illinois is relatively affordable compared to neighboring states, it struggles with supply issues, receiving a 'C' in affordability due to low homebuilding permits issued in comparison to population.
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