The typical owner-occupied home in Elgin is worth about $356,800, 10% below the Arizona median of $394,500 and 7% above the national median of $332,700. Owners pay a median $2,604 a year in property taxes, about 0.73% of their home's value, higher than the Arizona rate of 0.48%. The median household earns $90,231 a year, so the median home costs 4.0 times the median income (4.9 times for Arizona). 71% of occupied homes here are lived in by their owners, and 39% of those owners still have a mortgage.
Elgin at a glance
| Elgin | Arizona | U.S. | |
|---|---|---|---|
| Median home value | $356,800 | $394,500 | $332,700 |
| Median property tax paid per year | $2,604 | $1,879 | $3,119 |
| Property tax as a share of value | 0.73% | 0.48% | 0.94% |
| Median household income | $90,231 | $79,964 | $80,734 |
| Homes lived in by their owners | 71% | 67% | 65% |
| Owner homes with a mortgage | 39% | 62% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,803 | $1,963 |
| Median rent | – | $1,543 | $1,413 |
| Median year homes were built | 1975 | 1992 | 1980 |
| Vacant homes | 0.0% | 10.5% | 10.1% |
| Population | 349 | 7,378,838 | 334,922,499 |
What a typical home costs per month in Elgin
At this week's average 30-year rate of 7.11%, buying the median Elgin home of $356,800 with 20% down costs about $2,286 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,880, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $97,967 for the 20%-down payment. That payment is 30% of the median Elgin household income of $90,231; at that income and 20% down, the 28% guideline points to a home of about $329,000.
| Down payment | $71,360 |
|---|---|
| Loan amount | $285,440 |
| Principal and interest | $1,920 |
| Property taxes (0.73% a year) | $217 |
| Homeowners insurance (our estimate, 0.5% a year) | $149 |
| PMI | $0 |
| Total per month | $2,286 |
Change the numbers in the calculator
| Down payment | $12,488 |
|---|---|
| Loan amount | $350,337 |
| Principal and interest | $2,357 |
| Property taxes (0.73% a year) | $217 |
| Homeowners insurance (our estimate, 0.5% a year) | $149 |
| FHA mortgage insurance | $158 |
| Total per month | $2,880 |
Change the numbers in the calculator
Questions about home buying in Elgin
What is the median home value in Elgin?
About $356,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elgin?
Homeowners pay a median $2,604 a year, which is about 0.73% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Elgin?
For the median home with 20% down at 7.11%, the payment is about $2,286 a month. Keeping that under 28% of gross income takes about $97,967 a year.
More about Elgin
- Mortgage Refinance in Elgin
- Debt Relief in Elgin
- Home Equity Loans in Elgin
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data