The typical owner-occupied home in Lima is worth about $88,800, 66% below the Illinois median of $263,300 and 73% below the national median of $332,700. Owners pay a median $1,725 a year in property taxes, about 1.94% of their home's value, close to the Illinois rate of 2.01%. The median household earns $74,375 a year, so the median home costs 1.2 times the median income (3.2 times for Illinois). 79% of occupied homes here are lived in by their owners, and 31% of those owners still have a mortgage.
Lima at a glance
| Lima | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $88,800 | $263,300 | $332,700 |
| Median property tax paid per year | $1,725 | $5,298 | $3,119 |
| Property tax as a share of value | 1.94% | 2.01% | 0.94% |
| Median household income | $74,375 | $83,390 | $80,734 |
| Homes lived in by their owners | 79% | 67% | 65% |
| Owner homes with a mortgage | 31% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $880 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 12.8% | 20.6% | 21.0% |
| Median rent | – | $1,274 | $1,413 |
| Median year homes were built | 1955 | 1971 | 1980 |
| Vacant homes | 9.6% | 7.7% | 10.1% |
| Population | 224 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Lima
At this week's average 30-year rate of 7.11%, buying the median Lima home of $88,800 with 20% down costs about $658 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $806, 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 $28,219 for the 20%-down payment. That payment is 11% of the median Lima household income of $74,375; at that income and 20% down, the 28% guideline points to a home of about $234,000.
| Down payment | $17,760 |
|---|---|
| Loan amount | $71,040 |
| Principal and interest | $478 |
| Property taxes (1.94% a year) | $144 |
| Homeowners insurance (our estimate, 0.5% a year) | $37 |
| PMI | $0 |
| Total per month | $658 |
Change the numbers in the calculator
| Down payment | $3,108 |
|---|---|
| Loan amount | $87,192 |
| Principal and interest | $587 |
| Property taxes (1.94% a year) | $144 |
| Homeowners insurance (our estimate, 0.5% a year) | $37 |
| FHA mortgage insurance | $39 |
| Total per month | $806 |
Change the numbers in the calculator
Questions about home buying in Lima
What is the median home value in Lima?
About $88,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Lima?
Homeowners pay a median $1,725 a year, which is about 1.94% 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 Lima?
For the median home with 20% down at 7.11%, the payment is about $658 a month. Keeping that under 28% of gross income takes about $28,219 a year.
More about Lima
- Mortgage Refinance in Lima
- Debt Relief in Lima
- Home Equity Loans in Lima
- 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