The typical owner-occupied home in Champaign is worth about $210,900, 20% below the Illinois median of $263,300 and 37% below the national median of $332,700. Owners pay a median $4,639 a year in property taxes, about 2.20% of their home's value, higher than the Illinois rate of 2.01%. The median household earns $56,118 a year, so the median home costs 3.8 times the median income (3.2 times for Illinois). 44% of occupied homes here are lived in by their owners, and 61% of those owners still have a mortgage.
Champaign at a glance
| Champaign | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $210,900 | $263,300 | $332,700 |
| Median property tax paid per year | $4,639 | $5,298 | $3,119 |
| Property tax as a share of value | 2.20% | 2.01% | 0.94% |
| Median household income | $56,118 | $83,390 | $80,734 |
| Homes lived in by their owners | 44% | 67% | 65% |
| Owner homes with a mortgage | 61% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,643 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 18.9% | 20.6% | 21.0% |
| Median rent | $1,123 | $1,274 | $1,413 |
| Rent as a share of renters' income | 34.9% | 29.1% | 30.6% |
| Median year homes were built | 1985 | 1971 | 1980 |
| Vacant homes | 10.9% | 7.7% | 10.1% |
| Population | 89,996 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Champaign
At this week's average 30-year rate of 7.11%, buying the median Champaign home of $210,900 with 20% down costs about $1,610 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,961, 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 $68,979 for the 20%-down payment. That payment is 34% of the median Champaign household income of $56,118; at that income and 20% down, the 28% guideline points to a home of about $172,000.
The median rent here is $1,123 a month, so owning the median home costs about $487 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $42,180 |
|---|---|
| Loan amount | $168,720 |
| Principal and interest | $1,135 |
| Property taxes (2.20% a year) | $387 |
| Homeowners insurance (our estimate, 0.5% a year) | $88 |
| PMI | $0 |
| Total per month | $1,610 |
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| Down payment | $7,382 |
|---|---|
| Loan amount | $207,080 |
| Principal and interest | $1,393 |
| Property taxes (2.20% a year) | $387 |
| Homeowners insurance (our estimate, 0.5% a year) | $88 |
| FHA mortgage insurance | $93 |
| Total per month | $1,961 |
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Questions about home buying in Champaign
What is the median home value in Champaign?
About $210,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Champaign?
Homeowners pay a median $4,639 a year, which is about 2.20% 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 Champaign?
For the median home with 20% down at 7.11%, the payment is about $1,610 a month. Keeping that under 28% of gross income takes about $68,979 a year.
More about Champaign
- Mortgage Refinance in Champaign
- Debt Relief in Champaign
- Home Equity Loans in Champaign
- 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