The typical owner-occupied home in Mahomet is worth about $299,100, 14% above the Illinois median of $263,300 and 10% below the national median of $332,700. Owners pay a median $6,537 a year in property taxes, about 2.19% of their home's value, higher than the Illinois rate of 2.01%. The median household earns $118,586 a year, so the median home costs 2.5 times the median income (3.2 times for Illinois). 79% of occupied homes here are lived in by their owners, and 78% of those owners still have a mortgage.
Mahomet at a glance
| Mahomet | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $299,100 | $263,300 | $332,700 |
| Median property tax paid per year | $6,537 | $5,298 | $3,119 |
| Property tax as a share of value | 2.19% | 2.01% | 0.94% |
| Median household income | $118,586 | $83,390 | $80,734 |
| Homes lived in by their owners | 79% | 67% | 65% |
| Owner homes with a mortgage | 78% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $2,158 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 19.4% | 20.6% | 21.0% |
| Median rent | $1,396 | $1,274 | $1,413 |
| Rent as a share of renters' income | 29.0% | 29.1% | 30.6% |
| Median year homes were built | 2001 | 1971 | 1980 |
| Vacant homes | 8.1% | 7.7% | 10.1% |
| Population | 10,049 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Mahomet
At this week's average 30-year rate of 7.11%, buying the median Mahomet home of $299,100 with 20% down costs about $2,280 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,778, 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 $97,720 for the 20%-down payment. That payment is 23% of the median Mahomet household income of $118,586; at that income and 20% down, the 28% guideline points to a home of about $363,000.
The median rent here is $1,396 a month, so owning the median home costs about $884 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $59,820 |
|---|---|
| Loan amount | $239,280 |
| Principal and interest | $1,610 |
| Property taxes (2.19% a year) | $546 |
| Homeowners insurance (our estimate, 0.5% a year) | $125 |
| PMI | $0 |
| Total per month | $2,280 |
Change the numbers in the calculator
| Down payment | $10,468 |
|---|---|
| Loan amount | $293,683 |
| Principal and interest | $1,976 |
| Property taxes (2.19% a year) | $546 |
| Homeowners insurance (our estimate, 0.5% a year) | $125 |
| FHA mortgage insurance | $132 |
| Total per month | $2,778 |
Change the numbers in the calculator
Questions about home buying in Mahomet
What is the median home value in Mahomet?
About $299,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Mahomet?
Homeowners pay a median $6,537 a year, which is about 2.19% 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 Mahomet?
For the median home with 20% down at 7.11%, the payment is about $2,280 a month. Keeping that under 28% of gross income takes about $97,720 a year.
More about Mahomet
- Mortgage Refinance in Mahomet
- Debt Relief in Mahomet
- Home Equity Loans in Mahomet
- 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