The typical owner-occupied home in Tolono is worth about $208,600, 21% below the Illinois median of $263,300 and 37% below the national median of $332,700. Owners pay a median $3,605 a year in property taxes, about 1.73% of their home's value, lower than the Illinois rate of 2.01%. The median household earns $69,653 a year, so the median home costs 3.0 times the median income (3.2 times for Illinois). 71% of occupied homes here are lived in by their owners, and 62% of those owners still have a mortgage.
Tolono at a glance
| Tolono | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $208,600 | $263,300 | $332,700 |
| Median property tax paid per year | $3,605 | $5,298 | $3,119 |
| Property tax as a share of value | 1.73% | 2.01% | 0.94% |
| Median household income | $69,653 | $83,390 | $80,734 |
| Homes lived in by their owners | 71% | 67% | 65% |
| Owner homes with a mortgage | 62% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,567 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 18.9% | 20.6% | 21.0% |
| Median rent | $945 | $1,274 | $1,413 |
| Rent as a share of renters' income | 32.8% | 29.1% | 30.6% |
| Median year homes were built | 1986 | 1971 | 1980 |
| Vacant homes | 4.5% | 7.7% | 10.1% |
| Population | 3,566 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Tolono
At this week's average 30-year rate of 7.11%, buying the median Tolono home of $208,600 with 20% down costs about $1,510 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,858, 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 $64,725 for the 20%-down payment. That payment is 26% of the median Tolono household income of $69,653; at that income and 20% down, the 28% guideline points to a home of about $224,000.
The median rent here is $945 a month, so owning the median home costs about $565 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $41,720 |
|---|---|
| Loan amount | $166,880 |
| Principal and interest | $1,123 |
| Property taxes (1.73% a year) | $301 |
| Homeowners insurance (our estimate, 0.5% a year) | $87 |
| PMI | $0 |
| Total per month | $1,510 |
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| Down payment | $7,301 |
|---|---|
| Loan amount | $204,822 |
| Principal and interest | $1,378 |
| Property taxes (1.73% a year) | $301 |
| Homeowners insurance (our estimate, 0.5% a year) | $87 |
| FHA mortgage insurance | $92 |
| Total per month | $1,858 |
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Questions about home buying in Tolono
What is the median home value in Tolono?
About $208,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Tolono?
Homeowners pay a median $3,605 a year, which is about 1.73% 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 Tolono?
For the median home with 20% down at 7.11%, the payment is about $1,510 a month. Keeping that under 28% of gross income takes about $64,725 a year.
More about Tolono
- Mortgage Refinance in Tolono
- Debt Relief in Tolono
- Home Equity Loans in Tolono
- 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