The typical owner-occupied home in Marshall is worth about $118,500, 55% below the Illinois median of $263,300 and 64% below the national median of $332,700. Owners pay a median $2,131 a year in property taxes, about 1.80% of their home's value, lower than the Illinois rate of 2.01%. The median household earns $76,250 a year, so the median home costs 1.6 times the median income (3.2 times for Illinois). 67% of occupied homes here are lived in by their owners, and 58% of those owners still have a mortgage.
Marshall at a glance
| Marshall | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $118,500 | $263,300 | $332,700 |
| Median property tax paid per year | $2,131 | $5,298 | $3,119 |
| Property tax as a share of value | 1.80% | 2.01% | 0.94% |
| Median household income | $76,250 | $83,390 | $80,734 |
| Homes lived in by their owners | 67% | 67% | 65% |
| Owner homes with a mortgage | 58% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,187 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 16.1% | 20.6% | 21.0% |
| Median rent | $867 | $1,274 | $1,413 |
| Rent as a share of renters' income | 27.9% | 29.1% | 30.6% |
| Median year homes were built | 1973 | 1971 | 1980 |
| Vacant homes | 8.8% | 7.7% | 10.1% |
| Population | 4,040 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Marshall
At this week's average 30-year rate of 7.11%, buying the median Marshall home of $118,500 with 20% down costs about $865 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,062, 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 $37,065 for the 20%-down payment. That payment is 14% of the median Marshall household income of $76,250; at that income and 20% down, the 28% guideline points to a home of about $244,000.
The median rent here is $867 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $23,700 |
|---|---|
| Loan amount | $94,800 |
| Principal and interest | $638 |
| Property taxes (1.80% a year) | $178 |
| Homeowners insurance (our estimate, 0.5% a year) | $49 |
| PMI | $0 |
| Total per month | $865 |
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| Down payment | $4,148 |
|---|---|
| Loan amount | $116,354 |
| Principal and interest | $783 |
| Property taxes (1.80% a year) | $178 |
| Homeowners insurance (our estimate, 0.5% a year) | $49 |
| FHA mortgage insurance | $52 |
| Total per month | $1,062 |
Change the numbers in the calculator
Questions about home buying in Marshall
What is the median home value in Marshall?
About $118,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Marshall?
Homeowners pay a median $2,131 a year, which is about 1.80% 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 Marshall?
For the median home with 20% down at 7.11%, the payment is about $865 a month. Keeping that under 28% of gross income takes about $37,065 a year.
More about Marshall
- Mortgage Refinance in Marshall
- Debt Relief in Marshall
- Home Equity Loans in Marshall
- 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