The typical owner-occupied home in Harwood Heights is worth about $321,900, 22% above the Illinois median of $263,300 and 3% below the national median of $332,700. Owners pay a median $5,930 a year in property taxes, about 1.84% of their home's value, lower than the Illinois rate of 2.01%. The median household earns $81,086 a year, so the median home costs 4.0 times the median income (3.2 times for Illinois). 59% of occupied homes here are lived in by their owners, and 44% of those owners still have a mortgage.
Harwood Heights at a glance
| Harwood Heights | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $321,900 | $263,300 | $332,700 |
| Median property tax paid per year | $5,930 | $5,298 | $3,119 |
| Property tax as a share of value | 1.84% | 2.01% | 0.94% |
| Median household income | $81,086 | $83,390 | $80,734 |
| Homes lived in by their owners | 59% | 67% | 65% |
| Owner homes with a mortgage | 44% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $2,177 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 25.9% | 20.6% | 21.0% |
| Median rent | $1,236 | $1,274 | $1,413 |
| Rent as a share of renters' income | 23.0% | 29.1% | 30.6% |
| Median year homes were built | 1968 | 1971 | 1980 |
| Vacant homes | 3.1% | 7.7% | 10.1% |
| Population | 8,821 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Harwood Heights
At this week's average 30-year rate of 7.11%, buying the median Harwood Heights home of $321,900 with 20% down costs about $2,360 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,896, 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 $101,145 for the 20%-down payment. That payment is 35% of the median Harwood Heights household income of $81,086; at that income and 20% down, the 28% guideline points to a home of about $258,000.
The median rent here is $1,236 a month, so owning the median home costs about $1,124 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $64,380 |
|---|---|
| Loan amount | $257,520 |
| Principal and interest | $1,732 |
| Property taxes (1.84% a year) | $494 |
| Homeowners insurance (our estimate, 0.5% a year) | $134 |
| PMI | $0 |
| Total per month | $2,360 |
Change the numbers in the calculator
| Down payment | $11,266 |
|---|---|
| Loan amount | $316,070 |
| Principal and interest | $2,126 |
| Property taxes (1.84% a year) | $494 |
| Homeowners insurance (our estimate, 0.5% a year) | $134 |
| FHA mortgage insurance | $142 |
| Total per month | $2,896 |
Change the numbers in the calculator
Questions about home buying in Harwood Heights
What is the median home value in Harwood Heights?
About $321,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Harwood Heights?
Homeowners pay a median $5,930 a year, which is about 1.84% 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 Harwood Heights?
For the median home with 20% down at 7.11%, the payment is about $2,360 a month. Keeping that under 28% of gross income takes about $101,145 a year.
More about Harwood Heights
- Mortgage Refinance in Harwood Heights
- Debt Relief in Harwood Heights
- Home Equity Loans in Harwood Heights
- 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