The typical owner-occupied home in Morton Grove is worth about $389,100, 48% above the Illinois median of $263,300 and 17% above the national median of $332,700. Owners pay a median $8,109 a year in property taxes, about 2.08% of their home's value, close to the Illinois rate of 2.01%. The median household earns $111,116 a year, so the median home costs 3.5 times the median income (3.2 times for Illinois). 85% of occupied homes here are lived in by their owners, and 58% of those owners still have a mortgage.
Morton Grove at a glance
| Morton Grove | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $389,100 | $263,300 | $332,700 |
| Median property tax paid per year | $8,109 | $5,298 | $3,119 |
| Property tax as a share of value | 2.08% | 2.01% | 0.94% |
| Median household income | $111,116 | $83,390 | $80,734 |
| Homes lived in by their owners | 85% | 67% | 65% |
| Owner homes with a mortgage | 58% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $2,571 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 22.9% | 20.6% | 21.0% |
| Median rent | $2,164 | $1,274 | $1,413 |
| Rent as a share of renters' income | 30.2% | 29.1% | 30.6% |
| Median year homes were built | 1961 | 1971 | 1980 |
| Vacant homes | 4.2% | 7.7% | 10.1% |
| Population | 24,619 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Morton Grove
At this week's average 30-year rate of 7.11%, buying the median Morton Grove home of $389,100 with 20% down costs about $2,931 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,579, 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 $125,596 for the 20%-down payment. That payment is 32% of the median Morton Grove household income of $111,116; at that income and 20% down, the 28% guideline points to a home of about $344,000.
The median rent here is $2,164 a month, so owning the median home costs about $767 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $77,820 |
|---|---|
| Loan amount | $311,280 |
| Principal and interest | $2,094 |
| Property taxes (2.08% a year) | $674 |
| Homeowners insurance (our estimate, 0.5% a year) | $162 |
| PMI | $0 |
| Total per month | $2,931 |
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| Down payment | $13,618 |
|---|---|
| Loan amount | $382,052 |
| Principal and interest | $2,570 |
| Property taxes (2.08% a year) | $674 |
| Homeowners insurance (our estimate, 0.5% a year) | $162 |
| FHA mortgage insurance | $172 |
| Total per month | $3,579 |
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Questions about home buying in Morton Grove
What is the median home value in Morton Grove?
About $389,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Morton Grove?
Homeowners pay a median $8,109 a year, which is about 2.08% 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 Morton Grove?
For the median home with 20% down at 7.11%, the payment is about $2,931 a month. Keeping that under 28% of gross income takes about $125,596 a year.
More about Morton Grove
- Mortgage Refinance in Morton Grove
- Debt Relief in Morton Grove
- Home Equity Loans in Morton Grove
- 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