The typical owner-occupied home in Olympia Fields is worth about $329,000, 25% above the Illinois median of $263,300 and about the same as the national median of $332,700. Owners pay a median $9,686 a year in property taxes, about 2.94% of their home's value, higher than the Illinois rate of 2.01%. The median household earns $123,875 a year, so the median home costs 2.7 times the median income (3.2 times for Illinois). 89% of occupied homes here are lived in by their owners, and 80% of those owners still have a mortgage.
Olympia Fields at a glance
| Olympia Fields | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $329,000 | $263,300 | $332,700 |
| Median property tax paid per year | $9,686 | $5,298 | $3,119 |
| Property tax as a share of value | 2.94% | 2.01% | 0.94% |
| Median household income | $123,875 | $83,390 | $80,734 |
| Homes lived in by their owners | 89% | 67% | 65% |
| Owner homes with a mortgage | 80% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $2,567 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 25.1% | 20.6% | 21.0% |
| Median rent | $3,501 | $1,274 | $1,413 |
| Rent as a share of renters' income | 48.6% | 29.1% | 30.6% |
| Median year homes were built | 1980 | 1971 | 1980 |
| Vacant homes | 10.5% | 7.7% | 10.1% |
| Population | 4,734 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Olympia Fields
At this week's average 30-year rate of 7.11%, buying the median Olympia Fields home of $329,000 with 20% down costs about $2,714 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,262, 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 $116,301 for the 20%-down payment. That payment is 26% of the median Olympia Fields household income of $123,875; at that income and 20% down, the 28% guideline points to a home of about $350,000.
The median rent here is $3,501 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $65,800 |
|---|---|
| Loan amount | $263,200 |
| Principal and interest | $1,771 |
| Property taxes (2.94% a year) | $806 |
| Homeowners insurance (our estimate, 0.5% a year) | $137 |
| PMI | $0 |
| Total per month | $2,714 |
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| Down payment | $11,515 |
|---|---|
| Loan amount | $323,041 |
| Principal and interest | $2,173 |
| Property taxes (2.94% a year) | $806 |
| Homeowners insurance (our estimate, 0.5% a year) | $137 |
| FHA mortgage insurance | $146 |
| Total per month | $3,262 |
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Questions about home buying in Olympia Fields
What is the median home value in Olympia Fields?
About $329,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Olympia Fields?
Homeowners pay a median $9,686 a year, which is about 2.94% 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 Olympia Fields?
For the median home with 20% down at 7.11%, the payment is about $2,714 a month. Keeping that under 28% of gross income takes about $116,301 a year.
More about Olympia Fields
- Mortgage Refinance in Olympia Fields
- Debt Relief in Olympia Fields
- Home Equity Loans in Olympia Fields
- 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