The typical owner-occupied home in Palos Park is worth about $464,700, 76% above the Illinois median of $263,300 and 40% above the national median of $332,700. Owners pay a median $9,152 a year in property taxes, about 1.97% of their home's value, close to the Illinois rate of 2.01%. The median household earns $121,696 a year, so the median home costs 3.8 times the median income (3.2 times for Illinois). 90% of occupied homes here are lived in by their owners, and 50% of those owners still have a mortgage.
Palos Park at a glance
| Palos Park | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $464,700 | $263,300 | $332,700 |
| Median property tax paid per year | $9,152 | $5,298 | $3,119 |
| Property tax as a share of value | 1.97% | 2.01% | 0.94% |
| Median household income | $121,696 | $83,390 | $80,734 |
| Homes lived in by their owners | 90% | 67% | 65% |
| Owner homes with a mortgage | 50% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $3,691 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 23.2% | 20.6% | 21.0% |
| Median rent | – | $1,274 | $1,413 |
| Rent as a share of renters' income | 28.4% | 29.1% | 30.6% |
| Median year homes were built | 1976 | 1971 | 1980 |
| Vacant homes | 6.8% | 7.7% | 10.1% |
| Population | 4,816 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Palos Park
At this week's average 30-year rate of 7.11%, buying the median Palos Park home of $464,700 with 20% down costs about $3,457 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $4,231, 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 $148,173 for the 20%-down payment. That payment is 34% of the median Palos Park household income of $121,696; at that income and 20% down, the 28% guideline points to a home of about $382,000.
| Down payment | $92,940 |
|---|---|
| Loan amount | $371,760 |
| Principal and interest | $2,501 |
| Property taxes (1.97% a year) | $763 |
| Homeowners insurance (our estimate, 0.5% a year) | $194 |
| PMI | $0 |
| Total per month | $3,457 |
Change the numbers in the calculator
| Down payment | $16,264 |
|---|---|
| Loan amount | $456,283 |
| Principal and interest | $3,069 |
| Property taxes (1.97% a year) | $763 |
| Homeowners insurance (our estimate, 0.5% a year) | $194 |
| FHA mortgage insurance | $206 |
| Total per month | $4,231 |
Change the numbers in the calculator
Questions about home buying in Palos Park
What is the median home value in Palos Park?
About $464,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Palos Park?
Homeowners pay a median $9,152 a year, which is about 1.97% 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 Palos Park?
For the median home with 20% down at 7.11%, the payment is about $3,457 a month. Keeping that under 28% of gross income takes about $148,173 a year.
More about Palos Park
- Mortgage Refinance in Palos Park
- Debt Relief in Palos Park
- Home Equity Loans in Palos Park
- 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