The typical owner-occupied home in Park Ridge is worth about $551,200, 2.1 times the Illinois median of $263,300 and 66% above the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 1.81% of their home's value, lower than the Illinois rate of 2.01%. The median household earns $142,986 a year, so the median home costs 3.9 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.
Park Ridge at a glance
| Park Ridge | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $551,200 | $263,300 | $332,700 |
| Median property tax paid per year | $10,001 | $5,298 | $3,119 |
| Property tax as a share of value | 1.81% | 2.01% | 0.94% |
| Median household income | $142,986 | $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 | $3,312 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 20.0% | 20.6% | 21.0% |
| Median rent | $1,537 | $1,274 | $1,413 |
| Rent as a share of renters' income | 27.7% | 29.1% | 30.6% |
| Median year homes were built | 1960 | 1971 | 1980 |
| Vacant homes | 4.5% | 7.7% | 10.1% |
| Population | 38,667 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Park Ridge
At this week's average 30-year rate of 7.11%, buying the median Park Ridge home of $551,200 with 20% down costs about $4,027 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $4,946, 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 $172,604 for the 20%-down payment. That payment is 34% of the median Park Ridge household income of $142,986; at that income and 20% down, the 28% guideline points to a home of about $457,000.
The median rent here is $1,537 a month, so owning the median home costs about $2,490 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $110,240 |
|---|---|
| Loan amount | $440,960 |
| Principal and interest | $2,966 |
| Property taxes (1.81% a year) | $831 |
| Homeowners insurance (our estimate, 0.5% a year) | $230 |
| PMI | $0 |
| Total per month | $4,027 |
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| Down payment | $19,292 |
|---|---|
| Loan amount | $541,216 |
| Principal and interest | $3,641 |
| Property taxes (1.81% a year) | $831 |
| Homeowners insurance (our estimate, 0.5% a year) | $230 |
| FHA mortgage insurance | $244 |
| Total per month | $4,946 |
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Questions about home buying in Park Ridge
What is the median home value in Park Ridge?
About $551,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Park Ridge?
Homeowners pay a median $10,001 a year, which is about 1.81% 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 Park Ridge?
For the median home with 20% down at 7.11%, the payment is about $4,027 a month. Keeping that under 28% of gross income takes about $172,604 a year.
More about Park Ridge
- Mortgage Refinance in Park Ridge
- Debt Relief in Park Ridge
- Home Equity Loans in Park Ridge
- 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