The typical owner-occupied home in Prospect Heights is worth about $346,500, 32% above the Illinois median of $263,300 and 4% above the national median of $332,700. Owners pay a median $7,289 a year in property taxes, about 2.10% of their home's value, close to the Illinois rate of 2.01%. The median household earns $85,008 a year, so the median home costs 4.1 times the median income (3.2 times for Illinois). 67% of occupied homes here are lived in by their owners, and 47% of those owners still have a mortgage.
Prospect Heights at a glance
| Prospect Heights | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $346,500 | $263,300 | $332,700 |
| Median property tax paid per year | $7,289 | $5,298 | $3,119 |
| Property tax as a share of value | 2.10% | 2.01% | 0.94% |
| Median household income | $85,008 | $83,390 | $80,734 |
| Homes lived in by their owners | 67% | 67% | 65% |
| Owner homes with a mortgage | 47% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $2,506 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 23.8% | 20.6% | 21.0% |
| Median rent | $1,475 | $1,274 | $1,413 |
| Rent as a share of renters' income | 25.6% | 29.1% | 30.6% |
| Median year homes were built | 1976 | 1971 | 1980 |
| Vacant homes | 3.4% | 7.7% | 10.1% |
| Population | 15,618 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Prospect Heights
At this week's average 30-year rate of 7.11%, buying the median Prospect Heights home of $346,500 with 20% down costs about $2,615 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,193, 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 $112,092 for the 20%-down payment. That payment is 37% of the median Prospect Heights household income of $85,008; at that income and 20% down, the 28% guideline points to a home of about $263,000.
The median rent here is $1,475 a month, so owning the median home costs about $1,140 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $69,300 |
|---|---|
| Loan amount | $277,200 |
| Principal and interest | $1,865 |
| Property taxes (2.10% a year) | $606 |
| Homeowners insurance (our estimate, 0.5% a year) | $144 |
| PMI | $0 |
| Total per month | $2,615 |
Change the numbers in the calculator
| Down payment | $12,128 |
|---|---|
| Loan amount | $340,224 |
| Principal and interest | $2,289 |
| Property taxes (2.10% a year) | $606 |
| Homeowners insurance (our estimate, 0.5% a year) | $144 |
| FHA mortgage insurance | $153 |
| Total per month | $3,193 |
Change the numbers in the calculator
Questions about home buying in Prospect Heights
What is the median home value in Prospect Heights?
About $346,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Prospect Heights?
Homeowners pay a median $7,289 a year, which is about 2.10% 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 Prospect Heights?
For the median home with 20% down at 7.11%, the payment is about $2,615 a month. Keeping that under 28% of gross income takes about $112,092 a year.
More about Prospect Heights
- Mortgage Refinance in Prospect Heights
- Debt Relief in Prospect Heights
- Home Equity Loans in Prospect 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