The typical owner-occupied home in Cortland is worth about $233,200, 11% below the Illinois median of $263,300 and 30% below the national median of $332,700. Owners pay a median $6,624 a year in property taxes, about 2.84% of their home's value, higher than the Illinois rate of 2.01%. The median household earns $73,971 a year, so the median home costs 3.2 times the median income (3.2 times for Illinois). 78% of occupied homes here are lived in by their owners, and 83% of those owners still have a mortgage.
Cortland at a glance
| Cortland | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $233,200 | $263,300 | $332,700 |
| Median property tax paid per year | $6,624 | $5,298 | $3,119 |
| Property tax as a share of value | 2.84% | 2.01% | 0.94% |
| Median household income | $73,971 | $83,390 | $80,734 |
| Homes lived in by their owners | 78% | 67% | 65% |
| Owner homes with a mortgage | 83% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,919 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 25.0% | 20.6% | 21.0% |
| Median rent | $1,552 | $1,274 | $1,413 |
| Rent as a share of renters' income | 34.5% | 29.1% | 30.6% |
| Median year homes were built | 1998 | 1971 | 1980 |
| Vacant homes | 0.0% | 7.7% | 10.1% |
| Population | 4,564 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Cortland
At this week's average 30-year rate of 7.11%, buying the median Cortland home of $233,200 with 20% down costs about $1,904 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,293, 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 $81,603 for the 20%-down payment. That payment is 31% of the median Cortland household income of $73,971; at that income and 20% down, the 28% guideline points to a home of about $211,000.
The median rent here is $1,552 a month, so owning the median home costs about $352 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $46,640 |
|---|---|
| Loan amount | $186,560 |
| Principal and interest | $1,255 |
| Property taxes (2.84% a year) | $552 |
| Homeowners insurance (our estimate, 0.5% a year) | $97 |
| PMI | $0 |
| Total per month | $1,904 |
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| Down payment | $8,162 |
|---|---|
| Loan amount | $228,976 |
| Principal and interest | $1,540 |
| Property taxes (2.84% a year) | $552 |
| Homeowners insurance (our estimate, 0.5% a year) | $97 |
| FHA mortgage insurance | $103 |
| Total per month | $2,293 |
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Questions about home buying in Cortland
What is the median home value in Cortland?
About $233,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Cortland?
Homeowners pay a median $6,624 a year, which is about 2.84% 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 Cortland?
For the median home with 20% down at 7.11%, the payment is about $1,904 a month. Keeping that under 28% of gross income takes about $81,603 a year.
More about Cortland
- Mortgage Refinance in Cortland
- Debt Relief in Cortland
- Home Equity Loans in Cortland
- 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