The typical owner-occupied home in Paxton is worth about $120,400, 54% below the Illinois median of $263,300 and 64% below the national median of $332,700. Owners pay a median $2,842 a year in property taxes, about 2.36% of their home's value, higher than the Illinois rate of 2.01%. The median household earns $62,386 a year, so the median home costs 1.9 times the median income (3.2 times for Illinois). 73% of occupied homes here are lived in by their owners, and 58% of those owners still have a mortgage.
Paxton at a glance
| Paxton | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $120,400 | $263,300 | $332,700 |
| Median property tax paid per year | $2,842 | $5,298 | $3,119 |
| Property tax as a share of value | 2.36% | 2.01% | 0.94% |
| Median household income | $62,386 | $83,390 | $80,734 |
| Homes lived in by their owners | 73% | 67% | 65% |
| Owner homes with a mortgage | 58% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,149 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 18.7% | 20.6% | 21.0% |
| Median rent | $784 | $1,274 | $1,413 |
| Rent as a share of renters' income | 25.4% | 29.1% | 30.6% |
| Median year homes were built | 1960 | 1971 | 1980 |
| Vacant homes | 8.5% | 7.7% | 10.1% |
| Population | 4,131 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Paxton
At this week's average 30-year rate of 7.11%, buying the median Paxton home of $120,400 with 20% down costs about $935 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,135, 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 $40,067 for the 20%-down payment. That payment is 18% of the median Paxton household income of $62,386; at that income and 20% down, the 28% guideline points to a home of about $187,000.
The median rent here is $784 a month, so owning the median home costs about $151 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $24,080 |
|---|---|
| Loan amount | $96,320 |
| Principal and interest | $648 |
| Property taxes (2.36% a year) | $237 |
| Homeowners insurance (our estimate, 0.5% a year) | $50 |
| PMI | $0 |
| Total per month | $935 |
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| Down payment | $4,214 |
|---|---|
| Loan amount | $118,219 |
| Principal and interest | $795 |
| Property taxes (2.36% a year) | $237 |
| Homeowners insurance (our estimate, 0.5% a year) | $50 |
| FHA mortgage insurance | $53 |
| Total per month | $1,135 |
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Questions about home buying in Paxton
What is the median home value in Paxton?
About $120,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Paxton?
Homeowners pay a median $2,842 a year, which is about 2.36% 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 Paxton?
For the median home with 20% down at 7.11%, the payment is about $935 a month. Keeping that under 28% of gross income takes about $40,067 a year.
More about Paxton
- Mortgage Refinance in Paxton
- Debt Relief in Paxton
- Home Equity Loans in Paxton
- 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