The typical owner-occupied home in Smithfield is worth about $58,800, 78% below the Illinois median of $263,300 and 82% below the national median of $332,700. The median household earns $65,000 a year, so the median home costs 0.9 times the median income (3.2 times for Illinois). 90% of occupied homes here are lived in by their owners, and 45% of those owners still have a mortgage.
Smithfield at a glance
| Smithfield | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $58,800 | $263,300 | $332,700 |
| Median property tax paid per year | – | $5,298 | $3,119 |
| Median household income | $65,000 | $83,390 | $80,734 |
| Homes lived in by their owners | 90% | 67% | 65% |
| Owner homes with a mortgage | 45% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,375 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 15.4% | 20.6% | 21.0% |
| Median rent | – | $1,274 | $1,413 |
| Median year homes were built | 1943 | 1971 | 1980 |
| Vacant homes | 30.1% | 7.7% | 10.1% |
| Population | 150 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Smithfield
At this week's average 30-year rate of 7.11%, buying the median Smithfield home of $58,800 with 20% down costs about $395 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $493, 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 $16,922 for the 20%-down payment. That payment is 7% of the median Smithfield household income of $65,000; at that income and 20% down, the 28% guideline points to a home of about $226,000.
| Down payment | $11,760 |
|---|---|
| Loan amount | $47,040 |
| Principal and interest | $316 |
| Property taxes (1.10% a year) | $54 |
| Homeowners insurance (our estimate, 0.5% a year) | $24 |
| PMI | $0 |
| Total per month | $395 |
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| Down payment | $2,058 |
|---|---|
| Loan amount | $57,735 |
| Principal and interest | $388 |
| Property taxes (1.10% a year) | $54 |
| Homeowners insurance (our estimate, 0.5% a year) | $24 |
| FHA mortgage insurance | $26 |
| Total per month | $493 |
Change the numbers in the calculator
Questions about home buying in Smithfield
What is the median home value in Smithfield?
About $58,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
What income do you need to buy a home in Smithfield?
For the median home with 20% down at 7.11%, the payment is about $395 a month. Keeping that under 28% of gross income takes about $16,922 a year.
More about Smithfield
- Mortgage Refinance in Smithfield
- Debt Relief in Smithfield
- Home Equity Loans in Smithfield
- 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