The typical owner-occupied home in Warsaw is worth about $96,100, 64% below the Illinois median of $263,300 and 71% below the national median of $332,700. Owners pay a median $2,310 a year in property taxes, about 2.40% of their home's value, higher than the Illinois rate of 2.01%. The median household earns $58,750 a year, so the median home costs 1.6 times the median income (3.2 times for Illinois). 80% of occupied homes here are lived in by their owners, and 41% of those owners still have a mortgage.
Warsaw at a glance
| Warsaw | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $96,100 | $263,300 | $332,700 |
| Median property tax paid per year | $2,310 | $5,298 | $3,119 |
| Property tax as a share of value | 2.40% | 2.01% | 0.94% |
| Median household income | $58,750 | $83,390 | $80,734 |
| Homes lived in by their owners | 80% | 67% | 65% |
| Owner homes with a mortgage | 41% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $999 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 16.3% | 20.6% | 21.0% |
| Median rent | $838 | $1,274 | $1,413 |
| Rent as a share of renters' income | 28.4% | 29.1% | 30.6% |
| Median year homes were built | 1965 | 1971 | 1980 |
| Vacant homes | 14.2% | 7.7% | 10.1% |
| Population | 1,518 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Warsaw
At this week's average 30-year rate of 7.11%, buying the median Warsaw home of $96,100 with 20% down costs about $749 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $910, 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 $32,118 for the 20%-down payment. That payment is 15% of the median Warsaw household income of $58,750; at that income and 20% down, the 28% guideline points to a home of about $176,000.
The median rent here is $838 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $19,220 |
|---|---|
| Loan amount | $76,880 |
| Principal and interest | $517 |
| Property taxes (2.40% a year) | $192 |
| Homeowners insurance (our estimate, 0.5% a year) | $40 |
| PMI | $0 |
| Total per month | $749 |
Change the numbers in the calculator
| Down payment | $3,364 |
|---|---|
| Loan amount | $94,359 |
| Principal and interest | $635 |
| Property taxes (2.40% a year) | $192 |
| Homeowners insurance (our estimate, 0.5% a year) | $40 |
| FHA mortgage insurance | $42 |
| Total per month | $910 |
Change the numbers in the calculator
Questions about home buying in Warsaw
What is the median home value in Warsaw?
About $96,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Warsaw?
Homeowners pay a median $2,310 a year, which is about 2.40% 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 Warsaw?
For the median home with 20% down at 7.11%, the payment is about $749 a month. Keeping that under 28% of gross income takes about $32,118 a year.
More about Warsaw
- Mortgage Refinance in Warsaw
- Debt Relief in Warsaw
- Home Equity Loans in Warsaw
- 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