The typical owner-occupied home in Bishop Hill is worth about $102,500, 61% below the Illinois median of $263,300 and 69% below the national median of $332,700. Owners pay a median $1,500 a year in property taxes, about 1.46% of their home's value, lower than the Illinois rate of 2.01%. The median household earns $56,429 a year, so the median home costs 1.8 times the median income (3.2 times for Illinois). 87% of occupied homes here are lived in by their owners, and 40% of those owners still have a mortgage.
Bishop Hill at a glance
| Bishop Hill | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $102,500 | $263,300 | $332,700 |
| Median property tax paid per year | $1,500 | $5,298 | $3,119 |
| Property tax as a share of value | 1.46% | 2.01% | 0.94% |
| Median household income | $56,429 | $83,390 | $80,734 |
| Homes lived in by their owners | 87% | 67% | 65% |
| Owner homes with a mortgage | 40% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,339 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 14.7% | 20.6% | 21.0% |
| Median rent | – | $1,274 | $1,413 |
| Median year homes were built | 1938 | 1971 | 1980 |
| Vacant homes | 1.6% | 7.7% | 10.1% |
| Population | 134 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Bishop Hill
At this week's average 30-year rate of 7.11%, buying the median Bishop Hill home of $102,500 with 20% down costs about $719 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $890, 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 $30,816 for the 20%-down payment. That payment is 15% of the median Bishop Hill household income of $56,429; at that income and 20% down, the 28% guideline points to a home of about $188,000.
| Down payment | $20,500 |
|---|---|
| Loan amount | $82,000 |
| Principal and interest | $552 |
| Property taxes (1.46% a year) | $125 |
| Homeowners insurance (our estimate, 0.5% a year) | $43 |
| PMI | $0 |
| Total per month | $719 |
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| Down payment | $3,588 |
|---|---|
| Loan amount | $100,643 |
| Principal and interest | $677 |
| Property taxes (1.46% a year) | $125 |
| Homeowners insurance (our estimate, 0.5% a year) | $43 |
| FHA mortgage insurance | $45 |
| Total per month | $890 |
Change the numbers in the calculator
Questions about home buying in Bishop Hill
What is the median home value in Bishop Hill?
About $102,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Bishop Hill?
Homeowners pay a median $1,500 a year, which is about 1.46% 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 Bishop Hill?
For the median home with 20% down at 7.11%, the payment is about $719 a month. Keeping that under 28% of gross income takes about $30,816 a year.
More about Bishop Hill
- Mortgage Refinance in Bishop Hill
- Debt Relief in Bishop Hill
- Home Equity Loans in Bishop Hill
- 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