The typical owner-occupied home in Cambridge is worth about $123,100, 53% below the Illinois median of $263,300 and 63% below the national median of $332,700. Owners pay a median $2,563 a year in property taxes, about 2.08% of their home's value, close to the Illinois rate of 2.01%. The median household earns $64,979 a year, so the median home costs 1.9 times the median income (3.2 times for Illinois). 87% of occupied homes here are lived in by their owners, and 65% of those owners still have a mortgage.
Cambridge at a glance
| Cambridge | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $123,100 | $263,300 | $332,700 |
| Median property tax paid per year | $2,563 | $5,298 | $3,119 |
| Property tax as a share of value | 2.08% | 2.01% | 0.94% |
| Median household income | $64,979 | $83,390 | $80,734 |
| Homes lived in by their owners | 87% | 67% | 65% |
| Owner homes with a mortgage | 65% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,263 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 19.0% | 20.6% | 21.0% |
| Median rent | $968 | $1,274 | $1,413 |
| Rent as a share of renters' income | 34.4% | 29.1% | 30.6% |
| Median year homes were built | 1938 | 1971 | 1980 |
| Vacant homes | 10.4% | 7.7% | 10.1% |
| Population | 2,128 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Cambridge
At this week's average 30-year rate of 7.11%, buying the median Cambridge home of $123,100 with 20% down costs about $927 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,132, 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 $39,735 for the 20%-down payment. That payment is 17% of the median Cambridge household income of $64,979; at that income and 20% down, the 28% guideline points to a home of about $201,000.
The median rent here is $968 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $24,620 |
|---|---|
| Loan amount | $98,480 |
| Principal and interest | $662 |
| Property taxes (2.08% a year) | $213 |
| Homeowners insurance (our estimate, 0.5% a year) | $51 |
| PMI | $0 |
| Total per month | $927 |
Change the numbers in the calculator
| Down payment | $4,308 |
|---|---|
| Loan amount | $120,870 |
| Principal and interest | $813 |
| Property taxes (2.08% a year) | $213 |
| Homeowners insurance (our estimate, 0.5% a year) | $51 |
| FHA mortgage insurance | $54 |
| Total per month | $1,132 |
Change the numbers in the calculator
Questions about home buying in Cambridge
What is the median home value in Cambridge?
About $123,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Cambridge?
Homeowners pay a median $2,563 a year, which is about 2.08% 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 Cambridge?
For the median home with 20% down at 7.11%, the payment is about $927 a month. Keeping that under 28% of gross income takes about $39,735 a year.
More about Cambridge
- Mortgage Refinance in Cambridge
- Debt Relief in Cambridge
- Home Equity Loans in Cambridge
- 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