The typical owner-occupied home in Rutland is worth about $76,400, 71% below the Illinois median of $263,300 and 77% below the national median of $332,700. Owners pay a median $1,764 a year in property taxes, about 2.31% of their home's value, higher than the Illinois rate of 2.01%. The median household earns $60,625 a year, so the median home costs 1.3 times the median income (3.2 times for Illinois). 89% of occupied homes here are lived in by their owners, and 25% of those owners still have a mortgage.
Rutland at a glance
| Rutland | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $76,400 | $263,300 | $332,700 |
| Median property tax paid per year | $1,764 | $5,298 | $3,119 |
| Property tax as a share of value | 2.31% | 2.01% | 0.94% |
| Median household income | $60,625 | $83,390 | $80,734 |
| Homes lived in by their owners | 89% | 67% | 65% |
| Owner homes with a mortgage | 25% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,358 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 23.2% | 20.6% | 21.0% |
| Median rent | $875 | $1,274 | $1,413 |
| Rent as a share of renters' income | 21.3% | 29.1% | 30.6% |
| Median year homes were built | 1975 | 1971 | 1980 |
| Vacant homes | 16.7% | 7.7% | 10.1% |
| Population | 195 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Rutland
At this week's average 30-year rate of 7.11%, buying the median Rutland home of $76,400 with 20% down costs about $590 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $717, 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 $25,288 for the 20%-down payment. That payment is 12% of the median Rutland household income of $60,625; at that income and 20% down, the 28% guideline points to a home of about $183,000.
The median rent here is $875 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $15,280 |
|---|---|
| Loan amount | $61,120 |
| Principal and interest | $411 |
| Property taxes (2.31% a year) | $147 |
| Homeowners insurance (our estimate, 0.5% a year) | $32 |
| PMI | $0 |
| Total per month | $590 |
Change the numbers in the calculator
| Down payment | $2,674 |
|---|---|
| Loan amount | $75,016 |
| Principal and interest | $505 |
| Property taxes (2.31% a year) | $147 |
| Homeowners insurance (our estimate, 0.5% a year) | $32 |
| FHA mortgage insurance | $34 |
| Total per month | $717 |
Change the numbers in the calculator
Questions about home buying in Rutland
What is the median home value in Rutland?
About $76,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Rutland?
Homeowners pay a median $1,764 a year, which is about 2.31% 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 Rutland?
For the median home with 20% down at 7.11%, the payment is about $590 a month. Keeping that under 28% of gross income takes about $25,288 a year.
More about Rutland
- Mortgage Refinance in Rutland
- Debt Relief in Rutland
- Home Equity Loans in Rutland
- 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