The typical owner-occupied home in Troy Grove is worth about $200,800, 24% below the Illinois median of $263,300 and 40% below the national median of $332,700. Owners pay a median $2,438 a year in property taxes, about 1.21% of their home's value, lower than the Illinois rate of 2.01%. The median household earns $83,917 a year, so the median home costs 2.4 times the median income (3.2 times for Illinois). 88% of occupied homes here are lived in by their owners, and 30% of those owners still have a mortgage.
Troy Grove at a glance
| Troy Grove | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $200,800 | $263,300 | $332,700 |
| Median property tax paid per year | $2,438 | $5,298 | $3,119 |
| Property tax as a share of value | 1.21% | 2.01% | 0.94% |
| Median household income | $83,917 | $83,390 | $80,734 |
| Homes lived in by their owners | 88% | 67% | 65% |
| Owner homes with a mortgage | 30% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,225 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 18.8% | 20.6% | 21.0% |
| Median rent | $863 | $1,274 | $1,413 |
| Rent as a share of renters' income | 39.4% | 29.1% | 30.6% |
| Median year homes were built | 1973 | 1971 | 1980 |
| Vacant homes | 11.3% | 7.7% | 10.1% |
| Population | 300 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Troy Grove
At this week's average 30-year rate of 7.11%, buying the median Troy Grove home of $200,800 with 20% down costs about $1,367 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,701, 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 $58,576 for the 20%-down payment. That payment is 20% of the median Troy Grove household income of $83,917; at that income and 20% down, the 28% guideline points to a home of about $288,000.
The median rent here is $863 a month, so owning the median home costs about $504 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $40,160 |
|---|---|
| Loan amount | $160,640 |
| Principal and interest | $1,081 |
| Property taxes (1.21% a year) | $202 |
| Homeowners insurance (our estimate, 0.5% a year) | $84 |
| PMI | $0 |
| Total per month | $1,367 |
Change the numbers in the calculator
| Down payment | $7,028 |
|---|---|
| Loan amount | $197,163 |
| Principal and interest | $1,326 |
| Property taxes (1.21% a year) | $202 |
| Homeowners insurance (our estimate, 0.5% a year) | $84 |
| FHA mortgage insurance | $89 |
| Total per month | $1,701 |
Change the numbers in the calculator
Questions about home buying in Troy Grove
What is the median home value in Troy Grove?
About $200,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Troy Grove?
Homeowners pay a median $2,438 a year, which is about 1.21% 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 Troy Grove?
For the median home with 20% down at 7.11%, the payment is about $1,367 a month. Keeping that under 28% of gross income takes about $58,576 a year.
More about Troy Grove
- Mortgage Refinance in Troy Grove
- Debt Relief in Troy Grove
- Home Equity Loans in Troy Grove
- 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