The typical owner-occupied home in Gurnee is worth about $344,300, 31% above the Illinois median of $263,300 and 3% above the national median of $332,700. Owners pay a median $8,491 a year in property taxes, about 2.47% of their home's value, higher than the Illinois rate of 2.01%. The median household earns $119,628 a year, so the median home costs 2.9 times the median income (3.2 times for Illinois). 76% of occupied homes here are lived in by their owners, and 67% of those owners still have a mortgage.
Gurnee at a glance
| Gurnee | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $344,300 | $263,300 | $332,700 |
| Median property tax paid per year | $8,491 | $5,298 | $3,119 |
| Property tax as a share of value | 2.47% | 2.01% | 0.94% |
| Median household income | $119,628 | $83,390 | $80,734 |
| Homes lived in by their owners | 76% | 67% | 65% |
| Owner homes with a mortgage | 67% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $2,431 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 19.0% | 20.6% | 21.0% |
| Median rent | $1,655 | $1,274 | $1,413 |
| Rent as a share of renters' income | 31.3% | 29.1% | 30.6% |
| Median year homes were built | 1992 | 1971 | 1980 |
| Vacant homes | 2.5% | 7.7% | 10.1% |
| Population | 30,510 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Gurnee
At this week's average 30-year rate of 7.11%, buying the median Gurnee home of $344,300 with 20% down costs about $2,705 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,279, 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 $115,930 for the 20%-down payment. That payment is 27% of the median Gurnee household income of $119,628; at that income and 20% down, the 28% guideline points to a home of about $355,000.
The median rent here is $1,655 a month, so owning the median home costs about $1,050 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $68,860 |
|---|---|
| Loan amount | $275,440 |
| Principal and interest | $1,853 |
| Property taxes (2.47% a year) | $709 |
| Homeowners insurance (our estimate, 0.5% a year) | $143 |
| PMI | $0 |
| Total per month | $2,705 |
Change the numbers in the calculator
| Down payment | $12,050 |
|---|---|
| Loan amount | $338,064 |
| Principal and interest | $2,274 |
| Property taxes (2.47% a year) | $709 |
| Homeowners insurance (our estimate, 0.5% a year) | $143 |
| FHA mortgage insurance | $152 |
| Total per month | $3,279 |
Change the numbers in the calculator
Questions about home buying in Gurnee
What is the median home value in Gurnee?
About $344,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Gurnee?
Homeowners pay a median $8,491 a year, which is about 2.47% 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 Gurnee?
For the median home with 20% down at 7.11%, the payment is about $2,705 a month. Keeping that under 28% of gross income takes about $115,930 a year.
More about Gurnee
- Mortgage Refinance in Gurnee
- Debt Relief in Gurnee
- Home Equity Loans in Gurnee
- 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