The typical owner-occupied home in Highland Park is worth about $607,300, 2.3 times the Illinois median of $263,300 and 83% above the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 1.65% of their home's value, lower than the Illinois rate of 2.01%. The median household earns $168,094 a year, so the median home costs 3.6 times the median income (3.2 times for Illinois). 84% of occupied homes here are lived in by their owners, and 67% of those owners still have a mortgage.
Highland Park at a glance
| Highland Park | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $607,300 | $263,300 | $332,700 |
| Median property tax paid per year | $10,001 | $5,298 | $3,119 |
| Property tax as a share of value | 1.65% | 2.01% | 0.94% |
| Median household income | $168,094 | $83,390 | $80,734 |
| Homes lived in by their owners | 84% | 67% | 65% |
| Owner homes with a mortgage | 67% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $3,479 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 19.3% | 20.6% | 21.0% |
| Median rent | $1,925 | $1,274 | $1,413 |
| Rent as a share of renters' income | 35.7% | 29.1% | 30.6% |
| Median year homes were built | 1963 | 1971 | 1980 |
| Vacant homes | 5.6% | 7.7% | 10.1% |
| Population | 30,398 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Highland Park
At this week's average 30-year rate of 7.11%, buying the median Highland Park home of $607,300 with 20% down costs about $4,356 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $5,368, 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 $186,701 for the 20%-down payment. That payment is 31% of the median Highland Park household income of $168,094; at that income and 20% down, the 28% guideline points to a home of about $547,000.
The median rent here is $1,925 a month, so owning the median home costs about $2,431 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $121,460 |
|---|---|
| Loan amount | $485,840 |
| Principal and interest | $3,268 |
| Property taxes (1.65% a year) | $835 |
| Homeowners insurance (our estimate, 0.5% a year) | $253 |
| PMI | $0 |
| Total per month | $4,356 |
Change the numbers in the calculator
| Down payment | $21,256 |
|---|---|
| Loan amount | $596,300 |
| Principal and interest | $4,011 |
| Property taxes (1.65% a year) | $835 |
| Homeowners insurance (our estimate, 0.5% a year) | $253 |
| FHA mortgage insurance | $269 |
| Total per month | $5,368 |
Change the numbers in the calculator
Questions about home buying in Highland Park
What is the median home value in Highland Park?
About $607,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Highland Park?
Homeowners pay a median $10,001 a year, which is about 1.65% 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 Highland Park?
For the median home with 20% down at 7.11%, the payment is about $4,356 a month. Keeping that under 28% of gross income takes about $186,701 a year.
More about Highland Park
- Mortgage Refinance in Highland Park
- Debt Relief in Highland Park
- Home Equity Loans in Highland Park
- 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