The typical owner-occupied home in Highwood is worth about $405,400, 54% above the Illinois median of $263,300 and 22% above the national median of $332,700. Owners pay a median $9,161 a year in property taxes, about 2.26% of their home's value, higher than the Illinois rate of 2.01%. The median household earns $107,875 a year, so the median home costs 3.8 times the median income (3.2 times for Illinois). 56% of occupied homes here are lived in by their owners, and 51% of those owners still have a mortgage.
Highwood at a glance
| Highwood | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $405,400 | $263,300 | $332,700 |
| Median property tax paid per year | $9,161 | $5,298 | $3,119 |
| Property tax as a share of value | 2.26% | 2.01% | 0.94% |
| Median household income | $107,875 | $83,390 | $80,734 |
| Homes lived in by their owners | 56% | 67% | 65% |
| Owner homes with a mortgage | 51% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $2,946 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 22.2% | 20.6% | 21.0% |
| Median rent | $1,900 | $1,274 | $1,413 |
| Rent as a share of renters' income | 27.7% | 29.1% | 30.6% |
| Median year homes were built | 1969 | 1971 | 1980 |
| Vacant homes | 2.5% | 7.7% | 10.1% |
| Population | 5,301 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Highwood
At this week's average 30-year rate of 7.11%, buying the median Highwood home of $405,400 with 20% down costs about $3,114 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,789, 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 $133,463 for the 20%-down payment. That payment is 35% of the median Highwood household income of $107,875; at that income and 20% down, the 28% guideline points to a home of about $328,000.
The median rent here is $1,900 a month, so owning the median home costs about $1,214 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $81,080 |
|---|---|
| Loan amount | $324,320 |
| Principal and interest | $2,182 |
| Property taxes (2.26% a year) | $764 |
| Homeowners insurance (our estimate, 0.5% a year) | $169 |
| PMI | $0 |
| Total per month | $3,114 |
Change the numbers in the calculator
| Down payment | $14,189 |
|---|---|
| Loan amount | $398,057 |
| Principal and interest | $2,678 |
| Property taxes (2.26% a year) | $764 |
| Homeowners insurance (our estimate, 0.5% a year) | $169 |
| FHA mortgage insurance | $179 |
| Total per month | $3,789 |
Change the numbers in the calculator
Questions about home buying in Highwood
What is the median home value in Highwood?
About $405,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Highwood?
Homeowners pay a median $9,161 a year, which is about 2.26% 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 Highwood?
For the median home with 20% down at 7.11%, the payment is about $3,114 a month. Keeping that under 28% of gross income takes about $133,463 a year.
More about Highwood
- Mortgage Refinance in Highwood
- Debt Relief in Highwood
- Home Equity Loans in Highwood
- 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