The typical owner-occupied home in Palmyra is worth about $87,500, 67% below the Illinois median of $263,300 and 74% below the national median of $332,700. Owners pay a median $948 a year in property taxes, about 1.08% of their home's value, lower than the Illinois rate of 2.01%. The median household earns $44,276 a year, so the median home costs 2.0 times the median income (3.2 times for Illinois). 79% of occupied homes here are lived in by their owners, and 33% of those owners still have a mortgage.
Palmyra at a glance
| Palmyra | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $87,500 | $263,300 | $332,700 |
| Median property tax paid per year | $948 | $5,298 | $3,119 |
| Property tax as a share of value | 1.08% | 2.01% | 0.94% |
| Median household income | $44,276 | $83,390 | $80,734 |
| Homes lived in by their owners | 79% | 67% | 65% |
| Owner homes with a mortgage | 33% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $955 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 21.9% | 20.6% | 21.0% |
| Median rent | $718 | $1,274 | $1,413 |
| Rent as a share of renters' income | 27.1% | 29.1% | 30.6% |
| Median year homes were built | 1969 | 1971 | 1980 |
| Vacant homes | 30.9% | 7.7% | 10.1% |
| Population | 486 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Palmyra
At this week's average 30-year rate of 7.11%, buying the median Palmyra home of $87,500 with 20% down costs about $586 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $732, 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 $25,119 for the 20%-down payment. That payment is 16% of the median Palmyra household income of $44,276; at that income and 20% down, the 28% guideline points to a home of about $154,000.
The median rent here is $718 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $17,500 |
|---|---|
| Loan amount | $70,000 |
| Principal and interest | $471 |
| Property taxes (1.08% a year) | $79 |
| Homeowners insurance (our estimate, 0.5% a year) | $36 |
| PMI | $0 |
| Total per month | $586 |
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| Down payment | $3,062 |
|---|---|
| Loan amount | $85,915 |
| Principal and interest | $578 |
| Property taxes (1.08% a year) | $79 |
| Homeowners insurance (our estimate, 0.5% a year) | $36 |
| FHA mortgage insurance | $39 |
| Total per month | $732 |
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Questions about home buying in Palmyra
What is the median home value in Palmyra?
About $87,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Palmyra?
Homeowners pay a median $948 a year, which is about 1.08% 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 Palmyra?
For the median home with 20% down at 7.11%, the payment is about $586 a month. Keeping that under 28% of gross income takes about $25,119 a year.
More about Palmyra
- Mortgage Refinance in Palmyra
- Debt Relief in Palmyra
- Home Equity Loans in Palmyra
- 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