The typical owner-occupied home in Topeka is worth about $31,300, 88% below the Illinois median of $263,300 and 91% below the national median of $332,700. Owners pay a median $450 a year in property taxes, about 1.44% of their home's value, lower than the Illinois rate of 2.01%. The median household earns $77,500 a year, so the median home costs 0.4 times the median income (3.2 times for Illinois). 56% of occupied homes here are lived in by their owners, and 33% of those owners still have a mortgage.
Topeka at a glance
| Topeka | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $31,300 | $263,300 | $332,700 |
| Median property tax paid per year | $450 | $5,298 | $3,119 |
| Property tax as a share of value | 1.44% | 2.01% | 0.94% |
| Median household income | $77,500 | $83,390 | $80,734 |
| Homes lived in by their owners | 56% | 67% | 65% |
| Owner homes with a mortgage | 33% | 61% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,987 | $1,963 |
| Median rent | – | $1,274 | $1,413 |
| Median year homes were built | 1965 | 1971 | 1980 |
| Vacant homes | 0.0% | 7.7% | 10.1% |
| Population | 47 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Topeka
At this week's average 30-year rate of 7.11%, buying the median Topeka home of $31,300 with 20% down costs about $219 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $271, 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 $9,388 for the 20%-down payment. That payment is 3% of the median Topeka household income of $77,500; at that income and 20% down, the 28% guideline points to a home of about $258,000.
| Down payment | $6,260 |
|---|---|
| Loan amount | $25,040 |
| Principal and interest | $168 |
| Property taxes (1.44% a year) | $38 |
| Homeowners insurance (our estimate, 0.5% a year) | $13 |
| PMI | $0 |
| Total per month | $219 |
Change the numbers in the calculator
| Down payment | $1,096 |
|---|---|
| Loan amount | $30,733 |
| Principal and interest | $207 |
| Property taxes (1.44% a year) | $38 |
| Homeowners insurance (our estimate, 0.5% a year) | $13 |
| FHA mortgage insurance | $14 |
| Total per month | $271 |
Change the numbers in the calculator
Questions about home buying in Topeka
What is the median home value in Topeka?
About $31,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Topeka?
Homeowners pay a median $450 a year, which is about 1.44% 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 Topeka?
For the median home with 20% down at 7.11%, the payment is about $219 a month. Keeping that under 28% of gross income takes about $9,388 a year.
More about Topeka
- Mortgage Refinance in Topeka
- Debt Relief in Topeka
- Home Equity Loans in Topeka
- 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