The typical owner-occupied home in Harvard is worth about $175,400, 33% below the Illinois median of $263,300 and 47% below the national median of $332,700. Owners pay a median $4,431 a year in property taxes, about 2.53% of their home's value, higher than the Illinois rate of 2.01%. The median household earns $67,617 a year, so the median home costs 2.6 times the median income (3.2 times for Illinois). 60% of occupied homes here are lived in by their owners, and 58% of those owners still have a mortgage.
Harvard at a glance
| Harvard | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $175,400 | $263,300 | $332,700 |
| Median property tax paid per year | $4,431 | $5,298 | $3,119 |
| Property tax as a share of value | 2.53% | 2.01% | 0.94% |
| Median household income | $67,617 | $83,390 | $80,734 |
| Homes lived in by their owners | 60% | 67% | 65% |
| Owner homes with a mortgage | 58% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,522 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 22.2% | 20.6% | 21.0% |
| Median rent | $1,183 | $1,274 | $1,413 |
| Rent as a share of renters' income | 31.5% | 29.1% | 30.6% |
| Median year homes were built | 1980 | 1971 | 1980 |
| Vacant homes | 4.9% | 7.7% | 10.1% |
| Population | 9,598 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Harvard
At this week's average 30-year rate of 7.11%, buying the median Harvard home of $175,400 with 20% down costs about $1,387 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,679, 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 $59,436 for the 20%-down payment. That payment is 25% of the median Harvard household income of $67,617; at that income and 20% down, the 28% guideline points to a home of about $200,000.
The median rent here is $1,183 a month, so owning the median home costs about $204 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $35,080 |
|---|---|
| Loan amount | $140,320 |
| Principal and interest | $944 |
| Property taxes (2.53% a year) | $370 |
| Homeowners insurance (our estimate, 0.5% a year) | $73 |
| PMI | $0 |
| Total per month | $1,387 |
Change the numbers in the calculator
| Down payment | $6,139 |
|---|---|
| Loan amount | $172,223 |
| Principal and interest | $1,159 |
| Property taxes (2.53% a year) | $370 |
| Homeowners insurance (our estimate, 0.5% a year) | $73 |
| FHA mortgage insurance | $78 |
| Total per month | $1,679 |
Change the numbers in the calculator
Questions about home buying in Harvard
What is the median home value in Harvard?
About $175,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Harvard?
Homeowners pay a median $4,431 a year, which is about 2.53% 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 Harvard?
For the median home with 20% down at 7.11%, the payment is about $1,387 a month. Keeping that under 28% of gross income takes about $59,436 a year.
More about Harvard
- Mortgage Refinance in Harvard
- Debt Relief in Harvard
- Home Equity Loans in Harvard
- 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