The typical owner-occupied home in Mount Morris is worth about $121,800, 54% below the Illinois median of $263,300 and 63% below the national median of $332,700. Owners pay a median $2,606 a year in property taxes, about 2.14% of their home's value, higher than the Illinois rate of 2.01%. The median household earns $45,726 a year, so the median home costs 2.7 times the median income (3.2 times for Illinois). 70% of occupied homes here are lived in by their owners, and 61% of those owners still have a mortgage.
Mount Morris at a glance
| Mount Morris | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $121,800 | $263,300 | $332,700 |
| Median property tax paid per year | $2,606 | $5,298 | $3,119 |
| Property tax as a share of value | 2.14% | 2.01% | 0.94% |
| Median household income | $45,726 | $83,390 | $80,734 |
| Homes lived in by their owners | 70% | 67% | 65% |
| Owner homes with a mortgage | 61% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,202 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 27.0% | 20.6% | 21.0% |
| Median rent | $512 | $1,274 | $1,413 |
| Rent as a share of renters' income | 28.9% | 29.1% | 30.6% |
| Median year homes were built | 1953 | 1971 | 1980 |
| Vacant homes | 4.8% | 7.7% | 10.1% |
| Population | 2,726 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Mount Morris
At this week's average 30-year rate of 7.11%, buying the median Mount Morris home of $121,800 with 20% down costs about $923 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,126, 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 $39,576 for the 20%-down payment. That payment is 24% of the median Mount Morris household income of $45,726; at that income and 20% down, the 28% guideline points to a home of about $141,000.
The median rent here is $512 a month, so owning the median home costs about $411 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $24,360 |
|---|---|
| Loan amount | $97,440 |
| Principal and interest | $655 |
| Property taxes (2.14% a year) | $217 |
| Homeowners insurance (our estimate, 0.5% a year) | $51 |
| PMI | $0 |
| Total per month | $923 |
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| Down payment | $4,263 |
|---|---|
| Loan amount | $119,594 |
| Principal and interest | $805 |
| Property taxes (2.14% a year) | $217 |
| Homeowners insurance (our estimate, 0.5% a year) | $51 |
| FHA mortgage insurance | $54 |
| Total per month | $1,126 |
Change the numbers in the calculator
Questions about home buying in Mount Morris
What is the median home value in Mount Morris?
About $121,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Mount Morris?
Homeowners pay a median $2,606 a year, which is about 2.14% 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 Mount Morris?
For the median home with 20% down at 7.11%, the payment is about $923 a month. Keeping that under 28% of gross income takes about $39,576 a year.
More about Mount Morris
- Mortgage Refinance in Mount Morris
- Debt Relief in Mount Morris
- Home Equity Loans in Mount Morris
- 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