The typical owner-occupied home in Milton is worth about $71,300, 73% below the Illinois median of $263,300 and 79% below the national median of $332,700. Owners pay a median $587 a year in property taxes, about 0.82% of their home's value, lower than the Illinois rate of 2.01%. The median household earns $50,769 a year, so the median home costs 1.4 times the median income (3.2 times for Illinois). 82% of occupied homes here are lived in by their owners, and 69% of those owners still have a mortgage.
Milton at a glance
| Milton | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $71,300 | $263,300 | $332,700 |
| Median property tax paid per year | $587 | $5,298 | $3,119 |
| Property tax as a share of value | 0.82% | 2.01% | 0.94% |
| Median household income | $50,769 | $83,390 | $80,734 |
| Homes lived in by their owners | 82% | 67% | 65% |
| Owner homes with a mortgage | 69% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $753 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 18.5% | 20.6% | 21.0% |
| Median rent | – | $1,274 | $1,413 |
| Median year homes were built | 1972 | 1971 | 1980 |
| Vacant homes | 18.8% | 7.7% | 10.1% |
| Population | 217 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Milton
At this week's average 30-year rate of 7.11%, buying the median Milton home of $71,300 with 20% down costs about $462 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $581, 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 $19,806 for the 20%-down payment. That payment is 11% of the median Milton household income of $50,769; at that income and 20% down, the 28% guideline points to a home of about $183,000.
| Down payment | $14,260 |
|---|---|
| Loan amount | $57,040 |
| Principal and interest | $384 |
| Property taxes (0.82% a year) | $49 |
| Homeowners insurance (our estimate, 0.5% a year) | $30 |
| PMI | $0 |
| Total per month | $462 |
Change the numbers in the calculator
| Down payment | $2,496 |
|---|---|
| Loan amount | $70,009 |
| Principal and interest | $471 |
| Property taxes (0.82% a year) | $49 |
| Homeowners insurance (our estimate, 0.5% a year) | $30 |
| FHA mortgage insurance | $32 |
| Total per month | $581 |
Change the numbers in the calculator
Questions about home buying in Milton
What is the median home value in Milton?
About $71,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Milton?
Homeowners pay a median $587 a year, which is about 0.82% 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 Milton?
For the median home with 20% down at 7.11%, the payment is about $462 a month. Keeping that under 28% of gross income takes about $19,806 a year.
More about Milton
- Mortgage Refinance in Milton
- Debt Relief in Milton
- Home Equity Loans in Milton
- 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