The typical owner-occupied home in Winchester is worth about $93,900, 64% below the Illinois median of $263,300 and 72% below the national median of $332,700. Owners pay a median $1,377 a year in property taxes, about 1.47% of their home's value, lower than the Illinois rate of 2.01%. The median household earns $48,250 a year, so the median home costs 1.9 times the median income (3.2 times for Illinois). 64% of occupied homes here are lived in by their owners, and 47% of those owners still have a mortgage.
Winchester at a glance
| Winchester | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $93,900 | $263,300 | $332,700 |
| Median property tax paid per year | $1,377 | $5,298 | $3,119 |
| Property tax as a share of value | 1.47% | 2.01% | 0.94% |
| Median household income | $48,250 | $83,390 | $80,734 |
| Homes lived in by their owners | 64% | 67% | 65% |
| Owner homes with a mortgage | 47% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,170 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 17.6% | 20.6% | 21.0% |
| Median rent | $593 | $1,274 | $1,413 |
| Rent as a share of renters' income | 18.9% | 29.1% | 30.6% |
| Median year homes were built | 1960 | 1971 | 1980 |
| Vacant homes | 12.5% | 7.7% | 10.1% |
| Population | 1,498 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Winchester
At this week's average 30-year rate of 7.11%, buying the median Winchester home of $93,900 with 20% down costs about $659 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $816, 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 $28,264 for the 20%-down payment. That payment is 16% of the median Winchester household income of $48,250; at that income and 20% down, the 28% guideline points to a home of about $160,000.
The median rent here is $593 a month, so owning the median home costs about $66 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $18,780 |
|---|---|
| Loan amount | $75,120 |
| Principal and interest | $505 |
| Property taxes (1.47% a year) | $115 |
| Homeowners insurance (our estimate, 0.5% a year) | $39 |
| PMI | $0 |
| Total per month | $659 |
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| Down payment | $3,286 |
|---|---|
| Loan amount | $92,199 |
| Principal and interest | $620 |
| Property taxes (1.47% a year) | $115 |
| Homeowners insurance (our estimate, 0.5% a year) | $39 |
| FHA mortgage insurance | $42 |
| Total per month | $816 |
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Questions about home buying in Winchester
What is the median home value in Winchester?
About $93,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Winchester?
Homeowners pay a median $1,377 a year, which is about 1.47% 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 Winchester?
For the median home with 20% down at 7.11%, the payment is about $659 a month. Keeping that under 28% of gross income takes about $28,264 a year.
More about Winchester
- Mortgage Refinance in Winchester
- Debt Relief in Winchester
- Home Equity Loans in Winchester
- 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