The typical owner-occupied home in Shelbyville is worth about $116,400, 56% below the Illinois median of $263,300 and 65% below the national median of $332,700. Owners pay a median $1,888 a year in property taxes, about 1.62% of their home's value, lower than the Illinois rate of 2.01%. The median household earns $52,470 a year, so the median home costs 2.2 times the median income (3.2 times for Illinois). 59% of occupied homes here are lived in by their owners, and 54% of those owners still have a mortgage.
Shelbyville at a glance
| Shelbyville | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $116,400 | $263,300 | $332,700 |
| Median property tax paid per year | $1,888 | $5,298 | $3,119 |
| Property tax as a share of value | 1.62% | 2.01% | 0.94% |
| Median household income | $52,470 | $83,390 | $80,734 |
| Homes lived in by their owners | 59% | 67% | 65% |
| Owner homes with a mortgage | 54% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,154 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 21.0% | 20.6% | 21.0% |
| Median rent | $767 | $1,274 | $1,413 |
| Rent as a share of renters' income | 24.3% | 29.1% | 30.6% |
| Median year homes were built | 1950 | 1971 | 1980 |
| Vacant homes | 13.6% | 7.7% | 10.1% |
| Population | 4,351 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Shelbyville
At this week's average 30-year rate of 7.11%, buying the median Shelbyville home of $116,400 with 20% down costs about $832 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,026, 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 $35,660 for the 20%-down payment. That payment is 19% of the median Shelbyville household income of $52,470; at that income and 20% down, the 28% guideline points to a home of about $171,000.
The median rent here is $767 a month, so owning the median home costs about $65 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $23,280 |
|---|---|
| Loan amount | $93,120 |
| Principal and interest | $626 |
| Property taxes (1.62% a year) | $157 |
| Homeowners insurance (our estimate, 0.5% a year) | $48 |
| PMI | $0 |
| Total per month | $832 |
Change the numbers in the calculator
| Down payment | $4,074 |
|---|---|
| Loan amount | $114,292 |
| Principal and interest | $769 |
| Property taxes (1.62% a year) | $157 |
| Homeowners insurance (our estimate, 0.5% a year) | $48 |
| FHA mortgage insurance | $51 |
| Total per month | $1,026 |
Change the numbers in the calculator
Questions about home buying in Shelbyville
What is the median home value in Shelbyville?
About $116,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Shelbyville?
Homeowners pay a median $1,888 a year, which is about 1.62% 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 Shelbyville?
For the median home with 20% down at 7.11%, the payment is about $832 a month. Keeping that under 28% of gross income takes about $35,660 a year.
More about Shelbyville
- Mortgage Refinance in Shelbyville
- Debt Relief in Shelbyville
- Home Equity Loans in Shelbyville
- 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