The typical owner-occupied home in Tower Hill is worth about $68,300, 74% below the Illinois median of $263,300 and 79% below the national median of $332,700. Owners pay a median $706 a year in property taxes, about 1.03% of their home's value, lower than the Illinois rate of 2.01%. The median household earns $53,352 a year, so the median home costs 1.3 times the median income (3.2 times for Illinois). 84% of occupied homes here are lived in by their owners, and 35% of those owners still have a mortgage.
Tower Hill at a glance
| Tower Hill | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $68,300 | $263,300 | $332,700 |
| Median property tax paid per year | $706 | $5,298 | $3,119 |
| Property tax as a share of value | 1.03% | 2.01% | 0.94% |
| Median household income | $53,352 | $83,390 | $80,734 |
| Homes lived in by their owners | 84% | 67% | 65% |
| Owner homes with a mortgage | 35% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,012 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 15.9% | 20.6% | 21.0% |
| Median rent | $783 | $1,274 | $1,413 |
| Rent as a share of renters' income | 20.0% | 29.1% | 30.6% |
| Median year homes were built | 1973 | 1971 | 1980 |
| Vacant homes | 16.4% | 7.7% | 10.1% |
| Population | 422 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Tower Hill
At this week's average 30-year rate of 7.11%, buying the median Tower Hill home of $68,300 with 20% down costs about $455 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $568, 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 $19,485 for the 20%-down payment. That payment is 10% of the median Tower Hill household income of $53,352; at that income and 20% down, the 28% guideline points to a home of about $187,000.
The median rent here is $783 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $13,660 |
|---|---|
| Loan amount | $54,640 |
| Principal and interest | $368 |
| Property taxes (1.03% a year) | $59 |
| Homeowners insurance (our estimate, 0.5% a year) | $28 |
| PMI | $0 |
| Total per month | $455 |
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| Down payment | $2,390 |
|---|---|
| Loan amount | $67,063 |
| Principal and interest | $451 |
| Property taxes (1.03% a year) | $59 |
| Homeowners insurance (our estimate, 0.5% a year) | $28 |
| FHA mortgage insurance | $30 |
| Total per month | $568 |
Change the numbers in the calculator
Questions about home buying in Tower Hill
What is the median home value in Tower Hill?
About $68,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Tower Hill?
Homeowners pay a median $706 a year, which is about 1.03% 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 Tower Hill?
For the median home with 20% down at 7.11%, the payment is about $455 a month. Keeping that under 28% of gross income takes about $19,485 a year.
More about Tower Hill
- Mortgage Refinance in Tower Hill
- Debt Relief in Tower Hill
- Home Equity Loans in Tower Hill
- 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