The typical owner-occupied home in Mackinaw is worth about $158,300, 40% below the Illinois median of $263,300 and 52% below the national median of $332,700. Owners pay a median $3,301 a year in property taxes, about 2.09% of their home's value, close to the Illinois rate of 2.01%. The median household earns $67,292 a year, so the median home costs 2.4 times the median income (3.2 times for Illinois). 70% of occupied homes here are lived in by their owners, and 64% of those owners still have a mortgage.
Mackinaw at a glance
| Mackinaw | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $158,300 | $263,300 | $332,700 |
| Median property tax paid per year | $3,301 | $5,298 | $3,119 |
| Property tax as a share of value | 2.09% | 2.01% | 0.94% |
| Median household income | $67,292 | $83,390 | $80,734 |
| Homes lived in by their owners | 70% | 67% | 65% |
| Owner homes with a mortgage | 64% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,482 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 17.8% | 20.6% | 21.0% |
| Median rent | $835 | $1,274 | $1,413 |
| Rent as a share of renters' income | 26.9% | 29.1% | 30.6% |
| Median year homes were built | 1973 | 1971 | 1980 |
| Vacant homes | 6.0% | 7.7% | 10.1% |
| Population | 1,979 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Mackinaw
At this week's average 30-year rate of 7.11%, buying the median Mackinaw home of $158,300 with 20% down costs about $1,194 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,457, 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 $51,153 for the 20%-down payment. That payment is 21% of the median Mackinaw household income of $67,292; at that income and 20% down, the 28% guideline points to a home of about $208,000.
The median rent here is $835 a month, so owning the median home costs about $359 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $31,660 |
|---|---|
| Loan amount | $126,640 |
| Principal and interest | $852 |
| Property taxes (2.09% a year) | $276 |
| Homeowners insurance (our estimate, 0.5% a year) | $66 |
| PMI | $0 |
| Total per month | $1,194 |
Change the numbers in the calculator
| Down payment | $5,540 |
|---|---|
| Loan amount | $155,433 |
| Principal and interest | $1,046 |
| Property taxes (2.09% a year) | $276 |
| Homeowners insurance (our estimate, 0.5% a year) | $66 |
| FHA mortgage insurance | $70 |
| Total per month | $1,457 |
Change the numbers in the calculator
Questions about home buying in Mackinaw
What is the median home value in Mackinaw?
About $158,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Mackinaw?
Homeowners pay a median $3,301 a year, which is about 2.09% 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 Mackinaw?
For the median home with 20% down at 7.11%, the payment is about $1,194 a month. Keeping that under 28% of gross income takes about $51,153 a year.
More about Mackinaw
- Mortgage Refinance in Mackinaw
- Debt Relief in Mackinaw
- Home Equity Loans in Mackinaw
- 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