The typical owner-occupied home in Rankin is worth about $56,900, 78% below the Illinois median of $263,300 and 83% below the national median of $332,700. Owners pay a median $1,229 a year in property taxes, about 2.16% of their home's value, higher than the Illinois rate of 2.01%. The median household earns $41,250 a year, so the median home costs 1.4 times the median income (3.2 times for Illinois). 69% of occupied homes here are lived in by their owners, and 47% of those owners still have a mortgage.
Rankin at a glance
| Rankin | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $56,900 | $263,300 | $332,700 |
| Median property tax paid per year | $1,229 | $5,298 | $3,119 |
| Property tax as a share of value | 2.16% | 2.01% | 0.94% |
| Median household income | $41,250 | $83,390 | $80,734 |
| Homes lived in by their owners | 69% | 67% | 65% |
| Owner homes with a mortgage | 47% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $887 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 18.9% | 20.6% | 21.0% |
| Median rent | $767 | $1,274 | $1,413 |
| Rent as a share of renters' income | 41.9% | 29.1% | 30.6% |
| Median year homes were built | 1938 | 1971 | 1980 |
| Vacant homes | 17.6% | 7.7% | 10.1% |
| Population | 601 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Rankin
At this week's average 30-year rate of 7.11%, buying the median Rankin home of $56,900 with 20% down costs about $432 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $527, 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 $18,529 for the 20%-down payment. That payment is 13% of the median Rankin household income of $41,250; at that income and 20% down, the 28% guideline points to a home of about $127,000.
The median rent here is $767 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $11,380 |
|---|---|
| Loan amount | $45,520 |
| Principal and interest | $306 |
| Property taxes (2.16% a year) | $102 |
| Homeowners insurance (our estimate, 0.5% a year) | $24 |
| PMI | $0 |
| Total per month | $432 |
Change the numbers in the calculator
| Down payment | $1,992 |
|---|---|
| Loan amount | $55,869 |
| Principal and interest | $376 |
| Property taxes (2.16% a year) | $102 |
| Homeowners insurance (our estimate, 0.5% a year) | $24 |
| FHA mortgage insurance | $25 |
| Total per month | $527 |
Change the numbers in the calculator
Questions about home buying in Rankin
What is the median home value in Rankin?
About $56,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Rankin?
Homeowners pay a median $1,229 a year, which is about 2.16% 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 Rankin?
For the median home with 20% down at 7.11%, the payment is about $432 a month. Keeping that under 28% of gross income takes about $18,529 a year.
More about Rankin
- Mortgage Refinance in Rankin
- Debt Relief in Rankin
- Home Equity Loans in Rankin
- 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