The typical owner-occupied home in Mount Carmel is worth about $89,300, 66% below the Illinois median of $263,300 and 73% below the national median of $332,700. Owners pay a median $1,230 a year in property taxes, about 1.38% of their home's value, lower than the Illinois rate of 2.01%. The median household earns $47,009 a year, so the median home costs 1.9 times the median income (3.2 times for Illinois). 67% of occupied homes here are lived in by their owners, and 43% of those owners still have a mortgage.
Mount Carmel at a glance
| Mount Carmel | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $89,300 | $263,300 | $332,700 |
| Median property tax paid per year | $1,230 | $5,298 | $3,119 |
| Property tax as a share of value | 1.38% | 2.01% | 0.94% |
| Median household income | $47,009 | $83,390 | $80,734 |
| Homes lived in by their owners | 67% | 67% | 65% |
| Owner homes with a mortgage | 43% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,363 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 22.2% | 20.6% | 21.0% |
| Median rent | $804 | $1,274 | $1,413 |
| Rent as a share of renters' income | 24.0% | 29.1% | 30.6% |
| Median year homes were built | 1956 | 1971 | 1980 |
| Vacant homes | 10.8% | 7.7% | 10.1% |
| Population | 6,854 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Mount Carmel
At this week's average 30-year rate of 7.11%, buying the median Mount Carmel home of $89,300 with 20% down costs about $620 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $769, 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 $26,592 for the 20%-down payment. That payment is 16% of the median Mount Carmel household income of $47,009; at that income and 20% down, the 28% guideline points to a home of about $158,000.
The median rent here is $804 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $17,860 |
|---|---|
| Loan amount | $71,440 |
| Principal and interest | $481 |
| Property taxes (1.38% a year) | $103 |
| Homeowners insurance (our estimate, 0.5% a year) | $37 |
| PMI | $0 |
| Total per month | $620 |
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| Down payment | $3,126 |
|---|---|
| Loan amount | $87,683 |
| Principal and interest | $590 |
| Property taxes (1.38% a year) | $103 |
| Homeowners insurance (our estimate, 0.5% a year) | $37 |
| FHA mortgage insurance | $40 |
| Total per month | $769 |
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Questions about home buying in Mount Carmel
What is the median home value in Mount Carmel?
About $89,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Mount Carmel?
Homeowners pay a median $1,230 a year, which is about 1.38% 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 Mount Carmel?
For the median home with 20% down at 7.11%, the payment is about $620 a month. Keeping that under 28% of gross income takes about $26,592 a year.
More about Mount Carmel
- Mortgage Refinance in Mount Carmel
- Debt Relief in Mount Carmel
- Home Equity Loans in Mount Carmel
- 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