The typical owner-occupied home in Carmi is worth about $114,800, 56% below the Illinois median of $263,300 and 65% below the national median of $332,700. Owners pay a median $1,861 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 $47,827 a year, so the median home costs 2.4 times the median income (3.2 times for Illinois). 69% of occupied homes here are lived in by their owners, and 37% of those owners still have a mortgage.
Carmi at a glance
| Carmi | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $114,800 | $263,300 | $332,700 |
| Median property tax paid per year | $1,861 | $5,298 | $3,119 |
| Property tax as a share of value | 1.62% | 2.01% | 0.94% |
| Median household income | $47,827 | $83,390 | $80,734 |
| Homes lived in by their owners | 69% | 67% | 65% |
| Owner homes with a mortgage | 37% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,153 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 19.9% | 20.6% | 21.0% |
| Median rent | $839 | $1,274 | $1,413 |
| Rent as a share of renters' income | 34.5% | 29.1% | 30.6% |
| Median year homes were built | 1956 | 1971 | 1980 |
| Vacant homes | 17.5% | 7.7% | 10.1% |
| Population | 4,845 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Carmi
At this week's average 30-year rate of 7.11%, buying the median Carmi home of $114,800 with 20% down costs about $821 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,012, 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 $35,169 for the 20%-down payment. That payment is 21% of the median Carmi household income of $47,827; at that income and 20% down, the 28% guideline points to a home of about $156,000.
The median rent here is $839 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $22,960 |
|---|---|
| Loan amount | $91,840 |
| Principal and interest | $618 |
| Property taxes (1.62% a year) | $155 |
| Homeowners insurance (our estimate, 0.5% a year) | $48 |
| PMI | $0 |
| Total per month | $821 |
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| Down payment | $4,018 |
|---|---|
| Loan amount | $112,721 |
| Principal and interest | $758 |
| Property taxes (1.62% a year) | $155 |
| Homeowners insurance (our estimate, 0.5% a year) | $48 |
| FHA mortgage insurance | $51 |
| Total per month | $1,012 |
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Questions about home buying in Carmi
What is the median home value in Carmi?
About $114,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Carmi?
Homeowners pay a median $1,861 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 Carmi?
For the median home with 20% down at 7.11%, the payment is about $821 a month. Keeping that under 28% of gross income takes about $35,169 a year.
More about Carmi
- Mortgage Refinance in Carmi
- Debt Relief in Carmi
- Home Equity Loans in Carmi
- 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