The typical owner-occupied home in Loves Park is worth about $160,400, 39% below the Illinois median of $263,300 and 52% below the national median of $332,700. Owners pay a median $3,615 a year in property taxes, about 2.25% of their home's value, higher than the Illinois rate of 2.01%. The median household earns $61,868 a year, so the median home costs 2.6 times the median income (3.2 times for Illinois). 61% of occupied homes here are lived in by their owners, and 58% of those owners still have a mortgage.
Loves Park at a glance
| Loves Park | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $160,400 | $263,300 | $332,700 |
| Median property tax paid per year | $3,615 | $5,298 | $3,119 |
| Property tax as a share of value | 2.25% | 2.01% | 0.94% |
| Median household income | $61,868 | $83,390 | $80,734 |
| Homes lived in by their owners | 61% | 67% | 65% |
| Owner homes with a mortgage | 58% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,247 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 19.8% | 20.6% | 21.0% |
| Median rent | $1,120 | $1,274 | $1,413 |
| Rent as a share of renters' income | 26.3% | 29.1% | 30.6% |
| Median year homes were built | 1986 | 1971 | 1980 |
| Vacant homes | 3.5% | 7.7% | 10.1% |
| Population | 23,502 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Loves Park
At this week's average 30-year rate of 7.11%, buying the median Loves Park home of $160,400 with 20% down costs about $1,231 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,498, 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 $52,749 for the 20%-down payment. That payment is 24% of the median Loves Park household income of $61,868; at that income and 20% down, the 28% guideline points to a home of about $188,000.
The median rent here is $1,120 a month, so owning the median home costs about $111 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $32,080 |
|---|---|
| Loan amount | $128,320 |
| Principal and interest | $863 |
| Property taxes (2.25% a year) | $301 |
| Homeowners insurance (our estimate, 0.5% a year) | $67 |
| PMI | $0 |
| Total per month | $1,231 |
Change the numbers in the calculator
| Down payment | $5,614 |
|---|---|
| Loan amount | $157,495 |
| Principal and interest | $1,059 |
| Property taxes (2.25% a year) | $301 |
| Homeowners insurance (our estimate, 0.5% a year) | $67 |
| FHA mortgage insurance | $71 |
| Total per month | $1,498 |
Change the numbers in the calculator
Questions about home buying in Loves Park
What is the median home value in Loves Park?
About $160,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Loves Park?
Homeowners pay a median $3,615 a year, which is about 2.25% 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 Loves Park?
For the median home with 20% down at 7.11%, the payment is about $1,231 a month. Keeping that under 28% of gross income takes about $52,749 a year.
More about Loves Park
- Mortgage Refinance in Loves Park
- Debt Relief in Loves Park
- Home Equity Loans in Loves Park
- 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