Buying a home · Cook County
Data from November 2026
Buying a home in Cook County, Illinois
The typical home in Cook County is worth $324,500 by the Census (Average 2020–2024). At Freddie Mac’s 7.18% rate (November 5, 2026), an FHA loan with 3.5% down and the tax here, the payment would be about $2,954 a month. For it to be 28% of income, a household would need about $126,587 a year.
Four numbers to start with
- Typical home value
- $324,500
- Census median · Average 2020–2024
- 23% more than in Illinois
- Income for the typical home
- $126,587
- a year, at 7.18% (November 5, 2026)
- The typical household here earns $83,498 a year, less than that.
- FHA limit, 1 unit
- $541,287
- national floor, 2026
- Conforming limit: $832,750.
- Property tax
- 1.91%
- $6,191 a year for the typical owner
- 5% less than in Illinois
Only here
Buying a home in Cook County: what sets it apart
What this place has that others do not, from public data, most unusual first.
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At 58%, Cook County ranks 3rd among the 102 counties in Illinois for the lowest homeownership rate.
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Cook County has the 4th highest typical home value of the 102 counties in Illinois ($324,500).
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From 2020 to 2025, home prices in Cook County rose 42% on FHFA's index, slower than in Illinois (47%).
Sources: U.S. Census Bureau (Average 2020–2024); FHFA (2025 data).
How much income you need
The income a home needs in Cook County
Three homes with the figures from here: the one the typical income ($83,498) reaches, the typical home ($324,500) and the most expensive one an FHA loan covers. All at 7.18% (November 5, 2026) and the property tax here (1.91% of value a year).
- The payment includes principal, interest, property tax, home insurance and FHA mortgage insurance (MIP).
- Home insurance is an example of 0.5% of the price a year. “To close” adds the down payment and an example of 3% of the price in closing costs.
- The income needed is the one that keeps the payment at 28% of pre-tax income. It is a reference: each lender decides with your debts, your credit and your savings.
| Home | Price | Income a year | Monthly payment | To close |
|---|---|---|---|---|
| What the typical income reachesthe payment is 28% of $83,498 a year | $214,000 | $83,481 | $1,948 | $13,910 |
| The typical homeCensus median · Average 2020–2024 | $324,500 | $126,587 | $2,954 | $21,093 |
| The most with FHAthe loan reaches the $541,287 limit | $560,919 | $218,813 | $5,106 | $36,460 |
Source: Freddie Mac, November 5, 2026 · Source: U.S. Census Bureau, Average 2020–2024 · Source: HUD, 2026 data
Loan limits
How much you can borrow in Cook County
FHA loans in Cook County use the national floor limit: it isn't a high-cost area. If the loan you need is above these amounts, it doesn't fit FHA or it becomes a "jumbo" loan.
FHA, one unit
$541,287
FHA national floor limit
Nationwide, the one-unit FHA limit runs from $541,287 to $1,299,500.
Source: HUD, 2026 data
Conforming, one unit
$832,750
Above this amount, a conventional loan is a “jumbo” loan. The national baseline limit applies here.
VA loans. If you have full VA entitlement, VA doesn't cap the loan amount. If you've used part of your entitlement, the calculation uses the county limit ($832,750 for one unit). VA loan limits (va.gov)
Source: FHFA, 2026 data
Buying a duplex or fourplex in Cook County
Loan limits for 2, 3 and 4 units in Cook County and HUD's Fair Market Rent by home size. HUD's rent is a reference, not a promise of what you will charge.
Loan limits in Cook County
| Units | FHA 2026 | Conforming 2026 |
|---|---|---|
| 2 units | $693,050 | $1,066,250 |
| 3 units | $837,700 | $1,288,800 |
| 4 units | $1,041,125 | $1,601,750 |
The FHA limit is the largest loan FHA can insure in this county; the conforming limit, the largest Fannie Mae and Freddie Mac can buy.
HUD Fair Market Rent in Cook County
| Size | Fair Market Rent FY2027 |
|---|---|
| Studio | $1,678 |
| 1 bedroom | $1,780 |
| 2 bedrooms | $2,011 |
| 3 bedrooms | $2,586 |
| 4 bedrooms | $2,954 |
HUD's estimate of rent plus utilities (except telephone). A reference to compare with, not what you will charge.
Sources: HUD, FHA limits 2026 ↗ · FHFA, conforming limits 2026 ↗ · HUD, Fair Market Rents FY2027 ↗
FHA's rules for buying 2 to 4 units
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FHA insures loans on 1 to 4 unit properties that are the owner's principal residence. For 2 to 4 units, the lender must obtain form HUD-92561.
“Except as otherwise stated in this Handbook 4000.1, FHA’s Single Family programs are limited to one- to four-family Properties that are owner-occupied Principal Residences.”
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At least one borrower must move into the property within 60 days of signing and intend to live there at least 1 year.
“At least one Borrower must occupy the Property within 60 Days of signing the security instrument and intend to continue occupancy for at least one year.”
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The FHA loan may not pass your area's limit, which rises with the number of units. The limit is checked against the loan before the financed upfront mortgage insurance premium (UFMIP) is added.
“A Mortgage that is to be insured by FHA cannot exceed the Nationwide Mortgage Limits. … restrictions to mortgage amounts and LTVs are based upon the amount prior to the financing of the Upfront Mortgage Insurance Premium (UFMIP) (Base Loan Amount).”
Handbook 4000.1, II.A.2.a and II.A.2.a.iii, p. 177; p. 178 ↗
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The units' rent can count as income. With no rental history, the lender uses 75% of the lesser of the appraiser's rent or the lease rent. It may not subtract it from your payment.
“the Mortgagee must use 75 percent of the lesser of: fair market rent reported by the Appraiser; or the rent reflected in the lease or other rental agreement.”
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With 3 or 4 units, the payment (principal, interest, taxes and insurance) divided by the net rent of all units, yours included, may not pass 100%. Net rent is the appraiser's rent less the appraiser's vacancy and maintenance estimate or 25%, whichever is greater.
“The PITI divided by the monthly Net Self-Sufficiency Rental Income may not exceed 100 percent for three- to four-unit Properties. … Net Self-Sufficiency Rental Income is calculated by using the Appraiser’s estimate of fair market rent from all units, including the unit the Borrower chooses for occupancy, and subtracting the greater of the Appraiser’s estimate for vacancies and maintenance, or 25 percent of the fair market rent.”
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With 3 or 4 units, the lender must verify reserves of 3 months of payments after closing. With manual underwriting, it asks for 1 month for 1 or 2 units.
“The Mortgagee must verify and document Reserves equivalent to three months’ PITI after closing for three- to four-unit Properties.”
Handbook 4000.1, II.A.4.d.i(C)(2) and II.A.5.c.i(C)(1)–(2), p. 253; p. 332 ↗
Prices
How prices changed in Cook County
According to the FHFA House Price Index, home prices in Cook County rose 61% in the 10 years through 2025. FHFA's index follows the price of the same homes over the years.
| Year | Cook County | Illinois | United States |
|---|---|---|---|
| 2015 | 0.0% | 0.0% | 0.0% |
| 2016 | +3.9% | +2.8% | +5.3% |
| 2017 | +7.2% | +5.5% | +11.0% |
| 2018 | +9.9% | +8.0% | +17.3% |
| 2019 | +12.9% | +10.8% | +22.2% |
| 2020 | +13.9% | +12.0% | +25.9% |
| 2021 | +22.1% | +20.8% | +40.5% |
| 2022 | +35.9% | +35.4% | +62.2% |
| 2023 | +43.6% | +45.6% | +71.5% |
| 2024 | +52.8% | +55.7% | +79.9% |
| 2025 | +61.3% | +64.6% | +85.0% |
| Period | Here | Illinois | United States |
|---|---|---|---|
| In 2025 | +5.5% | +5.7% | +2.9% |
| 5 years (2020–2025) | +42% | +47% | +47% |
| 10 years (2015–2025) | +61% | +65% | +85% |
See each year's change
- 2020: +0.9%
- 2021: +7.2%
- 2022: +11.3%
- 2023: +5.7%
- 2024: +6.4%
- 2025: +5.5%
The index follows the prices of the same homes over time (sales and appraisals on loans bought or guaranteed by Fannie Mae and Freddie Mac). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Property tax
Property tax in Cook County
In Cook County, the typical owner pays $6,191 a year: about 1.91% of the home's value. That is close to the rest of Illinois and more than the national average.
On the typical home ($324,500), that rate would be about $516 a month.
It is a Census estimate: what owners pay divided by their home’s value. Your bill depends on the assessment and the exemptions you claim.
Property tax
- Cook 1.91%
- Illinois 2.01%
- United States 0.94%
What Illinois publishes General Homestead Exemption (Illinois Department of Revenue)
Figure your tax Exemptions and deadlines in IllinoisCalculator
Figure your payment in Cook County
It starts from the typical price, this week’s rate and the tax here. Change anything: your numbers stay in your browser.
Your numbers
Starts at the typical home value in Cook County. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
That is $11,358 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details
Estimated monthly payment
Local data$2,954
at 7.18% · 30 years
- Loan amount
- $318,622
- Total interest
- $458,422
- Paid off in
- November 2056
Includes $5,480 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,948 a month
Tight
$1,948 to $2,505 a month
Hard
more than $2,505 a month
Your payment · 42%
Compared with the typical household income in Cook County ($83,498 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
| Principal & interest | $2,158 |
|---|---|
| Property tax | $517 |
| Home insurance | $135 |
| FHA mortgage insurance (MIP) | $144 |
How does it compare with incomes?
For this payment to be 28% of your income, you'd need to earn about $126,588 a year. With your other debts, to stay under 36%: about $98,458 a year.
You need at least $11,358 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $2,954; principal and interest $2,158.
Down payment help
Programs that serve in Cook County
First the program from here; then the 5 statewide ones. Each program sets its own rules: check its official page.
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HomeGrown Purchase Assistance Chicago, Cook County
Open, per the source
Up to $70,000
Chicago Department of Housing grant for the down payment and closing costs, from $10,000 to $70,000 depending on your income and the home's area; you apply through NLS or TRP and must live in the home five years
The source does not say whether you must be a first-time buyer. Run by City of Chicago Department of Housing (DOH). Verified November 5, 2026
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IHDAccess Home All of Illinois
Limited funds remain, per the source
Up to 6% of the price, capped at $15,000
IHDA second loan with deferred payments for first-time buyers in Illinois
First-time buyers only. Run by Illinois Housing Development Authority (IHDA). Verified November 5, 2026
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IHDAccess Forgivable All of Illinois
Limited funds remain, per the source
Up to 4% of the price, capped at $6,000
IHDA second loan forgiven little by little over ten years, for the down payment in Illinois
The source does not say whether you must be a first-time buyer. Run by Illinois Housing Development Authority (IHDA). Verified November 5, 2026
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IHDAccess Deferred All of Illinois
Limited funds remain, per the source
Up to 5% of the price, capped at $7,500
IHDA second loan with no payments until you sell or refinance, for the down payment in Illinois
The source does not say whether you must be a first-time buyer. Run by Illinois Housing Development Authority (IHDA). Verified November 5, 2026
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IHDAccess Repayable All of Illinois
Limited funds remain, per the source
Up to 10% of the price, capped at $10,000
IHDA interest-free second loan repaid month by month over ten years, for the down payment in Illinois
The source does not say whether you must be a first-time buyer. Run by Illinois Housing Development Authority (IHDA). Verified November 5, 2026
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Opening Doors All of Illinois
Limited funds remain, per the source
$9,000
Flat $9,000 from IHDA for the down payment and closing costs, as a 0% second mortgage with no monthly payments that is forgiven over five years; for first-time buyers and for people who have owned a home before (limited funds)
No first-time requirement. Run by Illinois Housing Development Authority (IHDA). Verified November 5, 2026
Housing counseling nearby
These agencies have an office in Cook County. The full list is on the Illinois counselors page. Official HUD list. Confirm hours and fees with the agency before you go.
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Agora Community Services Corporation, NFP
1831 E 79th St, Chicago · Spanish
- Mortgage delinquency and default
- Mortgage delinquency workshops
- and 8 more
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Brighton Park Neighborhood Council
4000 S Archer Ave, Chicago · Spanish
- Mortgage delinquency and default
- Budget and credit workshops
- and 5 more
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Ceda - Cicero
6141 West Roosevelt Road, Cicero · Spanish
- Mortgage delinquency and default
- Budget and financial counseling
- and 8 more
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Credit.org - Chicago Branch
332 S Michigan Ave, Chicago · Spanish
- Mortgage delinquency and default
- Budget and credit workshops
- and 4 more
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Far South Community Development Corporation
837 W 115th St, Chicago · Spanish
- Mortgage delinquency and default
- Mortgage delinquency workshops
- and 9 more
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Hana Center-Prospect Heights
664 N Milwaukee Ave Ste 213, Prospect Heights · Spanish
Also serves in Korean.
- Mortgage delinquency and default
- Mortgage delinquency workshops
- and 10 more
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Housing Action Illinois
67 E. Madison Street, Suite 1603, Chicago · Spanish
- Mortgage delinquency and default
- Mortgage delinquency workshops
- and 10 more
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Neighborhood Housing Services of Chicago
850 W Jackson Blvd, Chicago · Spanish
- Mortgage delinquency and default
- Mortgage delinquency workshops
- and 7 more
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NHS of Chicago - West Humboldt Park Branch
2950 W Chicago Ave, Chicago · Spanish
- Mortgage delinquency and default
- Home improvement and repairs
- and 6 more
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NHS of Chicago - Chatham Branch
639 E. 87th St., Chicago · Spanish
- Mortgage delinquency and default
- Budget and financial counseling
- and 5 more
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Northside Community Development Corporation
1530 W Morse Ave, Chicago · Spanish
Also serves in Polish.
- Mortgage delinquency and default
- Mortgage delinquency workshops
- and 5 more
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Northwest Side Housing Center (NWSHC)
5233 W Diversey Ave, Chicago · Spanish
- Mortgage delinquency and default
- Mortgage delinquency workshops
- and 7 more
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NSC (naca Counseling Subsidiary) - Chicago, IL
4425 W 63rd St Ste 200, Chicago · Spanish
- Mortgage delinquency and default
- Budget and financial counseling
- and 5 more
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Oak Park Regional Housing Center Aka West Cook Homeownership Center
5934 W Lake St, Chicago · Spanish
- Mortgage delinquency and default
- Budget and financial counseling
- and 7 more
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Open Communities
1740 Ridge Ave Ste 117, Evanston · Spanish
- Mortgage delinquency and default
- Mortgage delinquency workshops
- and 6 more
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Spanish Coalition for Housing
1922 N Pulaski Rd, Chicago · Spanish
- Mortgage delinquency and default
- Mortgage delinquency workshops
- and 8 more
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Spanish Coalition for Housing (south Chicago Office)
9010 S. Commercial Ave., Chicago · Spanish
- Mortgage delinquency and default
- Mortgage delinquency workshops
- and 6 more
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The Resurrection Project
1818 S Paulina St, Chicago · Spanish
- Mortgage delinquency and default
- Mortgage delinquency workshops
- and 9 more
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Xilin Association
2538 S Blue Island Ave, Chicago · Spanish
Also serves in Cantonese, Mandarin Chinese, and Korean.
- Budget and credit workshops
- Fair housing pre-purchase workshops
- and 4 more
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Access Living of Metropolitan Chicago
115 W Chicago Ave, Chicago
- Rental counseling
- Rental workshops
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Ceda - Chicago Heights
1215 West End Ave., Chicago Heights
- Mortgage delinquency and default
- Mortgage delinquency workshops
- and 8 more
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Ceda - Harvey
53 E 154th St, Harvey
- Mortgage delinquency and default
- Mortgage delinquency workshops
- and 8 more
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Ceda of Cook County Inc.
567 W Lake St, Chicago
Also serves in American Sign Language (ASL).
- Mortgage delinquency and default
- Budget and financial counseling
- and 4 more
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Center for Changing Lives
1955 N Saint Louis Ave, Chicago
- Budget and financial counseling
- Budget and credit workshops
- and 4 more
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Center of Concern
1665 Elk Blvd, Des Plaines
- Mortgage delinquency and default
- Budget and financial counseling
- and 2 more
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Chicago Urban League
4510 S Michigan Ave, Chicago
- Mortgage delinquency and default
- Mortgage delinquency workshops
- and 7 more
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Chinese American Service League
2141 South Tan Court, Chicago
Also serves in Cantonese and Mandarin Chinese.
- Mortgage delinquency and default
- Mortgage delinquency workshops
- and 10 more
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Cornerstone Community Development Corporation, NFP
943 E Lincoln Hwy, Ford Heights
- Mortgage delinquency and default
- Budget and financial counseling
- and 4 more
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Erie Neighborhood House
1347 W Erie St, Chicago
- Budget and financial counseling
- Budget and credit workshops
- and 5 more
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GLCU Foundation For Financial Empowerment
1011 W Lawrence Ave, Chicago
- Mortgage delinquency and default
- Budget and financial counseling
- and 4 more
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Hana Center
4300 N California Ave, Chicago
- Mortgage delinquency and default
- Mortgage delinquency workshops
- and 10 more
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Housing Opportunity Development Corporation
5340 Lincoln Ave, Skokie
- Reverse mortgage counseling
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Latin United Community Housing Association
1116 N Kedzie Ave, Chicago
- Budget and financial counseling
- Pre-purchase counseling
- and 1 more
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Lawndale Christian Development Corporation
3843 W Ogden Ave, Chicago
- Budget and financial counseling
- Budget and credit workshops
- and 4 more
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Midwest Asian Health Association
218 W 26th St, Chicago
Also serves in Cantonese and Mandarin Chinese.
- Home improvement and repairs
- Rental counseling
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Nid-Hca Chicago Il
8232 S Western Ave, Chicago
- Mortgage delinquency and default
- Mortgage delinquency workshops
- and 9 more
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Nid-Hca Webber
9263 S Ml King Dr, Chicago
- Mortgage delinquency and default
- Mortgage delinquency workshops
- and 6 more
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North West Housing Partnership
1701 E Woodfield Rd Ste 203, Schaumburg
- Budget and financial counseling
- Home improvement and repairs
- and 4 more
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Respond Now, Inc.
1439 Emerald Ave, Chicago Heights
- Budget and financial counseling
- Homelessness services
- and 1 more
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South Side Community Federal Credit Union
5401 S Wentworth Ave Ste 25, Chicago
- Mortgage delinquency and default
- Mortgage delinquency workshops
- and 7 more
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South Suburban Housing Center
18220 Harwood Ave, Homewood
- Mortgage delinquency and default
- Mortgage delinquency workshops
- and 6 more
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YWCA Metropolitan Chicago
6600 S Cottage Grove Ave, Chicago
- Mortgage delinquency and default
- Mortgage delinquency workshops
- and 6 more
Guides
Guides to buying a home
- How to buy a home in the United States, step by step
- Down payment assistance: how it works
- How much do you need for a down payment?
- FHA loan: down payment, insurance, limits and who qualifies
- ITIN mortgages: what exists and what lenders ask for
- Closing costs explained: what you pay and what can change
- Buying a duplex or a home with an ADU to live with family
- HUD housing counselors: what they do and what they cost
Frequently asked questions
How much income do I need to buy a home in Cook County?
At Freddie Mac’s 7.18% rate (November 5, 2026), an FHA loan with 3.5% down and the tax here, the payment would be about $2,954 a month. For it to be 28% of income, a household would need about $126,587 a year. The income needed is the one that keeps the payment at 28% of pre-tax income. It is a reference: each lender decides with your debts, your credit and your savings.
What is the FHA loan limit in Cook County in 2026?
Cook County has an FHA limit of $541,287 for a one-unit home. For 2 units it's $693,050, for 3 it's $837,700 and for 4 it's $1,041,125. It's the national floor limit.
How much have home prices changed in Cook County?
By FHFA’s house price index, home prices in Cook County rose 61% from 2015 to 2025.
How much is property tax in Cook County?
Cook County has a typical property tax of $6,191 a year, about 1.91% of the home's value (Average 2020–2024, U.S. Census).
Is there down payment help in Cook County?
First the program from here; then the 5 statewide ones. Each program sets its own rules: check its official page.
Where can I find free help in Spanish to buy a home in Cook County?
There are 42 HUD-approved counseling agencies in Cook County; 19 say they serve in Spanish. They're listed on this page with their phone numbers.