In Mount Carmel, a typical home is worth $89,300 and typical rent is $804 a month. Compared with all of Wabash County, typical household income is 18% lower, the typical home value is 15% lower, and the share of households that own their home is 10 points lower.
Typical home value from Zillow, September 2021 to September 2026: from $120,856 to $126,375.
From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).
Mount Carmel is in Wabash County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Wabash County. See the county
What this place has that others do not, from public data, most unusual first.
1
Mount Carmel has the 14th lowest typical household income of the 337 cities in Illinois with more than 5,000 people ($47,009).
2
According to Zillow, in the 12 months to September 2026 the typical home value in Mount Carmel barely changed; in Illinois, it rose 5.3%.
3
Mount Carmel has the 18th lowest typical home value of the 336 cities in Illinois with more than 5,000 people ($89,300).
4
67% of households in Mount Carmel own their home, against 76% in Wabash County.
5
Mount Carmel has the 33rd lowest typical rent of the 331 cities in Illinois with more than 5,000 people ($804).
Sources: U.S. Census Bureau (Average 2020–2024); Zillow (September 2026 data). Zillow data
The homes here
Housing in Mount Carmel
What homes there are in Mount Carmel, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Mount Carmel
Wabash County
Illinois
United States
Kind of home: Mount Carmel and its comparisons
Measure
Mount Carmel
Wabash County
Illinois
United States
Detached house
74%
77%
58%
61%
Attached house
Unreliable estimate
Unreliable estimate
6%
6%
Building of 2 to 4
8%
5%
12%
8%
Apartments (5 or more)
10%
7%
22%
19%
Mobile home
7%
10%
2%
6%
Boat, RV and other
Unreliable estimate
Unreliable estimate
0%
0%
Detached houses are the majority in Mount Carmel (74%), but less so than in Wabash County (77%).
Year built
Before 19601960–19791980–19992000–20092010 or laterUnreliable estimate
Mount Carmel
Wabash County
Illinois
United States
Year built: Mount Carmel and its comparisons
Measure
Mount Carmel
Wabash County
Illinois
United States
Before 1960
55%
44%
38%
26%
1960–1979
26%
24%
26%
24%
1980–1999
14%
21%
20%
25%
2000–2009
Unreliable estimate
5%
11%
14%
2010 or later
Unreliable estimate
5%
6%
11%
In Mount Carmel, half of the homes were built before 1956.
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Unreliable estimate
Under $100K57%
$100K–$200K29%
$200K–$300K10%
$300K–$500KUnreliable
$500K–$750KUnreliable
$750K–$1MUnreliable
$1M or moreUnreliable
Value of owner-occupied homes: Mount Carmel and its comparisons
Measure
Mount Carmel
Under $100K
57%
$100K–$200K
29%
$200K–$300K
10%
$300K–$500K
Unreliable estimate
$500K–$750K
Unreliable
$750K–$1M
Unreliable estimate
$1M or more
Unreliable estimate
Monthly rent with utilities
Under the limitOver the limitUnreliable estimate
Under $50028%
$500–$99941%
HUD fair market rent, 2 bedrooms: $992
$1,000–$1,49918%
$1,500–$1,999Unreliable
$2,000–$2,499Unreliable
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Mount Carmel and its comparisons
Measure
Mount Carmel
Under $500
28%
$500–$999
41%
$1,000–$1,499
18%
$1,500–$1,999
Unreliable estimate
$2,000–$2,499
Unreliable
$2,500–$2,999
Unreliable
$3,000 or more
Unreliable estimate
About 68% of rented homes in Mount Carmel cost less than HUD's 2-bedroom fair market rent for Wabash County ($992).
With a mortgage
$1,363 a month
Wabash County: $1,388 a month
Without a mortgage
$416 a month
Wabash County: $448 a month
Owners with a mortgage
43%
Wabash County: 42%
The typical cost for an owner with a mortgage in Mount Carmel is $1,363 a month, near the figure in Wabash County ($1,388).
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Mount Carmel+14%
Wabash County+27%
Illinois+35%
United States+53%
Typical rent
Mount Carmel+33%
Wabash County+25%
Illinois+26%
United States+33%
Typical household income
Mount CarmelNo clear change
Wabash CountyNo clear change
Illinois+27%
United States+29%
Change since 2015–2019: Mount Carmel and its comparisons
Measure
Mount Carmel
Wabash County
Illinois
United States
Typical home value
+14%
+27%
+35%
+53%
Typical rent
+33%
+25%
+26%
+33%
Typical household income
No clear change
No clear change
+27%
+29%
The typical home value in Mount Carmel rose 14% since 2015–2019, less than in Wabash County (27%).
Since 2015–2019, the typical rent in Mount Carmel rose 33%, more than in Wabash County (25%).
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Mount Carmel and its comparisons
Measure
Mount Carmel
Wabash County
Illinois
United States
Rental vacancy
Unreliable estimate
Unreliable estimate
5.0%
5.5%
Homeowner vacancy
Unreliable estimate
Unreliable estimate
1.0%
0.9%
More than one person per room
Unreliable estimate
Unreliable estimate
2.5%
3.4%
People per household
2.23
2.30
2.46
2.53
Drive alone
79%
81%
66%
69%
Carpool
13%
10%
8%
9%
Public transit
Unreliable estimate
Unreliable estimate
6%
3%
Walk or bike
4%
3%
3%
3%
Work from home
Unreliable estimate
5%
16%
15%
Other means
Unreliable estimate
Unreliable estimate
1%
2%
Typical commute
Unreliable estimate
Unreliable estimate
20 to 29 minutes
20 to 29 minutes
By size, households in Mount Carmel look like those in Wabash County: 2.23 people on average.
To get to work, 79% of workers in Mount Carmel drive alone; in Wabash County, 81%.
Do the math
What would you pay each month for a home in Mount Carmel?
A typical home is within reach of the typical income
We start with a typical home in Mount Carmel, worth $89,300, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 20% of the typical household income in Mount Carmel, which is $47,009 a year.
The calculator's FHA and conventional loan limits are those of all of Wabash County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Mount Carmel. 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.
Down payment
%
That is $3,126 (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
$773
at 7.18% · 30 years
Loan amount
$87,682
Total interest
$126,154
Paid off in
November 2056
Includes $1,508 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,097 a month
Your payment · 20%
Tight
$1,097 to $1,410 a month
Hard
more than $1,410 a month
Compared with the typical household income in Mount Carmel ($47,009 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$594
Property tax
$103
Home insurance
$37
FHA mortgage insurance (MIP)
$39
You need at least $3,126 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 $773; principal and interest $594.
The city and its county
Mount Carmel and Wabash County
Mount Carmel is in Wabash County, Illinois. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
Mount Carmel
Map of Wabash County, Illinois, with Mount Carmel marked. Around it, the neighboring counties.
Mount Carmel
Wabash County
Mount Carmel's own numbers
Typical home value
$89,300
Typical monthly rent
$804
Typical yearly household income
$47,009
Households that own their home
67%
Effective property tax rate
1.38%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Wabash County
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$992
Price change over 5 years (FHFA)
+51%
Homes in a high flood-risk zone
1.5%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Wabash County.
A typical home in Mount Carmel is worth $89,300: 15% below the county and 66% below Illinois. With the typical household income in Mount Carmel ($47,009 a year), a typical home costs 1.9 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
Mount Carmel1.9 years
Wabash1.8 years
Illinois3.2 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Wabash County
According to FHFA’s house price index, home prices in Wabash County rose 67% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Wabash County.
Yearly change in FHFA’s price index in Wabash County, 2016 to 2025
2016: +9.1% +9.1% 2016
2017: −5.0% −5.0% 2017
2018: +6.2% +6.2% 2018
2019: −1.0% −1.0% 2019
2020: +1.8% +1.8% 2020
2021: +12.4% +12.4% 2021
2022: −0.9% −0.9% 2022
2023: +8.6% +8.6% 2023
2024: +13.0% +13.0% 2024
2025: +10.3% +10.3% 2025
Change in FHFA’s price index in Wabash County, Illinois and the United States
Period
County
Illinois
U.S.
Last year (2025)
+10.3%
+5.7%
+2.9%
5 years (2020–2025)
+51%
+47%
+47%
10 years (2015–2025)
+67%
+65%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Mount Carmel next to Wabash County, Illinois and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Mount Carmel$89,300
Wabash$104,900
Illinois$263,300
United States$332,700
Typical monthly rent
Mount Carmel$804
Wabash$794
Illinois$1,274
United States$1,413
Typical yearly household income
Mount Carmel$47,009
Wabash$57,086
Illinois$83,390
United States$80,734
See the full table
Mount Carmel next to Wabash County and Illinois
Measure
Mount Carmel
Wabash County
Illinois
U.S.
Typical home value
$89,300 ▼15% below the county
$104,900
$263,300
$332,700
Typical monthly rent
$804
$794
$1,274
$1,413
Typical yearly household income
$47,009 ▼18% below the county
$57,086
$83,390
$80,734
Households that own their home
67% ▼10 points below the county
76%
67%
65%
Typical yearly property tax
$1,230 ▼17% below the county
$1,475
$5,298
$3,119
Effective property tax rate
1.38% ▼0.03 points below the county
1.41%
2.01%
0.94%
Renters with high rent for their income
40%
40%
48%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Wabash County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in Mount Carmel
For a typical $89,300 home in Mount Carmel, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Mount Carmel's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$773a month
Least cash to close
Down payment
$3,126
Cash to close
$5,805
Rate
7.18%
Mortgage insurance
FHA MIP · $39
Conventional, 5% down$757a month
Down payment
$4,465
Cash to close
$7,144
Rate
7.18%
Mortgage insurance
PMI · $42
Conventional, 20% down, no PMI$624a month
Down payment
$17,860
Cash to close
$20,539
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$706a month
Down payment
$13,395
Cash to close
$16,074
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Mount Carmel
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$773
$3,126
$87,683
7.18%
FHA MIP · $39
$5,805
580
Conventional, 5% down
$757
$4,465
$84,835
7.18%
PMI · $42
$7,144
620*
Conventional, 20% down, no PMI
$624
$17,860
$71,440
7.18%
None
$20,539
620*
ITIN, 15% down (example)
$706
$13,395
$75,905
8.18%
None
$16,074
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Typical rent in Mount Carmel is $804 a month: about the same as the county. In Mount Carmel, 40% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Wabash County, by unit size. To pay the 2-bedroom one ($992 a month) without spending more than 30% of your income, you would need to earn $19.08 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Wabash County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$691
$13.29
$27,640
1 bedroom
$758
$14.58
$30,320
2 bedrooms
$992
$19.08
$39,680
3 bedrooms
$1,374
$26.42
$54,960
4 bedrooms
$1,433
$27.56
$57,320
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in Mount Carmel
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Mount Carmel is in ZIP code 62863.
For 2 bedrooms it is $990: $2 less than the fair market rent for Wabash County ($992).
Fair market rent by ZIP code and size in Mount Carmel, fiscal year 2027.
ZIP code
Studio
1 bd
2 bd
3 bd
4 bd
62863
$690
$760
$990
$1,370
$1,430
ZIP code2 bd3 bd
62863 $990$1,370
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Mount Carmel when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
HUD lists 3 buildings with rents for lower incomes in Mount Carmel. These are the largest.
Tower Heights330 W 10th St, Mount Carmel 62863156 low-income homes · Run by Housing Authority Of The County Of Wabash, IL. · Average payment: $325 a month · Average wait: 2 months(618) 262-5518
D Smith Apts125 N Division St, Mount Carmel 6286318 low-income homes · 1 bd: 9 · 2 bd: 9 · In service since 1990
The Oaks Apts203 N Division St, Mount Carmel 6286315 low-income homes · 1 bd: 12 · 2 bd: 3 · In service since 1994 · For older adults
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
We found no HUD-approved agencies with an office in Wabash County. The nearest ones are below; many serve by phone or online.
No down payment, repair or rent-help program on our list is for Mount Carmel or Wabash County. The ones below are statewide in Illinois: they work in Mount Carmel the same as in the rest of the state.
IHDA second loan with no payments until you sell or refinance, for the down payment in Illinois.Offered by Illinois Housing Development Authority (IHDA).
The HUD-approved agencies closest to the center of Mount Carmel, in a straight line, nearest first. If one says it serves in Spanish, its card says so.
No legal help resource on our list is for Mount Carmel or Wabash County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Mount Carmel and all of Wabash County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in Mount Carmel?
The typical home value in Mount Carmel is $89,300, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Wabash County it is $104,900.
How much does it cost to rent in Mount Carmel?
Typical rent in Mount Carmel is $804 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Wabash County is $992.
What is the FHA loan limit in Mount Carmel?
Mount Carmel uses the FHA limit for all of Wabash County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.
How much property tax do owners pay in Mount Carmel?
The typical homeowner in Mount Carmel pays $1,230 a year, according to the U.S. Census Bureau. That is 1.38% of the home’s value; in Wabash County, the rate is 1.41%.
Where can I find free help to buy or rent in Mount Carmel?
We found no HUD-approved counseling agencies with an office in Wabash County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.
