In Summit, a typical home is worth $232,600 and typical rent is $1,137 a month. Compared with all of Cook County, the typical home value is 28% lower and typical household income is 26% lower.
Typical home value from Zillow, September 2021 to September 2026: from $213,089 to $283,269.
From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).
Summit is in Cook 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 Cook County. See the county
What this place has that others do not, from public data, most unusual first.
1
The typical home in Summit is worth $232,600,28% less than in Cook County as a whole ($324,500).
2
The typical household income in Summit is $61,863,26% less than in Cook County as a whole ($83,498).
3
The typical rent in Summit is $1,137 a month, 21% less than in Cook County as a whole ($1,435).
4
15% of households in Summit have no internet at home (6% in Cook County).
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Summit
What homes there are in Summit, 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
Summit
Cook County
Illinois
United States
Kind of home: Summit and its comparisons
Measure
Summit
Cook County
Illinois
United States
Detached house
54%
40%
58%
61%
Attached house
Unreliable estimate
6%
6%
6%
Building of 2 to 4
31%
19%
12%
8%
Apartments (5 or more)
Unreliable estimate
35%
22%
19%
Mobile home
Unreliable estimate
1%
2%
6%
Boat, RV and other
Unreliable estimate
0%
0%
0%
In Summit, 5 in 10 homes are single-family detached houses; in Cook County, 4.
Year built
Before 19601960–19791980–19992000–20092010 or laterUnreliable estimate
Summit
Cook County
Illinois
United States
Year built: Summit and its comparisons
Measure
Summit
Cook County
Illinois
United States
Before 1960
53%
49%
38%
26%
1960–1979
33%
25%
26%
24%
1980–1999
Unreliable estimate
14%
20%
25%
2000–2009
7%
8%
11%
14%
2010 or later
Unreliable estimate
5%
6%
11%
The typical year built in Summit is 1959, about the same as in Cook County (1961).
In Summit, 52% of homes have 3 bedrooms or more, more than in Cook County (49%).
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Under the limitOver the limitUnreliable estimate
Under $100K9%
$100K–$200K18%
$200K–$300K49%
$300K–$500K20%
$500K–$750KUnreliable
FHA limit: $541,287
$750K–$1MUnreliable
$1M or moreUnreliable
Value of owner-occupied homes: Summit and its comparisons
Measure
Summit
Under $100K
9%
$100K–$200K
18%
$200K–$300K
49%
$300K–$500K
20%
$500K–$750K
Unreliable estimate
$750K–$1M
Unreliable estimate
$1M or more
Unreliable estimate
At least 96% of owner-occupied homes in Summit are worth less than $500,000, below the FHA loan limit for Cook County ($541,287).
Monthly rent with utilities
Unreliable estimate
Under $500Unreliable
$500–$999Unreliable
$1,000–$1,49947%
$1,500–$1,999Unreliable
$2,000–$2,499Unreliable
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Summit and its comparisons
Measure
Summit
Under $500
Unreliable estimate
$500–$999
Unreliable estimate
$1,000–$1,499
47%
$1,500–$1,999
Unreliable estimate
$2,000–$2,499
Unreliable estimate
$2,500–$2,999
Unreliable
$3,000 or more
Unreliable estimate
With a mortgage
$1,824 a month
Cook County: $2,270 a month
Without a mortgage
$755 a month
Cook County: $910 a month
Owners with a mortgage
46%
Cook County: 62%
In Summit, 46% of owners have a mortgage, and their typical cost is $1,824 a month, against $2,270 in Cook County. Without one it drops to $755.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Summit+36%
Cook County+32%
Illinois+35%
United States+53%
Typical rent
Summit+30%
Cook County+28%
Illinois+26%
United States+33%
Typical household income
Summit+31%
Cook County+29%
Illinois+27%
United States+29%
Change since 2015–2019: Summit and its comparisons
Measure
Summit
Cook County
Illinois
United States
Typical home value
+36%
+32%
+35%
+53%
Typical rent
+30%
+28%
+26%
+33%
Typical household income
+31%
+29%
+27%
+29%
The typical home value in Summit rose 36% since 2015–2019, more than in Cook County (32%).
The typical rent in Summit rose 30% since 2015–2019, about the same as in Cook County (28%).
The typical household income in Summit rose 31% over that time; home values changed +36% and rent +30%.
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Summit and its comparisons
Measure
Summit
Cook County
Illinois
United States
Rental vacancy
Unreliable estimate
4.5%
5.0%
5.5%
Homeowner vacancy
Unreliable estimate
1.1%
1.0%
0.9%
More than one person per room
Unreliable estimate
3.3%
2.5%
3.4%
People per household
2.92
2.43
2.46
2.53
Drive alone
65%
55%
66%
69%
Carpool
18%
8%
8%
9%
Public transit
Unreliable estimate
12%
6%
3%
Walk or bike
Unreliable estimate
5%
3%
3%
Work from home
5%
19%
16%
15%
Other means
Unreliable estimate
2%
1%
2%
Typical commute
Unreliable estimate
30 to 39 minutes
20 to 29 minutes
20 to 29 minutes
Households in Summit are bigger: 2.92 people on average; in Cook County, 2.43.
In Summit, 18% of workers share a car to get to work; in Cook County, 8%.
Do the math
What would you pay each month for a home in Summit?
A typical home costs more than the typical income allows
We start with a typical home in Summit, worth $232,600, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 43% of the typical household income in Summit, which is $61,863 a year. For that payment to be 28% of income, a household would need to earn about $94,392 a year.
The calculator's FHA and conventional loan limits are those of all of Cook 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 Summit. 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 $8,141 (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
$2,202
at 7.18% · 30 years
Loan amount
$228,387
Total interest
$328,595
Paid off in
November 2056
Includes $3,928 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,443 a month
Tight
$1,443 to $1,856 a month
Hard
more than $1,856 a month
Your payment · 43%
Compared with the typical household income in Summit ($61,863 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$1,547
Property tax
$456
Home insurance
$97
FHA mortgage insurance (MIP)
$103
You need at least $8,141 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 $2,202; principal and interest $1,547.
The city and its county
Summit and Cook County
Summit is in Cook 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).
Summit
Map of Cook County, Illinois, with Summit marked. Around it, the neighboring counties.
Summit
Cook County
Other cities with a page
Summit's own numbers
Typical home value
$232,600
Typical monthly rent
$1,137
Typical yearly household income
$61,863
Households that own their home
61%
Effective property tax rate
2.35%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Cook County
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$2,011
Price change over 5 years (FHFA)
+42%
Homes in a high flood-risk zone
1%
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 Cook County.
A typical home in Summit is worth $232,600: 28% below the county and 12% below Illinois. With the typical household income in Summit ($61,863 a year), a typical home costs 3.8 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.
Summit3.8 years
Cook3.9 years
Illinois3.2 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Cook County
According to FHFA’s house price index, home prices in Cook County rose 61% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Cook County.
Yearly change in FHFA’s price index in Cook County, 2016 to 2025
2016: +3.9% +3.9% 2016
2017: +3.2% +3.2% 2017
2018: +2.5% +2.5% 2018
2019: +2.7% +2.7% 2019
2020: +0.9% +0.9% 2020
2021: +7.2% +7.2% 2021
2022: +11.3% +11.3% 2022
2023: +5.7% +5.7% 2023
2024: +6.4% +6.4% 2024
2025: +5.5% +5.5% 2025
Change in FHFA’s price index in Cook County, Illinois and the United States
Period
County
Illinois
U.S.
Last year (2025)
+5.5%
+5.7%
+2.9%
5 years (2020–2025)
+42%
+47%
+47%
10 years (2015–2025)
+61%
+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
Summit next to Cook 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
Summit$232,600
Cook$324,500
Illinois$263,300
United States$332,700
Typical monthly rent
Summit$1,137
Cook$1,435
Illinois$1,274
United States$1,413
Typical yearly household income
Summit$61,863
Cook$83,498
Illinois$83,390
United States$80,734
See the full table
Summit next to Cook County and Illinois
Measure
Summit
Cook County
Illinois
U.S.
Typical home value
$232,600 ▼28% below the county
$324,500
$263,300
$332,700
Typical monthly rent
$1,137 ▼21% below the county
$1,435
$1,274
$1,413
Typical yearly household income
$61,863 ▼26% below the county
$83,498
$83,390
$80,734
Households that own their home
61% ▲3 points above the county
58%
67%
65%
Typical yearly property tax
$5,476 ▼12% below the county
$6,191
$5,298
$3,119
Effective property tax rate
2.35% ▲0.44 points above the county
1.91%
2.01%
0.94%
Renters with high rent for their income
58% ▲9 points above the county
49%
48%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Cook 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 Summit
For a typical $232,600 home in Summit, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Summit's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$2,202a month
Least cash to close
Down payment
$8,141
Cash to close
$15,119
Rate
7.18%
Mortgage insurance
FHA MIP · $103
Conventional, 5% down$2,160a month
Down payment
$11,630
Cash to close
$18,608
Rate
7.18%
Mortgage insurance
PMI · $110
Conventional, 20% down, no PMI$1,813a month
Down payment
$46,520
Cash to close
$53,498
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$2,028a month
Down payment
$34,890
Cash to close
$41,868
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Summit
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$2,202
$8,141
$228,387
7.18%
FHA MIP · $103
$15,119
580
Conventional, 5% down
$2,160
$11,630
$220,970
7.18%
PMI · $110
$18,608
620*
Conventional, 20% down, no PMI
$1,813
$46,520
$186,080
7.18%
None
$53,498
620*
ITIN, 15% down (example)
$2,028
$34,890
$197,710
8.18%
None
$41,868
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 Summit is $1,137 a month: 21% below the county. In Summit, 58% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Cook County, by unit size. To pay the 2-bedroom one ($2,011 a month) without spending more than 30% of your income, you would need to earn $38.67 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 Cook County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$1,678
$32.27
$67,120
1 bedroom
$1,780
$34.23
$71,200
2 bedrooms
$2,011
$38.67
$80,440
3 bedrooms
$2,586
$49.73
$103,440
4 bedrooms
$2,954
$56.81
$118,160
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 Summit
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Summit is in ZIP code 60501.
For 2 bedrooms it is $1,530: $481 less than the fair market rent for Cook County ($2,011).
Fair market rent by ZIP code and size in Summit, fiscal year 2027.
ZIP code
Studio
1 bd
2 bd
3 bd
4 bd
60501
$1,280
$1,350
$1,530
$1,970
$2,250
ZIP code2 bd3 bd
60501 $1,530$1,970
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Summit 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)
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.
There are 42 HUD-approved agencies with an office in Cook County; 19 say they serve in Spanish.
No down payment, repair or rent-help program on our list is for Summit or Cook County. The ones below are statewide in Illinois: they work in Summit 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).
No legal help resource on our list is for Summit or Cook 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 Summit and all of Cook 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 Summit?
The typical home value in Summit is $232,600, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Cook County it is $324,500.
How much does it cost to rent in Summit?
Typical rent in Summit is $1,137 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Cook County is $2,011.
What is the FHA loan limit in Summit?
Summit uses the FHA limit for all of Cook 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 Summit?
The typical homeowner in Summit pays $5,476 a year, according to the U.S. Census Bureau. That is 2.35% of the home’s value; in Cook County, the rate is 1.91%.
Where can I find free help to buy or rent in Summit?
There are 42 HUD-approved counseling agencies with an office in Cook County. 19 say they serve in Spanish. They can help you get ready to buy, with your credit, or with rent.
