Buying and owning a home in Illinois has become much more expensive than just three years ago. The first-year cost of owning a house has increased by $12,717 in 2022 compared to the same exact house in 2019, new Illinois Policy Institute research finds. This leaves the Illinois housing market with its lowest affordability level since 2007. The cost increases include:

• An increase of $7,792 for a down payment to cover a median price increase of $38,961 on a typical home.  

• $3,876 more per year on mortgage principal and interest payments.

• Property tax payments worth $1,048 more per year.

Amendment 1, a proposed constitutional amendment at the top of the ballot, would increase taxes an average of $2,149 over four years for property owners and be passed on to renters if voters accept it on November 8th. To read more about housing affordability in Illinois, visit illin.is/newhomecost.