Home Affordability in Aurora, IL
The median home price in Aurora is $280,000 with a median household income of $67,312. Housing is moderately affordable relative to local incomes.
Median Home Price
$280,000
Median Income
$67,312
Price-to-Income Ratio
4.2x
Est. Affordable Home
$262,000
Property Tax Rate
2.10%
Annual Property Tax
$5,880
Sales Tax Rate
8.00%
Cost of Living Index
96
Buying a Home in Aurora
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $67,312 in Aurora can afford a monthly housing payment of approximately $1,571. This translates to a home price of roughly $262,000, which is below the median home price of $280,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Aurora would be approximately $5,880 per year ($490/month) at the effective rate of 2.10%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $8,400 | $271,600 | Yes |
| 5% | $14,000 | $266,000 | Yes |
| 10% | $28,000 | $252,000 | Yes |
| 20% | $56,000 | $224,000 | No |
Use Our Home Affordability Calculator
Get a personalized estimate based on your income, debts, down payment, and credit score.
Calculate Now