How much do homeowners pay a month in Palos Park, IL?
Homeowners with a mortgage in Palos Park, IL pay a median of $3,691 (±$1,518) a month in selected owner costs (2020–2024 American Community Survey).
Owners without a mortgage pay $1,223 (±$179).
49.5% of owned homes carry a mortgage.
In Palos Park, the median monthly cost with a mortgage went from $2,662 in 2015–2019 to $3,691 in 2020–2024 (+38.7%).
Prices (CPI-U) rose 22.7% over the same years; the change is not measurably different from the rise in prices.
Figures last updated on .
- With a mortgage
- $3,691 (±$1,518)
- Without a mortgage
- $1,223 (±$179)
- Owned with a mortgage
- 49.5%
Monthly owner costs in Palos Park
| Palos Park | Cook County | Illinois | United States | |
|---|---|---|---|---|
| With a mortgage | $3,691 (±$1,518) | $2,270 (±$10) | $1,987 (±$6) | $1,963 |
| Without a mortgage | $1,223 (±$179) | $910 (±$7) | $792 (±$4) | $638 |
| Owned homes with a mortgage | 49.5% (±9.2 points) | 62.4% (±0.4 points) | 60.8% (±0.2 points) | 60.6% |
| Median real estate taxes (a year) | $9,152 (±$1,232) | $6,191 (±$30) | $5,298 (±$22) | $3,119 |
Selected monthly owner costs are the mortgage payment, property taxes, insurance, utilities, fuels and any condominium or mobile-home fees.
In Palos Park, the median cost with a mortgage is not measurably different from Cook County ($2,270).
It is also higher than in Illinois ($1,987).
It is higher than the national figure ($1,963).
In Cook County, Palos Park ranks 15 of 148 places with a published estimate, from highest to lowest median monthly cost with a mortgage.
Statewide, it ranks 33 of 2,589.
Rankings use the estimates alone; where margins of error overlap, neighboring ranks may not truly differ.
How owner costs in Palos Park have changed since 2015–2019
| 2015–2019 | 2020–2024 | Amount of change | Verdict | |
|---|---|---|---|---|
| Median owner cost with a mortgage | $2,662 (±$188) | $3,691 (±$1,518) | +38.7% | No measurable change after inflation |
| Median real estate taxes | $7,988 (±$538) | $9,152 (±$1,232) | +14.6% | No measurable change after inflation |
| Median home value | $418,600 (±$31,641) | $464,700 (±$61,134) | +11.0% | No measurable change after inflation |
The Census Bureau publishes 2015–2019 dollars in 2019 dollars and 2020–2024 dollars in 2024 dollars.
Prices (the CPI-U, US Bureau of Labor Statistics) rose 22.7% between 2019 and 2024, so a dollar figure’s verdict compares the two after raising the earlier one by that much, using the Census Bureau’s test for a difference.
The two periods do not overlap, as the Census Bureau recommends for 5-year estimates.
Median monthly cost with a mortgage in places near Palos Park
| Place | Distance | Median monthly cost with a mortgage | Compared with this place |
|---|---|---|---|
| Palos Park | — | $3,691 (±$1,518) | — |
| Palos Heights | 1.7 mi | $2,576 (±$152) | Not measurably different |
| Palos Township | 1.8 mi | $2,112 (±$79) | Lower |
| Palos Hills | 2.4 mi | $1,875 (±$121) | Lower |
| Worth | 2.4 mi | $1,670 (±$127) | Lower |
| Chicago Ridge | 3.6 mi | $1,660 (±$118) | Lower |
| Hickory Hills | 4.1 mi | $2,110 (±$115) | Lower |
| Orland Park | 4.3 mi | $2,427 (±$83) | Not measurably different |
| Worth Township (Cook County) | 4.7 mi | $1,849 (±$41) | Lower |
Nearby places with a measurably lower figure: Palos Township, IL ($2,112), Palos Hills, IL ($1,875), Worth, IL ($1,670).
Distance is measured in a straight line between the Census Bureau’s internal points for each place.
Median monthly cost with a mortgage across Cook County, place by place
| Rank | Place | Median monthly cost with a mortgage |
|---|---|---|
| 1 (tie) | Wilmette | $4,000 or more |
| 1 (tie) | Winnetka | $4,000 or more |
| 1 (tie) | New Trier Township | $4,000 or more |
| 1 (tie) | River Forest Township | $4,000 or more |
| 13 | Western Springs | $3,998 (±$220) |
| 14 | Barrington Township | $3,707 (±$270) |
| 15 | Palos Park | $3,691 (±$1,518) |
| 16 | Northbrook | $3,656 (±$182) |
| 17 | La Grange | $3,622 (±$157) |
| 18 | Northfield Township | $3,495 (±$122) |
| 19 | Barrington | $3,393 (±$265) |
| 20 | Riverside | $3,336 (±$219) |
| 21 | Park Ridge | $3,312 (±$119) |
Showing 13 of 148 places in Cook County, ranked from highest to lowest.
Survey years: 2020–2024 (American Community Survey 5-year estimates), compared with 2015–2019.
Margins of error are at the 90% confidence level.
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Questions about Palos Park
What is the average mortgage payment in Palos Park?
The Census Bureau publishes total owner costs rather than the mortgage alone: the median for owners with a mortgage in Palos Park, IL is $3,691 (±$1,518) a month, including taxes, insurance and utilities.
How much does it cost to own a paid-off home in Palos Park?
Owners without a mortgage in Palos Park pay a median of $1,223 (±$179) a month in taxes, insurance, utilities and fees.
Has the cost of owning a home in Palos Park gone up?
In Palos Park, the median monthly cost with a mortgage went from $2,662 in 2015–2019 to $3,691 in 2020–2024 (+38.7%).
Prices (CPI-U) rose 22.7% over the same years; the change is not measurably different from the rise in prices.
Sources
- Selected Housing Characteristics (DP04), 2020–2024 ACS 5-year estimates — Palos Park village, Illinois
- Median Real Estate Taxes Paid by Mortgage Status (B25103), 2020–2024 ACS 5-year estimates — Palos Park village, Illinois
- Median Selected Monthly Owner Costs (B25088), 2015–2019 ACS 5-year estimates — Palos Park village, Illinois
- Median Real Estate Taxes Paid by Mortgage Status (B25103), 2015–2019 ACS 5-year estimates — Palos Park village, Illinois
- Median Value (B25077), 2015–2019 ACS 5-year estimates — Palos Park village, Illinois
- Consumer Price Index for All Urban Consumers (CPI-U), US city average, all items, US Bureau of Labor Statistics: annual averages 2019 and 2024
To check these figures in the Census Bureau’s own API, request the variables below from the 2024 ACS 5-year data profile (acs/acs5/profile) and detailed tables (acs/acs5) for Palos Park village, Illinois (place:57407, in state:17).
Each estimate (E or PE) has a margin of error beside it (M or PM).
The 2015–2019 figures are B25088_002E, B25088_002M, B25103_001E, B25103_001M, B25077_001E, B25077_001M from the 2019 release.
The API needs a free key.
DP04_0101E, DP04_0101M, DP04_0109E, DP04_0109M, DP04_0091PE, DP04_0091PM, B25103_001E, B25103_001M
This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
Figures are published by the US Census Bureau, HUD, the Bureau of Labor Statistics and the FBI; Seayora reproduces them and does not adjust them, except where a sentence says it compares dollar figures after inflation. They describe the whole place, not any one building or street, and are not an appraisal, a rent determination, a tax bill, a safety rating or legal advice.
Figures last updated on .
Related
- Housing in Palos Park at a glance
- Income and affordability in Palos Park
- Home values in Palos Park
- Property taxes in Palos Park
- Types of homes in Palos Park
- Age of homes in Palos Park
- Heating fuel in Palos Park
- Commute and cars in Palos Park
- Crime reported to police in Palos Park
- Population growth in Palos Park
- How long people stay in Palos Park
- Fair Market Rent in Palos Park
- Illinois landlord and tenant rules
- Housing across Cook County
- Housing data for every place in Illinois