Chicago, IL — income, home value, property tax, and sales tax.
In ZIP code 60425, near Chicago, homes carry a median value of $197,000, and the county-level property tax rate of 1.91% works out to roughly $3,763 a year on such a home. With median household income at $77,174 and per-capita income of $37,185, that tax equals about 4.9% of household earnings. Buyers weighing a purchase here should factor in the 9.00% combined sales tax on everyday spending as well. Even so, the relationship between local incomes and home prices leaves room in many household budgets.
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