Most Affordable Cities in the Chicago Metro Area (2026)

How We Define Affordability

Most affordability rankings use median home price as the primary metric. That works in low-tax states. In Illinois, it's incomplete.

A home priced at $200,000 in a city with a 2.6% property tax rate generates $5,200 in annual taxes — $433/month in escrow. A $240,000 home in a city with a 1.8% rate generates $4,320 in annual taxes — $360/month. The higher-priced home actually has a lower total monthly cost due to the lower tax rate.

Our methodology ranks cities using estimated total monthly PITI — the sum of principal and interest plus property tax escrow plus homeowner's insurance escrow. We assume:

• 30-year fixed mortgage at 6.5%
• 10% down payment
• $1,500/year homeowner's insurance ($125/month)
• County effective property tax rate applied to the median home value

This gives you a realistic, apples-to-apples comparison of what homeownership actually costs in each city, not just what the listing price says.

City Comparison Table

All calculations assume 30-year fixed at 6.5%, 10% down, $1,500/yr homeowner's insurance. Median prices are estimates based on available market data; actual prices vary. P&I calculated on 90% of median price.

Round Lake — Lake County

Round Lake sits in northern Lake County, roughly 40 miles north of downtown Chicago. It's one of the more affordable entry points in an otherwise expensive county, with median home prices in the low $200s that offset the county's high 2.65% effective rate.

Round Lake has several subdivisions developed in the 1980s–2000s that offer solid single-family homes in the $180,000–$240,000 range. The area has a diverse, working-class character with good access to Route 120 and the Metra North Central Service line for commuters.

What to know: Lake County's 2.65% rate is the highest in our seven-county service area. At a $205,000 median price, monthly tax escrow runs about $453. If you're buying in this price range in Lake County, make sure you've applied for all available exemptions from day one. The General Homestead Exemption will save you roughly $212/year at this rate.

Waukegan — Lake County

Waukegan is the county seat of Lake County and one of the most affordable cities in the entire Chicago metro area by purchase price. Median values in the $190,000–$200,000 range place it firmly as an entry-level market, though buyers should understand they are also accepting Lake County's 2.65% tax rate.

Waukegan has experienced significant investment in its downtown waterfront area in recent years. The city sits on Lake Michigan and has Metra access via the Union Pacific North line. The housing stock is older on average but has been maintained in many neighborhoods.

What to know: Total PITI on a median Waukegan home is approximately $1,665/month — remarkably affordable for an Illinois home with Chicago access. The tradeoff is a long commute if you work in the city. The city's ongoing revitalization may also mean future assessment increases as property values rise.

Romeoville — Will County

Romeoville is a mid-sized suburb southwest of Chicago in Will County, anchored by the Lewis University campus and strong distribution and logistics employment. Home prices in the $240,000–$260,000 range reflect a step up in quality and location from Joliet, while Will County's 2.38% rate is meaningfully lower than Lake County.

Romeoville has excellent highway access (I-55 corridor) and is relatively close to Bolingbrook and Naperville — two of the more sought-after areas in the southwest suburbs. New construction has been limited here, which has kept prices stable while inventory remains modest.

What to know: At a $245,000 median price and 2.38% rate, monthly tax escrow runs about $486. Total PITI of roughly $2,005/month makes this one of the better value propositions in the southwest suburbs — good-quality housing, reasonable taxes, and solid employment nearby.

Lockport — Will County

Lockport is a charming historic city in Will County along the Chicago Sanitary and Ship Canal, with a mix of older homes near the downtown core and newer subdivisions on the outer edges. The Lockport Township High School District is well-regarded, adding demand pressure to family-oriented neighborhoods.

Median prices in Lockport run around $265,000–$275,000, placing it in the mid-range for Will County. The 2.38% county rate on a $270,000 home produces about $536/month in tax escrow — substantial, but typical for the collar counties.

What to know: Lockport's combination of historical character, reputable schools, and moderate pricing gives it a loyal buyer base. The downtown area is undergoing revitalization and may see price pressure in coming years. The historic district has architectural interest that appeals to buyers looking for something beyond cookie-cutter subdivisions.

Joliet — Will County

Joliet is Will County's largest city and one of the most affordable entry points in the southwest suburbs. With median prices around $220,000–$230,000 and Will County's 2.38% tax rate, Joliet offers some of the lowest total PITI payments of any city in our comparison.

Joliet has a diverse economy supported by healthcare (Presence Saint Joseph Medical Center), education (University of St. Francis, Joliet Junior College), logistics, and gaming. The Metra Heritage Corridor line provides downtown Chicago access, though service is limited compared to busier lines.

What to know: Joliet's size and diversity mean significant neighborhood variation. Established areas on the north and east sides of the city command higher prices and have stronger appreciation histories. First-time buyers should research specific neighborhoods carefully. City services and school district quality varies by area.

New Lenox — Will County

New Lenox is one of Will County's most desirable communities — a planned suburban environment with strong Lincoln-Way school districts, quiet residential character, and growing commercial development. Median prices of $320,000–$340,000 are higher than other Will County cities, reflecting strong demand.

Despite the higher price point, New Lenox's location in Will County keeps the effective tax rate at ~2.38% rather than the higher rates found in DuPage or Lake. The result is a premium suburban experience at a slightly lower total monthly cost than comparable-quality communities in those counties.

What to know: New Lenox is growing rapidly. New subdivisions continue to be developed on the southern and western edges. Lincoln-Way Central and Lincoln-Way East high schools are consistently ranked among the top in Illinois, which drives strong buyer demand. Expect continued price appreciation.

Plainfield — Will County

Plainfield has been one of the fastest-growing communities in Illinois for two decades. With median prices around $305,000–$315,000 and access to top-ranked Plainfield Community Consolidated schools, it attracts family buyers from across the southwest metro area.

Like New Lenox, Plainfield benefits from Will County's 2.38% effective rate — lower than what you'd pay for a comparable-quality home in DuPage or Lake. The combination makes Plainfield one of the better values for families who prioritize school quality and neighborhood character but need to keep the monthly payment manageable.

What to know: Plainfield's growth means large, newer subdivision housing dominates the market. If you prefer established neighborhoods with mature trees and varied architecture, look at the older sections near Plainfield's historic downtown. Commute times to Chicago can be significant — the I-55 corridor is the primary route.

The Bottom Line: What to Look For

Here's the key insight this comparison reveals: the most affordable monthly payment doesn't always come from the lowest purchase price.

No city is universally "best" — the right choice depends on your commute, school preferences, family stage, and how much you value different amenities. But every choice should be made with full knowledge of the total monthly cost, not just the listing price.

Before you make an offer on any of these cities, run the mortgage analysis to see the full PITI payment for that specific property, factoring in the actual county tax rate and your down payment amount.