Market Overview
Home Prices in Payson, IL
The median home value in Payson, IL is $156,747 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's down 6.1% compared to a year ago and down 7.7% from two years prior.
Compared to the U.S. national median of $410,000, homes in Payson are priced62% below average. Payson is part of the Quincy, IL-MO metro area.
Over the past five years, Payson home values have fallen by approximately2.9%, reflecting softening conditions in this market.
Price History
Payson Home Price Trend
2020
$150,765
$151K
—
2021
$161,454
$161K
+7.1%
2022
$175,176
$175K
+8.5%
2023
$184,867
$185K
+5.5%
2024
$180,721
$181K
-2.2%
2025
$166,886
$167K
-7.7%
2026
$156,747
$157K
-6.1%
City Comparison
Payson vs. National Median
🏠 Payson
$156,747
National Median
$410,000
At $156,747, homes in Payson cost 62% below the national median of $410,000. This makes Payson a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Payson?
20% Down Payment
$31,349
on $156,747
Monthly P&I
$818/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,039/mo
incl. taxes & insurance
Income Needed
$41,560
gross annual (30% rule)
10% Down Option
$15,675
+ PMI applies
Loan Amount (20% dn)
$125,398
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Payson, IL?
The median home value in Payson is $156,747 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's down 6.1% year-over-year.
How much have home prices changed in Payson?
Over the past year, home values in Payson have decreased by 6.1%. Over five years, prices have fallen approximately 2.9%.
How much do I need to earn to buy a home in Payson?
To comfortably afford the median home price of $156,747 with a 20% down payment ($31,349) at today's rates (6.8%), you'd need a gross annual income of approximately $41,560. This assumes keeping total housing costs at or below 30% of gross income.
How does Payson compare to the national average home price?
The national median home value is approximately $410,000. At $156,747, homes in Payson are 62% below the national average.
What metro area is Payson part of?
Payson is part of the Quincy, IL-MO metropolitan area. Home prices and market conditions can vary across the broader metro region.