Home to the city of Chicago, Illinois is a land of contrasts like many of the states in the region. It has a cluster of major cities alongside a large and productive farming community. The state has long carried the reputation of being a smaller version of the United States as a whole, and cultural and social trends in Illinois often mirror those of the country at large.
Illinois can look very different from one end of the state to the other. Its population is concentrated in the northeastern corner around Chicago, while much of the rest of the state is decidedly rural. That mix gives the region something for just about everyone, and it continues to draw new residents decade after decade.
As of 2025, Illinois had roughly 12.7 million residents, making it the sixth most populous state in the country. It is also home to one of the largest state economies in the United States, with a gross state product well over $1 trillion — among the five largest of any state. The Illinois economy is anchored by services, manufacturing, agriculture, transportation, and finance, with many of the service and finance jobs concentrated in the Chicago area.
The Cities of Illinois
As of 2025, the typical home value in Illinois was roughly $290,000, according to Zillow's Home Value Index — broadly in line with neighboring Midwest states. Of course, there are many different types of homes across the state, from apartments and condos in Chicago to large houses in the suburbs to farmhouses in rural Illinois. Some of the most expensive homes are found in affluent suburbs such as Hinsdale, Barrington Hills, and Highland Park, while more affordable housing can be found in a number of communities south of the city.
Chicago
Population: roughly 2.7 million (2025 estimate)
Along with New York and Los Angeles, Chicago is one of the "big three" American cities that has firmly established itself in the world's consciousness. The city is home to roughly 2.7 million residents, a figure that swells to nearly 10 million when you consider the broader metropolitan area, often referred to as Chicagoland. Chicago has a few popular nicknames, including the Windy City and the Second City. Its economy is highly diverse, with major contributions from finance, business services, manufacturing, food processing, transportation, and more. Even if you only work downtown, the commute from the suburbs can be efficient, as Chicago is served by Metra, a commuter rail network whose lines connect the city to communities across the region.
Aurora
Population: roughly 180,000 (2025 estimate)
Aurora shares its name with cities across the United States, so even if the name sounds familiar you may not be picturing this one. Known as the "City of Lights," Aurora is the second largest city in Illinois and a longtime manufacturing and logistics hub in the western suburbs. It also enjoys a bit of pop-culture cachet as the setting of the movie Wayne's World.
Naperville
Population: roughly 150,000 (2025 estimate)
Naperville, a large suburb west of Chicago, overtook Joliet in 2024 to become the state's third largest city. It is also one of the more affluent communities in the country and regularly appears on "best places to live" lists thanks to its strong schools, low crime, and quality of life. Its growth over recent decades has been driven by a mix of technology, research, and professional-services employers along the Interstate 88 corridor.
Joliet & Rockford
Population: roughly 150,000 each (2025 estimates)
Rounding out the state's largest cities are Joliet, a fast-growing logistics and distribution center southwest of Chicago, and Rockford, a historic manufacturing city in the north-central part of the state. Both rank among the five most populous cities in Illinois.
Banking in IL
There are many banking options in Illinois and the Chicagoland area, ranging from small local banks to credit unions to large national banks. After all, Chicago is one of America's financial hubs. Below, we've broken down a few of your options.
Banks headquartered in Illinois include:
- Northern Trust
- Wintrust Bank
- BMO Bank (U.S. operations)
- Busey Bank
- Byline Bank
- Amalgamated Bank of Chicago
- Illinois National Bank
Local credit unions:
- Alliant Credit Union
- Citizens Equity First Credit Union (CEFCU)
- BCU (Baxter Credit Union)
- Scott Credit Union
National banks with branches in Illinois:
- Chase
- Bank of America
- PNC Bank
- U.S. Bank
- Wells Fargo
Illinois is also home to several large mortgage lenders. Rate — the Chicago-based lender formerly known as Guaranteed Rate — is among the best known and remains headquartered in the city.
IL Home Loans
If you're considering a move to this famous Midwest state, RateZip.com can help. The website provides easy online access to lending rates offered by regional banks and home loan providers, giving buyers a competitive edge with detailed market information. Here are a few options to consider:
Home Purchase Loan
There are a variety of options to consider if you're looking to buy a home. For many first-time home buyers, an FHA mortgage is a popular choice. These loans allow a smaller down payment — as low as 3.5% — and more flexible credit requirements. Keep in mind that FHA loans require mortgage insurance, which adds to the overall cost. First-time buyers in Illinois may also qualify for down payment and closing-cost assistance through IHDA Mortgage, offered by the Illinois Housing Development Authority.
Mortgage Refinancing
Homeowners refinance for many reasons — to adjust their rate or term, tap equity, or drop mortgage insurance. Whether refinancing makes sense depends on your goals and where rates stand at the time, so it's worth comparing your current loan against current market rates before you decide. If you already have an FHA or VA loan, you may be eligible for a streamline refinance, which can simplify the process. Get a free quote on RateZip for more details.
Home Equity Loan
If you have built up substantial equity and need extra cash, a home equity loan or line of credit (HELOC) may be a good fit. These products let you borrow against the value you've accumulated in your home, typically at lower rates than unsecured borrowing, and are widely available from banks, credit unions, and other lenders across Illinois.