Total monthly cost of ownership
Cost to Own a Home in Aledo, Illinois
A $140,000 home here costs
$1,411per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $720. The real number is $691 higher every month — 96% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Aledo against Mercer County and Illinois
| Measure | Aledo | Mercer County |
|---|---|---|
| Median home value | $140,000 | $139,300 |
| Median property tax | $2,847 | $2,710 |
| Effective tax rate | 2.034% | 1.945% |
| Median gross rent | $770 | $757 |
| Population | 3,753 | 15,619 |
The weather behind that power bill
Aledo sits in Mercer County, which averages a high of 84.7°F in its hottest month and a low of 13.3°F in its coldest, with 39.1" of precipitation a year and 37% of it in a single three-month stretch. That climate drives 885 cooling and 6,309 heating degree days, which is what sets the $214 electricity line above.
See the full climate breakdown for Mercer County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Mercer County
No other places of this size are published in Mercer County.
Full Mercer County cost breakdown · Every county in Illinois
Common questions
How much does it cost to own a home in Aledo?
A $140,000 home in Aledo, Illinois costs approximately $1,411 per month with 20% down at 6.66%. That is $720 principal and interest, $237 property tax, $55 homeowners insurance, $282 utilities and $117 set aside for maintenance.
What is the property tax rate in Aledo?
Aledo has an effective property tax rate of 2.034%, based on a median home value of $140,000 and median real estate taxes of $2,847. That is higher than the Mercer County average of 1.945%.
What is the average home price in Aledo?
The median owner-occupied home value in Aledo, Illinois is $140,000, against $139,300 across Mercer County.
Is it cheaper to rent or buy in Aledo?
Median gross rent in Aledo is $770 a month, against $1,411 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Aledo — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Illinois.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.