Total monthly cost of ownership
Cost to Own a Home in Altamont, Illinois
A $132,000 home here costs
$1,246per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $53,500 a year.
A standard mortgage calculator would have told you $720. The real number is $526 higher every month, 73% more than the payment most buyers budget for.
Compare Effingham County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Altamont from a five-year rolling sample, and with about 2,500 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Effingham County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Altamont against Effingham County and Illinois
| Measure | Altamont | Effingham County |
|---|---|---|
| Median home value | $132,200 | $179,800 |
| Median property tax | $1,955 | $2,713 |
| Effective tax rate | 1.479% | 1.509% |
| Median gross rent | $898 | $734 |
| Population | 2,500 | 34,505 |
The weather behind that power bill
Altamont sits in Effingham County, which averages a high of 88.5°F in its hottest month and a low of 20.1°F in its coldest, with 44.01" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 1,298 cooling and 5,126 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Effingham County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Effingham County
Full Effingham County cost breakdown · Every county in Illinois
Talk to someone who works this market
These are Altamont averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Altamont every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Altamont I already own here and may sell
Common questions
How much does it cost to own a home in Altamont?
A $132,000 home in Altamont, Illinois costs approximately $1,246 per month with 20% down at 7.24%. That is $720 principal and interest, $163 property tax, $52 homeowners insurance, $202 utilities and $110 set aside for maintenance.
What is the property tax rate in Altamont?
Altamont has an effective property tax rate of 1.479%, based on a median home value of $132,200 and median real estate taxes of $1,955. That is lower than the Effingham County average of 1.509%.
What is the average home price in Altamont?
The median owner-occupied home value in Altamont, Illinois is $132,200, against $179,800 across Effingham County.
Is it cheaper to rent or buy in Altamont?
Median gross rent in Altamont is $898 a month, against $1,246 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Altamont?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Altamont, Illinois at today's rate takes a household income of roughly $53,500 a year. That covers the full $1,246 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Altamont, 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.