Total monthly cost of ownership
Cost to Own a Home in Altamont, Illinois
A $132,000 home here costs
$1,285per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $679. The real number is $607 higher every month — 89% 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.
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 $214 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
Common questions
How much does it cost to own a home in Altamont?
A $132,000 home in Altamont, Illinois costs approximately $1,285 per month with 20% down at 6.66%. That is $679 principal and interest, $163 property tax, $52 homeowners insurance, $282 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 $1,285 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 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.