Total monthly cost of ownership
Cost to Own a Home in Bloomington, Illinois
A $199,000 home here costs
$1,917per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $82,000 a year.
A standard mortgage calculator would have told you $1,102. The real number is $814 higher every month, 74% more than the payment most buyers budget for.
Compare McLean County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Bloomington against McLean County and Illinois
| Measure | Bloomington | McLean County |
|---|---|---|
| Median home value | $198,800 | $198,300 |
| Median property tax | $4,429 | $4,503 |
| Effective tax rate | 2.228% | 2.271% |
| Median gross rent | $1,004 | $992 |
| Population | 78,703 | 170,882 |
The weather behind that power bill
Bloomington sits in McLean County, which averages a high of 86.0°F in its hottest month and a low of 15.6°F in its coldest, with 39.39" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 978 cooling and 6,023 heating degree days, which is what sets the $133 electricity line above.
See the full climate breakdown for McLean County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in McLean County
Full McLean County cost breakdown · Every county in Illinois
Talk to someone who works this market
These are Bloomington 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 Bloomington every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Bloomington I already own here and may sell
Common questions
How much does it cost to own a home in Bloomington?
A $199,000 home in Bloomington, Illinois costs approximately $1,917 per month with 20% down at 7.4%. That is $1,102 principal and interest, $369 property tax, $78 homeowners insurance, $201 utilities and $166 set aside for maintenance.
What is the property tax rate in Bloomington?
Bloomington has an effective property tax rate of 2.228%, based on a median home value of $198,800 and median real estate taxes of $4,429. That is lower than the McLean County average of 2.271%.
What is the average home price in Bloomington?
The median owner-occupied home value in Bloomington, Illinois is $198,800, against $198,300 across McLean County.
Is it cheaper to rent or buy in Bloomington?
Median gross rent in Bloomington is $1,004 a month, against $1,917 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 Bloomington?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Bloomington, Illinois at today's rate takes a household income of roughly $82,000 a year. That covers the full $1,917 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Bloomington, 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.