Total monthly cost of ownership
Cost to Own a Home in Cambridge, Illinois
A $120,000 home here costs
$1,213per 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 $52,000 a year.
A standard mortgage calculator would have told you $654. The real number is $558 higher every month, 85% more than the payment most buyers budget for.
Compare Henry County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Cambridge from a five-year rolling sample, and with about 2,184 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 Henry 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.
Cambridge against Henry County and Illinois
| Measure | Cambridge | Henry County |
|---|---|---|
| Median home value | $120,400 | $145,300 |
| Median property tax | $2,521 | $2,877 |
| Effective tax rate | 2.094% | 1.980% |
| Median gross rent | $1,039 | $837 |
| Population | 2,184 | 48,948 |
The weather behind that power bill
Cambridge sits in Henry County, which averages a high of 85.7°F in its hottest month and a low of 14.6°F in its coldest, with 39.09" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 1,031 cooling and 6,139 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Henry County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Henry County
Talk to someone who works this market
These are Cambridge 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 Cambridge every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Cambridge I already own here and may sell
Common questions
How much does it cost to own a home in Cambridge?
A $120,000 home in Cambridge, Illinois costs approximately $1,213 per month with 20% down at 7.24%. That is $654 principal and interest, $209 property tax, $47 homeowners insurance, $202 utilities and $100 set aside for maintenance.
What is the property tax rate in Cambridge?
Cambridge has an effective property tax rate of 2.094%, based on a median home value of $120,400 and median real estate taxes of $2,521. That is higher than the Henry County average of 1.980%.
What is the average home price in Cambridge?
The median owner-occupied home value in Cambridge, Illinois is $120,400, against $145,300 across Henry County.
Is it cheaper to rent or buy in Cambridge?
Median gross rent in Cambridge is $1,039 a month, against $1,213 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 Cambridge?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Cambridge, Illinois at today's rate takes a household income of roughly $52,000 a year. That covers the full $1,213 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Cambridge, 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.