Total monthly cost of ownership
Cost to Own a Home in Central City, Illinois
A $44,000 home here costs
$540per 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 $23,000 a year.
A standard mortgage calculator would have told you $240. The real number is $300 higher every month, 125% more than the payment most buyers budget for.
Compare Marion County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Central City from a five-year rolling sample, and with about 1,123 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 Marion 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.
Central City against Marion County and Illinois
| Measure | Central City | Marion County |
|---|---|---|
| Median home value | $43,900 | $100,100 |
| Median property tax | $527 | $1,709 |
| Effective tax rate | 1.200% | 1.707% |
| Median gross rent | $888 | $771 |
| Population | 1,123 | 37,294 |
The weather behind that power bill
Central City sits in Marion County, which averages a high of 87.8°F in its hottest month and a low of 20.8°F in its coldest, with 45.89" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 1,328 cooling and 4,986 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Marion County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Marion County
Full Marion County cost breakdown · Every county in Illinois
Talk to someone who works this market
These are Central City 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 Central City every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Central City I already own here and may sell
Common questions
How much does it cost to own a home in Central City?
A $44,000 home in Central City, Illinois costs approximately $540 per month with 20% down at 7.24%. That is $240 principal and interest, $44 property tax, $17 homeowners insurance, $202 utilities and $37 set aside for maintenance.
What is the property tax rate in Central City?
Central City has an effective property tax rate of 1.200%, based on a median home value of $43,900 and median real estate taxes of $527. That is lower than the Marion County average of 1.707%.
What is the average home price in Central City?
The median owner-occupied home value in Central City, Illinois is $43,900, against $100,100 across Marion County.
Is it cheaper to rent or buy in Central City?
Median gross rent in Central City is $888 a month, against $540 to own the median home all in. Owning costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Central City?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Central City, Illinois at today's rate takes a household income of roughly $23,000 a year. That covers the full $540 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Central City, 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.