Total monthly cost of ownership
Cost to Own a Home in Champaign, Illinois
A $200,000 home here costs
$1,918per month, all in, with 20% down at today's 7.32% 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 $1,099. The real number is $819 higher every month, 75% more than the payment most buyers budget for.
Compare Champaign 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.
Champaign against Champaign County and Illinois
| Measure | Champaign | Champaign County |
|---|---|---|
| Median home value | $199,700 | $205,100 |
| Median property tax | $4,466 | $4,245 |
| Effective tax rate | 2.236% | 2.070% |
| Median gross rent | $1,103 | $1,018 |
| Population | 88,822 | 206,098 |
The weather behind that power bill
Champaign sits in Champaign County, which averages a high of 85.0°F in its hottest month and a low of 17.9°F in its coldest, with 36.97" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 1,054 cooling and 5,586 heating degree days, which is what sets the $133 electricity line above.
See the full climate breakdown for Champaign County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Champaign County
Full Champaign County cost breakdown · Every county in Illinois
Talk to someone who works this market
These are Champaign 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 Champaign every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Champaign I already own here and may sell
Common questions
How much does it cost to own a home in Champaign?
A $200,000 home in Champaign, Illinois costs approximately $1,918 per month with 20% down at 7.32%. That is $1,099 principal and interest, $373 property tax, $78 homeowners insurance, $201 utilities and $167 set aside for maintenance.
What is the property tax rate in Champaign?
Champaign has an effective property tax rate of 2.236%, based on a median home value of $199,700 and median real estate taxes of $4,466. That is higher than the Champaign County average of 2.070%.
What is the average home price in Champaign?
The median owner-occupied home value in Champaign, Illinois is $199,700, against $205,100 across Champaign County.
Is it cheaper to rent or buy in Champaign?
Median gross rent in Champaign is $1,103 a month, against $1,918 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 Champaign?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Champaign, Illinois at today's rate takes a household income of roughly $82,000 a year. That covers the full $1,918 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Champaign, 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.