Total monthly cost of ownership
Cost to Own a Home in Cherry Valley, Illinois
A $222,000 home here costs
$2,146per 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 $92,000 a year.
A standard mortgage calculator would have told you $1,220. The real number is $926 higher every month, 76% more than the payment most buyers budget for.
Compare Winnebago County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Cherry Valley from a five-year rolling sample, and with about 3,268 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 Winnebago 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.
Cherry Valley against Winnebago County and Illinois
| Measure | Cherry Valley | Winnebago County |
|---|---|---|
| Median home value | $222,400 | $155,100 |
| Median property tax | $5,430 | $3,850 |
| Effective tax rate | 2.442% | 2.482% |
| Median gross rent | $871 | $986 |
| Population | 3,268 | 283,289 |
Cherry Valley extends across 2 counties. Figures here use Winnebago County, where most of its housing sits.
The weather behind that power bill
Cherry Valley sits in Winnebago County, which averages a high of 83.9°F in its hottest month and a low of 14.5°F in its coldest, with 37.24" of precipitation a year and 36% of it in a single three-month stretch. That climate drives 839 cooling and 6,497 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Winnebago County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Winnebago County
Full Winnebago County cost breakdown · Every county in Illinois
Talk to someone who works this market
These are Cherry Valley 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 Cherry Valley every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Cherry Valley I already own here and may sell
Common questions
How much does it cost to own a home in Cherry Valley?
A $222,000 home in Cherry Valley, Illinois costs approximately $2,146 per month with 20% down at 7.32%. That is $1,220 principal and interest, $452 property tax, $87 homeowners insurance, $202 utilities and $185 set aside for maintenance.
What is the property tax rate in Cherry Valley?
Cherry Valley has an effective property tax rate of 2.442%, based on a median home value of $222,400 and median real estate taxes of $5,430. That is lower than the Winnebago County average of 2.482%.
What is the average home price in Cherry Valley?
The median owner-occupied home value in Cherry Valley, Illinois is $222,400, against $155,100 across Winnebago County.
Is it cheaper to rent or buy in Cherry Valley?
Median gross rent in Cherry Valley is $871 a month, against $2,146 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 Cherry Valley?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Cherry Valley, Illinois at today's rate takes a household income of roughly $92,000 a year. That covers the full $2,146 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Cherry Valley, 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.