Total monthly cost of ownership
Cost to Own a Home in Chicago, Illinois
A $315,000 home here costs
$2,689per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,619. The real number is $1,069 higher every month — 66% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Chicago against Cook County and Illinois
| Measure | Chicago | Cook County |
|---|---|---|
| Median home value | $315,200 | $305,200 |
| Median property tax | $4,814 | $6,053 |
| Effective tax rate | 1.527% | 1.983% |
| Median gross rent | $1,380 | $1,381 |
| Population | 2,707,648 | 5,185,812 |
Chicago extends across 2 counties. Figures here use Cook County, where most of its housing sits.
The weather behind that power bill
Chicago sits in Cook County, which averages a high of 84.0°F in its hottest month and a low of 16.1°F in its coldest, with 33.23" of precipitation a year and 35% of it in a single three-month stretch. That climate drives 822 cooling and 6,364 heating degree days, which is what sets the $214 electricity line above.
See the full climate breakdown for Cook County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Cook County
Common questions
How much does it cost to own a home in Chicago?
A $315,000 home in Chicago, Illinois costs approximately $2,689 per month with 20% down at 6.66%. That is $1,619 principal and interest, $401 property tax, $123 homeowners insurance, $282 utilities and $263 set aside for maintenance.
What is the property tax rate in Chicago?
Chicago has an effective property tax rate of 1.527%, based on a median home value of $315,200 and median real estate taxes of $4,814. That is lower than the Cook County average of 1.983%.
What is the average home price in Chicago?
The median owner-occupied home value in Chicago, Illinois is $315,200, against $305,200 across Cook County.
Is it cheaper to rent or buy in Chicago?
Median gross rent in Chicago is $1,380 a month, against $2,689 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Chicago — 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.