Total monthly cost of ownership
Cost to Own a Home in Colchester, Illinois
A $87,000 home here costs
$987per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $447. The real number is $539 higher every month — 121% 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.
Colchester against McDonough County and Illinois
| Measure | Colchester | McDonough County |
|---|---|---|
| Median home value | $86,500 | $103,500 |
| Median property tax | $1,794 | $2,238 |
| Effective tax rate | 2.074% | 2.162% |
| Median gross rent | $808 | $730 |
| Population | 1,057 | 27,102 |
The weather behind that power bill
Colchester sits in McDonough County, which averages a high of 85.7°F in its hottest month and a low of 16.0°F in its coldest, with 38.46" of precipitation a year and 36% of it in a single three-month stretch. That climate drives 1,017 cooling and 5,886 heating degree days, which is what sets the $214 electricity line above.
See the full climate breakdown for McDonough County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in McDonough County
Full McDonough County cost breakdown · Every county in Illinois
Common questions
How much does it cost to own a home in Colchester?
A $87,000 home in Colchester, Illinois costs approximately $987 per month with 20% down at 6.66%. That is $447 principal and interest, $150 property tax, $34 homeowners insurance, $282 utilities and $73 set aside for maintenance.
What is the property tax rate in Colchester?
Colchester has an effective property tax rate of 2.074%, based on a median home value of $86,500 and median real estate taxes of $1,794. That is lower than the McDonough County average of 2.162%.
What is the average home price in Colchester?
The median owner-occupied home value in Colchester, Illinois is $86,500, against $103,500 across McDonough County.
Is it cheaper to rent or buy in Colchester?
Median gross rent in Colchester is $808 a month, against $987 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 Colchester — 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.