Total monthly cost of ownership
Cost to Own a Home in Collinsville, Illinois
A $158,000 home here costs
$1,482per 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 $63,500 a year.
A standard mortgage calculator would have told you $861. The real number is $621 higher every month, 72% more than the payment most buyers budget for.
Compare Madison 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.
Collinsville against Madison County and Illinois
| Measure | Collinsville | Madison County |
|---|---|---|
| Median home value | $157,700 | $167,900 |
| Median property tax | $2,702 | $3,232 |
| Effective tax rate | 1.713% | 1.925% |
| Median gross rent | $979 | $969 |
| Population | 24,126 | 264,631 |
Collinsville extends across 2 counties. Figures here use Madison County, where most of its housing sits.
The weather behind that power bill
Collinsville sits in Madison County, which averages a high of 90.2°F in its hottest month and a low of 24.3°F in its coldest, with 43.36" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 1,579 cooling and 4,209 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Madison County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Madison County
Full Madison County cost breakdown · Every county in Illinois
Talk to someone who works this market
These are Collinsville 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 Collinsville every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Collinsville I already own here and may sell
Common questions
How much does it cost to own a home in Collinsville?
A $158,000 home in Collinsville, Illinois costs approximately $1,482 per month with 20% down at 7.24%. That is $861 principal and interest, $226 property tax, $62 homeowners insurance, $202 utilities and $132 set aside for maintenance.
What is the property tax rate in Collinsville?
Collinsville has an effective property tax rate of 1.713%, based on a median home value of $157,700 and median real estate taxes of $2,702. That is lower than the Madison County average of 1.925%.
What is the average home price in Collinsville?
The median owner-occupied home value in Collinsville, Illinois is $157,700, against $167,900 across Madison County.
Is it cheaper to rent or buy in Collinsville?
Median gross rent in Collinsville is $979 a month, against $1,482 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 Collinsville?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Collinsville, Illinois at today's rate takes a household income of roughly $63,500 a year. That covers the full $1,482 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Collinsville, 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.