Total monthly cost of ownership
Cost to Own a Home in Danville, Illinois
A $77,000 home here costs
$845per 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 $36,000 a year.
A standard mortgage calculator would have told you $420. The real number is $426 higher every month, 101% more than the payment most buyers budget for.
Compare Vermilion 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.
Danville against Vermilion County and Illinois
| Measure | Danville | Vermilion County |
|---|---|---|
| Median home value | $76,800 | $92,900 |
| Median property tax | $1,548 | $1,666 |
| Effective tax rate | 2.016% | 1.793% |
| Median gross rent | $809 | $802 |
| Population | 28,663 | 73,179 |
The weather behind that power bill
Danville sits in Vermilion County, which averages a high of 85.4°F in its hottest month and a low of 19.5°F in its coldest, with 43.21" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 1,066 cooling and 5,366 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Vermilion County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Vermilion County
Full Vermilion County cost breakdown · Every county in Illinois
Talk to someone who works this market
These are Danville 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 Danville every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Danville I already own here and may sell
Common questions
How much does it cost to own a home in Danville?
A $77,000 home in Danville, Illinois costs approximately $845 per month with 20% down at 7.24%. That is $420 principal and interest, $129 property tax, $30 homeowners insurance, $202 utilities and $64 set aside for maintenance.
What is the property tax rate in Danville?
Danville has an effective property tax rate of 2.016%, based on a median home value of $76,800 and median real estate taxes of $1,548. That is higher than the Vermilion County average of 1.793%.
What is the average home price in Danville?
The median owner-occupied home value in Danville, Illinois is $76,800, against $92,900 across Vermilion County.
Is it cheaper to rent or buy in Danville?
Median gross rent in Danville is $809 a month, against $845 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 Danville?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Danville, Illinois at today's rate takes a household income of roughly $36,000 a year. That covers the full $845 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Danville, 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.