Total monthly cost of ownership
Cost to Own a Home in Downs, Illinois
A $238,000 home here costs
$2,291per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $98,000 a year.
A standard mortgage calculator would have told you $1,318. The real number is $973 higher every month, 74% more than the payment most buyers budget for.
Compare McLean County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Downs from a five-year rolling sample, and with about 1,451 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 McLean 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.
Downs against McLean County and Illinois
| Measure | Downs | McLean County |
|---|---|---|
| Median home value | $237,700 | $198,300 |
| Median property tax | $5,752 | $4,503 |
| Effective tax rate | 2.420% | 2.271% |
| Median gross rent | $1,250 | $992 |
| Population | 1,451 | 170,882 |
The weather behind that power bill
Downs sits in McLean County, which averages a high of 86.0°F in its hottest month and a low of 15.6°F in its coldest, with 39.39" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 978 cooling and 6,023 heating degree days, which is what sets the $133 electricity line above.
See the full climate breakdown for McLean County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in McLean County
Full McLean County cost breakdown · Every county in Illinois
Talk to someone who works this market
These are Downs 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 Downs every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Downs?
A $238,000 home in Downs, Illinois costs approximately $2,291 per month with 20% down at 7.4%. That is $1,318 principal and interest, $480 property tax, $93 homeowners insurance, $201 utilities and $198 set aside for maintenance.
What is the property tax rate in Downs?
Downs has an effective property tax rate of 2.420%, based on a median home value of $237,700 and median real estate taxes of $5,752. That is higher than the McLean County average of 2.271%.
What is the average home price in Downs?
The median owner-occupied home value in Downs, Illinois is $237,700, against $198,300 across McLean County.
Is it cheaper to rent or buy in Downs?
Median gross rent in Downs is $1,250 a month, against $2,291 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 Downs?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Downs, Illinois at today's rate takes a household income of roughly $98,000 a year. That covers the full $2,291 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Downs, 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.