Total monthly cost of ownership
Cost to Own a Home in El Paso, Illinois
A $149,000 home here costs
$1,481per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $766. The real number is $715 higher every month — 93% 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.
El Paso against McLean County and Illinois
| Measure | El Paso | McLean County |
|---|---|---|
| Median home value | $149,200 | $198,300 |
| Median property tax | $3,007 | $4,503 |
| Effective tax rate | 2.015% | 2.271% |
| Median gross rent | $892 | $992 |
| Population | 2,871 | 170,882 |
El Paso extends across 2 counties. Figures here use McLean County, where most of its housing sits.
The weather behind that power bill
El Paso 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 $214 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
Common questions
How much does it cost to own a home in El Paso?
A $149,000 home in El Paso, Illinois costs approximately $1,481 per month with 20% down at 6.66%. That is $766 principal and interest, $250 property tax, $58 homeowners insurance, $282 utilities and $124 set aside for maintenance.
What is the property tax rate in El Paso?
El Paso has an effective property tax rate of 2.015%, based on a median home value of $149,200 and median real estate taxes of $3,007. That is lower than the McLean County average of 2.271%.
What is the average home price in El Paso?
The median owner-occupied home value in El Paso, Illinois is $149,200, against $198,300 across McLean County.
Is it cheaper to rent or buy in El Paso?
Median gross rent in El Paso is $892 a month, against $1,481 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 El Paso — 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.