Total monthly cost of ownership
Cost to Own a Home in Elk Grove Village, Illinois
A $334,000 home here costs
$2,994per 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 $128,500 a year.
A standard mortgage calculator would have told you $1,821. The real number is $1,173 higher every month, 64% more than the payment most buyers budget for.
Compare Cook 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.
Elk Grove Village against Cook County and Illinois
| Measure | Elk Grove Village | Cook County |
|---|---|---|
| Median home value | $334,400 | $305,200 |
| Median property tax | $6,748 | $6,053 |
| Effective tax rate | 2.018% | 1.983% |
| Median gross rent | $1,574 | $1,381 |
| Population | 32,132 | 5,185,812 |
Elk Grove Village extends across 2 counties. Figures here use Cook County, where most of its housing sits.
The weather behind that power bill
Elk Grove Village sits in Cook County, which averages a high of 84.0°F in its hottest month and a low of 16.1°F in its coldest, with 33.23" of precipitation a year and 35% of it in a single three-month stretch. That climate drives 822 cooling and 6,364 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Cook County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Cook County
Talk to someone who works this market
These are Elk Grove Village 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 Elk Grove Village every week. Free, no obligation, and we never sell your details to a list.
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Common questions
How much does it cost to own a home in Elk Grove Village?
A $334,000 home in Elk Grove Village, Illinois costs approximately $2,994 per month with 20% down at 7.24%. That is $1,821 principal and interest, $562 property tax, $131 homeowners insurance, $202 utilities and $278 set aside for maintenance.
What is the property tax rate in Elk Grove Village?
Elk Grove Village has an effective property tax rate of 2.018%, based on a median home value of $334,400 and median real estate taxes of $6,748. That is higher than the Cook County average of 1.983%.
What is the average home price in Elk Grove Village?
The median owner-occupied home value in Elk Grove Village, Illinois is $334,400, against $305,200 across Cook County.
Is it cheaper to rent or buy in Elk Grove Village?
Median gross rent in Elk Grove Village is $1,574 a month, against $2,994 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 Elk Grove Village?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Elk Grove Village, Illinois at today's rate takes a household income of roughly $128,500 a year. That covers the full $2,994 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Elk Grove Village, 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.