Total monthly cost of ownership
Cost to Own a Home in Elmwood, Illinois
A $145,000 home here costs
$1,527per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $745. The real number is $782 higher every month — 105% 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.
Elmwood against Peoria County and Illinois
| Measure | Elmwood | Peoria County |
|---|---|---|
| Median home value | $144,600 | $152,600 |
| Median property tax | $3,848 | $3,416 |
| Effective tax rate | 2.661% | 2.239% |
| Median gross rent | $761 | $946 |
| Population | 2,254 | 179,831 |
The weather behind that power bill
Elmwood sits in Peoria County, which averages a high of 86.3°F in its hottest month and a low of 17.6°F in its coldest, with 37.55" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 1,157 cooling and 5,614 heating degree days, which is what sets the $214 electricity line above.
See the full climate breakdown for Peoria County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Peoria County
Full Peoria County cost breakdown · Every county in Illinois
Common questions
How much does it cost to own a home in Elmwood?
A $145,000 home in Elmwood, Illinois costs approximately $1,527 per month with 20% down at 6.66%. That is $745 principal and interest, $322 property tax, $57 homeowners insurance, $282 utilities and $121 set aside for maintenance.
What is the property tax rate in Elmwood?
Elmwood has an effective property tax rate of 2.661%, based on a median home value of $144,600 and median real estate taxes of $3,848. That is higher than the Peoria County average of 2.239%.
What is the average home price in Elmwood?
The median owner-occupied home value in Elmwood, Illinois is $144,600, against $152,600 across Peoria County.
Is it cheaper to rent or buy in Elmwood?
Median gross rent in Elmwood is $761 a month, against $1,527 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 Elmwood — 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.