Total monthly cost of ownership
Cost to Own a Home in Evanston, Illinois
A $472,000 home here costs
$4,140per 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 $177,500 a year.
A standard mortgage calculator would have told you $2,614. The real number is $1,525 higher every month, 58% 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.
Evanston against Cook County and Illinois
| Measure | Evanston | Cook County |
|---|---|---|
| Median home value | $472,300 | $305,200 |
| Median property tax | $8,953 | $6,053 |
| Effective tax rate | 1.896% | 1.983% |
| Median gross rent | $1,698 | $1,381 |
| Population | 76,552 | 5,185,812 |
The weather behind that power bill
Evanston 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 $133 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 Evanston 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 Evanston every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Evanston I already own here and may sell
Common questions
How much does it cost to own a home in Evanston?
A $472,000 home in Evanston, Illinois costs approximately $4,140 per month with 20% down at 7.4%. That is $2,614 principal and interest, $746 property tax, $185 homeowners insurance, $201 utilities and $393 set aside for maintenance.
What is the property tax rate in Evanston?
Evanston has an effective property tax rate of 1.896%, based on a median home value of $472,300 and median real estate taxes of $8,953. That is lower than the Cook County average of 1.983%.
What is the average home price in Evanston?
The median owner-occupied home value in Evanston, Illinois is $472,300, against $305,200 across Cook County.
Is it cheaper to rent or buy in Evanston?
Median gross rent in Evanston is $1,698 a month, against $4,140 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 Evanston?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Evanston, Illinois at today's rate takes a household income of roughly $177,500 a year. That covers the full $4,140 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Evanston, 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.