Total monthly cost of ownership
Cost to Own a Home in Fairmont City, Illinois
A $66,000 home here costs
$745per 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 $32,000 a year.
A standard mortgage calculator would have told you $360. The real number is $386 higher every month, 107% more than the payment most buyers budget for.
Compare Madison County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Fairmont City from a five-year rolling sample, and with about 2,354 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 Madison 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.
Fairmont City against Madison County and Illinois
| Measure | Fairmont City | Madison County |
|---|---|---|
| Median home value | $65,500 | $167,900 |
| Median property tax | $1,225 | $3,232 |
| Effective tax rate | 1.870% | 1.925% |
| Median gross rent | $1,012 | $969 |
| Population | 2,354 | 264,631 |
Fairmont City extends across 2 counties. Figures here use Madison County, where most of its housing sits.
The weather behind that power bill
Fairmont City sits in Madison County, which averages a high of 90.2°F in its hottest month and a low of 24.3°F in its coldest, with 43.36" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 1,579 cooling and 4,209 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Madison County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Madison County
Full Madison County cost breakdown · Every county in Illinois
Talk to someone who works this market
These are Fairmont City 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 Fairmont City every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Fairmont City I already own here and may sell
Common questions
How much does it cost to own a home in Fairmont City?
A $66,000 home in Fairmont City, Illinois costs approximately $745 per month with 20% down at 7.24%. That is $360 principal and interest, $103 property tax, $26 homeowners insurance, $202 utilities and $55 set aside for maintenance.
What is the property tax rate in Fairmont City?
Fairmont City has an effective property tax rate of 1.870%, based on a median home value of $65,500 and median real estate taxes of $1,225. That is lower than the Madison County average of 1.925%.
What is the average home price in Fairmont City?
The median owner-occupied home value in Fairmont City, Illinois is $65,500, against $167,900 across Madison County.
Is it cheaper to rent or buy in Fairmont City?
Median gross rent in Fairmont City is $1,012 a month, against $745 to own the median home all in. Owning costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Fairmont City?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Fairmont City, Illinois at today's rate takes a household income of roughly $32,000 a year. That covers the full $745 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Fairmont City, 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.