Total monthly cost of ownership
Cost to Own a Home in Fairmont, Illinois
A $147,000 home here costs
$1,462per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $756. The real number is $706 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.
Fairmont against Will County and Illinois
| Measure | Fairmont | Will County |
|---|---|---|
| Median home value | $147,400 | $298,000 |
| Median property tax | $2,932 | $6,993 |
| Effective tax rate | 1.989% | 2.347% |
| Median gross rent | $1,372 | $1,413 |
| Population | 2,409 | 698,450 |
The weather behind that power bill
Fairmont sits in Will County, which averages a high of 83.6°F in its hottest month and a low of 16.6°F in its coldest, with 38.03" of precipitation a year and 35% of it in a single three-month stretch. That climate drives 872 cooling and 6,171 heating degree days, which is what sets the $214 electricity line above.
See the full climate breakdown for Will County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Will County
Common questions
How much does it cost to own a home in Fairmont?
A $147,000 home in Fairmont, Illinois costs approximately $1,462 per month with 20% down at 6.66%. That is $756 principal and interest, $244 property tax, $58 homeowners insurance, $282 utilities and $123 set aside for maintenance.
What is the property tax rate in Fairmont?
Fairmont has an effective property tax rate of 1.989%, based on a median home value of $147,400 and median real estate taxes of $2,932. That is lower than the Will County average of 2.347%.
What is the average home price in Fairmont?
The median owner-occupied home value in Fairmont, Illinois is $147,400, against $298,000 across Will County.
Is it cheaper to rent or buy in Fairmont?
Median gross rent in Fairmont is $1,372 a month, against $1,462 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 Fairmont — 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.