Total monthly cost of ownership
Cost to Own a Home in Farmington, Illinois
A $99,000 home here costs
$1,089per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $509. The real number is $580 higher every month — 114% 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.
Farmington against Peoria County and Illinois
| Measure | Farmington | Peoria County |
|---|---|---|
| Median home value | $99,300 | $152,600 |
| Median property tax | $2,125 | $3,416 |
| Effective tax rate | 2.140% | 2.239% |
| Median gross rent | $877 | $946 |
| Population | 1,990 | 179,831 |
Farmington extends across 2 counties. Figures here use Peoria County, where most of its housing sits.
The weather behind that power bill
Farmington 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 Farmington?
A $99,000 home in Farmington, Illinois costs approximately $1,089 per month with 20% down at 6.66%. That is $509 principal and interest, $177 property tax, $39 homeowners insurance, $282 utilities and $83 set aside for maintenance.
What is the property tax rate in Farmington?
Farmington has an effective property tax rate of 2.140%, based on a median home value of $99,300 and median real estate taxes of $2,125. That is lower than the Peoria County average of 2.239%.
What is the average home price in Farmington?
The median owner-occupied home value in Farmington, Illinois is $99,300, against $152,600 across Peoria County.
Is it cheaper to rent or buy in Farmington?
Median gross rent in Farmington is $877 a month, against $1,089 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 Farmington — 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.