Total monthly cost of ownership
Cost to Own a Home in Godfrey, Illinois
A $181,000 home here costs
$1,713per 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 $73,500 a year.
A standard mortgage calculator would have told you $987. The real number is $727 higher every month, 74% more than the payment most buyers budget for.
Compare Madison 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.
Godfrey against Madison County and Illinois
| Measure | Godfrey | Madison County |
|---|---|---|
| Median home value | $181,400 | $167,900 |
| Median property tax | $3,645 | $3,232 |
| Effective tax rate | 2.009% | 1.925% |
| Median gross rent | $1,111 | $969 |
| Population | 17,743 | 264,631 |
The weather behind that power bill
Godfrey 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 Godfrey 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 Godfrey every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Godfrey I already own here and may sell
Common questions
How much does it cost to own a home in Godfrey?
A $181,000 home in Godfrey, Illinois costs approximately $1,713 per month with 20% down at 7.24%. That is $987 principal and interest, $303 property tax, $71 homeowners insurance, $202 utilities and $151 set aside for maintenance.
What is the property tax rate in Godfrey?
Godfrey has an effective property tax rate of 2.009%, based on a median home value of $181,400 and median real estate taxes of $3,645. That is higher than the Madison County average of 1.925%.
What is the average home price in Godfrey?
The median owner-occupied home value in Godfrey, Illinois is $181,400, against $167,900 across Madison County.
Is it cheaper to rent or buy in Godfrey?
Median gross rent in Godfrey is $1,111 a month, against $1,713 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 Godfrey?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Godfrey, Illinois at today's rate takes a household income of roughly $73,500 a year. That covers the full $1,713 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Godfrey, 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.