Total monthly cost of ownership
Cost to Own a Home in Gurnee, Illinois
A $331,000 home here costs
$3,115per month, all in, with 20% down at today's 7.32% 30-year fixed rate. By the 28% rule that takes a household income of about $133,500 a year.
A standard mortgage calculator would have told you $1,819. The real number is $1,296 higher every month, 71% more than the payment most buyers budget for.
Compare Lake 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.
Gurnee against Lake County and Illinois
| Measure | Gurnee | Lake County |
|---|---|---|
| Median home value | $331,100 | $326,600 |
| Median property tax | $8,272 | $8,743 |
| Effective tax rate | 2.498% | 2.677% |
| Median gross rent | $1,594 | $1,434 |
| Population | 30,486 | 711,885 |
The weather behind that power bill
Gurnee sits in Lake County, which averages a high of 83.5°F in its hottest month and a low of 16.3°F in its coldest, with 39.51" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 806 cooling and 6,366 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Lake County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lake County
Talk to someone who works this market
These are Gurnee 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 Gurnee every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Gurnee I already own here and may sell
Common questions
How much does it cost to own a home in Gurnee?
A $331,000 home in Gurnee, Illinois costs approximately $3,115 per month with 20% down at 7.32%. That is $1,819 principal and interest, $689 property tax, $130 homeowners insurance, $202 utilities and $276 set aside for maintenance.
What is the property tax rate in Gurnee?
Gurnee has an effective property tax rate of 2.498%, based on a median home value of $331,100 and median real estate taxes of $8,272. That is lower than the Lake County average of 2.677%.
What is the average home price in Gurnee?
The median owner-occupied home value in Gurnee, Illinois is $331,100, against $326,600 across Lake County.
Is it cheaper to rent or buy in Gurnee?
Median gross rent in Gurnee is $1,594 a month, against $3,115 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 Gurnee?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Gurnee, Illinois at today's rate takes a household income of roughly $133,500 a year. That covers the full $3,115 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Gurnee, 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.