Total monthly cost of ownership
Cost to Own a Home in Harwood Heights, Illinois
A $316,000 home here costs
$2,765per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,625. The real number is $1,140 higher every month — 70% 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.
Harwood Heights against Cook County and Illinois
| Measure | Harwood Heights | Cook County |
|---|---|---|
| Median home value | $316,400 | $305,200 |
| Median property tax | $5,654 | $6,053 |
| Effective tax rate | 1.787% | 1.983% |
| Median gross rent | $1,166 | $1,381 |
| Population | 8,851 | 5,185,812 |
The weather behind that power bill
Harwood Heights sits in Cook County, which averages a high of 84.0°F in its hottest month and a low of 16.1°F in its coldest, with 33.23" of precipitation a year and 35% of it in a single three-month stretch. That climate drives 822 cooling and 6,364 heating degree days, which is what sets the $214 electricity line above.
See the full climate breakdown for Cook County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Cook County
Common questions
How much does it cost to own a home in Harwood Heights?
A $316,000 home in Harwood Heights, Illinois costs approximately $2,765 per month with 20% down at 6.66%. That is $1,625 principal and interest, $471 property tax, $124 homeowners insurance, $282 utilities and $263 set aside for maintenance.
What is the property tax rate in Harwood Heights?
Harwood Heights has an effective property tax rate of 1.787%, based on a median home value of $316,400 and median real estate taxes of $5,654. That is lower than the Cook County average of 1.983%.
What is the average home price in Harwood Heights?
The median owner-occupied home value in Harwood Heights, Illinois is $316,400, against $305,200 across Cook County.
Is it cheaper to rent or buy in Harwood Heights?
Median gross rent in Harwood Heights is $1,166 a month, against $2,765 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 Harwood Heights — 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.