Total monthly cost of ownership
Cost to Own a Home in Kewanee, Illinois
A $70,000 home here costs
$779per 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 $33,500 a year.
A standard mortgage calculator would have told you $382. The real number is $398 higher every month, 104% more than the payment most buyers budget for.
Compare Henry 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.
Kewanee against Henry County and Illinois
| Measure | Kewanee | Henry County |
|---|---|---|
| Median home value | $70,000 | $145,300 |
| Median property tax | $1,322 | $2,877 |
| Effective tax rate | 1.889% | 1.980% |
| Median gross rent | $775 | $837 |
| Population | 12,280 | 48,948 |
The weather behind that power bill
Kewanee sits in Henry County, which averages a high of 85.7°F in its hottest month and a low of 14.6°F in its coldest, with 39.09" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 1,031 cooling and 6,139 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Henry County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Henry County
Talk to someone who works this market
These are Kewanee 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 Kewanee every week. Free, no obligation, and we never sell your details to a list.
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Common questions
How much does it cost to own a home in Kewanee?
A $70,000 home in Kewanee, Illinois costs approximately $779 per month with 20% down at 7.24%. That is $382 principal and interest, $110 property tax, $27 homeowners insurance, $202 utilities and $58 set aside for maintenance.
What is the property tax rate in Kewanee?
Kewanee has an effective property tax rate of 1.889%, based on a median home value of $70,000 and median real estate taxes of $1,322. That is lower than the Henry County average of 1.980%.
What is the average home price in Kewanee?
The median owner-occupied home value in Kewanee, Illinois is $70,000, against $145,300 across Henry County.
Is it cheaper to rent or buy in Kewanee?
Median gross rent in Kewanee is $775 a month, against $779 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 Kewanee?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Kewanee, Illinois at today's rate takes a household income of roughly $33,500 a year. That covers the full $779 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Kewanee, 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.