Total monthly cost of ownership
Cost to Own a Home in Lacon, Illinois
A $112,000 home here costs
$1,164per 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 $50,000 a year.
A standard mortgage calculator would have told you $611. The real number is $553 higher every month, 91% more than the payment most buyers budget for.
Compare Marshall County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Lacon from a five-year rolling sample, and with about 1,768 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Marshall County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Lacon against Marshall County and Illinois
| Measure | Lacon | Marshall County |
|---|---|---|
| Median home value | $111,700 | $137,800 |
| Median property tax | $2,565 | $2,743 |
| Effective tax rate | 2.296% | 1.991% |
| Median gross rent | $811 | $767 |
| Population | 1,768 | 11,715 |
The weather behind that power bill
Lacon sits in Marshall County, which averages a high of 87.0°F in its hottest month and a low of 18.0°F in its coldest, with 38.39" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 1,134 cooling and 5,603 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Marshall County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Marshall County
Full Marshall County cost breakdown · Every county in Illinois
Talk to someone who works this market
These are Lacon 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 Lacon every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Lacon?
A $112,000 home in Lacon, Illinois costs approximately $1,164 per month with 20% down at 7.24%. That is $611 principal and interest, $214 property tax, $44 homeowners insurance, $202 utilities and $93 set aside for maintenance.
What is the property tax rate in Lacon?
Lacon has an effective property tax rate of 2.296%, based on a median home value of $111,700 and median real estate taxes of $2,565. That is higher than the Marshall County average of 1.991%.
What is the average home price in Lacon?
The median owner-occupied home value in Lacon, Illinois is $111,700, against $137,800 across Marshall County.
Is it cheaper to rent or buy in Lacon?
Median gross rent in Lacon is $811 a month, against $1,164 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 Lacon?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lacon, Illinois at today's rate takes a household income of roughly $50,000 a year. That covers the full $1,164 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lacon, 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.