Total monthly cost of ownership
Cost to Own a Home in Lake Barrington, Illinois
A $451,000 home here costs
$3,888per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,319. The real number is $1,570 higher every month — 68% 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.
Lake Barrington against Lake County and Illinois
| Measure | Lake Barrington | Lake County |
|---|---|---|
| Median home value | $451,400 | $326,600 |
| Median property tax | $8,827 | $8,743 |
| Effective tax rate | 1.955% | 2.677% |
| Median gross rent | $3,060 | $1,434 |
| Population | 5,400 | 711,885 |
The weather behind that power bill
Lake Barrington 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 $214 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
Common questions
How much does it cost to own a home in Lake Barrington?
A $451,000 home in Lake Barrington, Illinois costs approximately $3,888 per month with 20% down at 6.66%. That is $2,319 principal and interest, $735 property tax, $177 homeowners insurance, $282 utilities and $376 set aside for maintenance.
What is the property tax rate in Lake Barrington?
Lake Barrington has an effective property tax rate of 1.955%, based on a median home value of $451,400 and median real estate taxes of $8,827. That is lower than the Lake County average of 2.677%.
What is the average home price in Lake Barrington?
The median owner-occupied home value in Lake Barrington, Illinois is $451,400, against $326,600 across Lake County.
Is it cheaper to rent or buy in Lake Barrington?
Median gross rent in Lake Barrington is $3,060 a month, against $3,888 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 Lake Barrington — 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.