Total monthly cost of ownership
Cost to Own a Home in Lake in the Hills, Illinois
A $296,000 home here costs
$2,797per 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 $120,000 a year.
A standard mortgage calculator would have told you $1,614. The real number is $1,183 higher every month, 73% more than the payment most buyers budget for.
Compare McHenry 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.
Lake in the Hills against McHenry County and Illinois
| Measure | Lake in the Hills | McHenry County |
|---|---|---|
| Median home value | $296,400 | $286,900 |
| Median property tax | $7,434 | $7,153 |
| Effective tax rate | 2.508% | 2.493% |
| Median gross rent | $1,634 | $1,358 |
| Population | 28,853 | 311,366 |
The weather behind that power bill
Lake in the Hills sits in McHenry County, which averages a high of 84.0°F in its hottest month and a low of 14.2°F in its coldest, with 39.35" of precipitation a year and 36% of it in a single three-month stretch. That climate drives 771 cooling and 6,520 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for McHenry County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in McHenry County
Full McHenry County cost breakdown · Every county in Illinois
Talk to someone who works this market
These are Lake in the Hills 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 Lake in the Hills every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Lake in the Hills I already own here and may sell
Common questions
How much does it cost to own a home in Lake in the Hills?
A $296,000 home in Lake in the Hills, Illinois costs approximately $2,797 per month with 20% down at 7.24%. That is $1,614 principal and interest, $619 property tax, $116 homeowners insurance, $202 utilities and $247 set aside for maintenance.
What is the property tax rate in Lake in the Hills?
Lake in the Hills has an effective property tax rate of 2.508%, based on a median home value of $296,400 and median real estate taxes of $7,434. That is higher than the McHenry County average of 2.493%.
What is the average home price in Lake in the Hills?
The median owner-occupied home value in Lake in the Hills, Illinois is $296,400, against $286,900 across McHenry County.
Is it cheaper to rent or buy in Lake in the Hills?
Median gross rent in Lake in the Hills is $1,634 a month, against $2,797 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 Lake in the Hills?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lake in the Hills, Illinois at today's rate takes a household income of roughly $120,000 a year. That covers the full $2,797 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lake in the Hills, 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.