Total monthly cost of ownership
Cost to Own a Home in Lake Summerset, Illinois
A $227,000 home here costs
$2,146per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,167. The real number is $979 higher every month — 84% 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 Summerset against Winnebago County and Illinois
| Measure | Lake Summerset | Winnebago County |
|---|---|---|
| Median home value | $226,700 | $155,100 |
| Median property tax | $5,013 | $3,850 |
| Effective tax rate | 2.211% | 2.482% |
| Median gross rent | $1,206 | $986 |
| Population | 2,240 | 283,289 |
Lake Summerset extends across 2 counties. Figures here use Winnebago County, where most of its housing sits.
The weather behind that power bill
Lake Summerset sits in Winnebago County, which averages a high of 83.9°F in its hottest month and a low of 14.5°F in its coldest, with 37.24" of precipitation a year and 36% of it in a single three-month stretch. That climate drives 839 cooling and 6,497 heating degree days, which is what sets the $214 electricity line above.
See the full climate breakdown for Winnebago County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Winnebago County
Full Winnebago County cost breakdown · Every county in Illinois
Common questions
How much does it cost to own a home in Lake Summerset?
A $227,000 home in Lake Summerset, Illinois costs approximately $2,146 per month with 20% down at 6.66%. That is $1,167 principal and interest, $418 property tax, $89 homeowners insurance, $282 utilities and $189 set aside for maintenance.
What is the property tax rate in Lake Summerset?
Lake Summerset has an effective property tax rate of 2.211%, based on a median home value of $226,700 and median real estate taxes of $5,013. That is lower than the Winnebago County average of 2.482%.
What is the average home price in Lake Summerset?
The median owner-occupied home value in Lake Summerset, Illinois is $226,700, against $155,100 across Winnebago County.
Is it cheaper to rent or buy in Lake Summerset?
Median gross rent in Lake Summerset is $1,206 a month, against $2,146 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 Summerset — 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.