Total monthly cost of ownership
Cost to Own a Home in Lincoln, Illinois
A $112,000 home here costs
$1,119per 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 $48,000 a year.
A standard mortgage calculator would have told you $611. The real number is $508 higher every month, 83% more than the payment most buyers budget for.
Compare Logan 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.
Lincoln against Logan County and Illinois
| Measure | Lincoln | Logan County |
|---|---|---|
| Median home value | $111,600 | $125,900 |
| Median property tax | $2,024 | $2,315 |
| Effective tax rate | 1.814% | 1.839% |
| Median gross rent | $804 | $804 |
| Population | 13,406 | 27,870 |
The weather behind that power bill
Lincoln sits in Logan County, which averages a high of 85.5°F in its hottest month and a low of 17.8°F in its coldest, with 39.83" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 1,014 cooling and 5,624 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Logan County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Logan County
Talk to someone who works this market
These are Lincoln 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 Lincoln every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Lincoln I already own here and may sell
Common questions
How much does it cost to own a home in Lincoln?
A $112,000 home in Lincoln, Illinois costs approximately $1,119 per month with 20% down at 7.24%. That is $611 principal and interest, $169 property tax, $44 homeowners insurance, $202 utilities and $93 set aside for maintenance.
What is the property tax rate in Lincoln?
Lincoln has an effective property tax rate of 1.814%, based on a median home value of $111,600 and median real estate taxes of $2,024. That is lower than the Logan County average of 1.839%.
What is the average home price in Lincoln?
The median owner-occupied home value in Lincoln, Illinois is $111,600, against $125,900 across Logan County.
Is it cheaper to rent or buy in Lincoln?
Median gross rent in Lincoln is $804 a month, against $1,119 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 Lincoln?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lincoln, Illinois at today's rate takes a household income of roughly $48,000 a year. That covers the full $1,119 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lincoln, 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.