Total monthly cost of ownership
Cost to Own a Home in Lincoln, Illinois
A $112,000 home here costs
$1,165per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $576. The real number is $589 higher every month — 102% 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.
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 $214 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
Common questions
How much does it cost to own a home in Lincoln?
A $112,000 home in Lincoln, Illinois costs approximately $1,165 per month with 20% down at 6.66%. That is $576 principal and interest, $169 property tax, $44 homeowners insurance, $282 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 $1,165 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 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.