Total monthly cost of ownership
Cost to Own a Home in Loves Park, Illinois
A $145,000 home here costs
$1,452per month, all in, with 20% down at today's 7.32% 30-year fixed rate. By the 28% rule that takes a household income of about $62,000 a year.
A standard mortgage calculator would have told you $797. The real number is $655 higher every month, 82% more than the payment most buyers budget for.
Compare Winnebago 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.
Loves Park against Winnebago County and Illinois
| Measure | Loves Park | Winnebago County |
|---|---|---|
| Median home value | $144,900 | $155,100 |
| Median property tax | $3,305 | $3,850 |
| Effective tax rate | 2.281% | 2.482% |
| Median gross rent | $1,102 | $986 |
| Population | 23,185 | 283,289 |
Loves Park extends across 2 counties. Figures here use Winnebago County, where most of its housing sits.
The weather behind that power bill
Loves Park 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 $134 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
Talk to someone who works this market
These are Loves Park 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 Loves Park every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Loves Park I already own here and may sell
Common questions
How much does it cost to own a home in Loves Park?
A $145,000 home in Loves Park, Illinois costs approximately $1,452 per month with 20% down at 7.32%. That is $797 principal and interest, $276 property tax, $57 homeowners insurance, $202 utilities and $121 set aside for maintenance.
What is the property tax rate in Loves Park?
Loves Park has an effective property tax rate of 2.281%, based on a median home value of $144,900 and median real estate taxes of $3,305. That is lower than the Winnebago County average of 2.482%.
What is the average home price in Loves Park?
The median owner-occupied home value in Loves Park, Illinois is $144,900, against $155,100 across Winnebago County.
Is it cheaper to rent or buy in Loves Park?
Median gross rent in Loves Park is $1,102 a month, against $1,452 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 Loves Park?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Loves Park, Illinois at today's rate takes a household income of roughly $62,000 a year. That covers the full $1,452 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Loves Park, 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.