Total monthly cost of ownership
Cost to Own a Home in Lovington, Illinois
A $90,000 home here costs
$920per 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 $39,500 a year.
A standard mortgage calculator would have told you $491. The real number is $430 higher every month, 88% more than the payment most buyers budget for.
Compare Moultrie County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Lovington from a five-year rolling sample, and with about 1,120 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Moultrie County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Lovington against Moultrie County and Illinois
| Measure | Lovington | Moultrie County |
|---|---|---|
| Median home value | $90,400 | $121,500 |
| Median property tax | $1,417 | $2,316 |
| Effective tax rate | 1.567% | 1.906% |
| Median gross rent | $748 | $773 |
| Population | 1,120 | 14,469 |
The weather behind that power bill
Lovington sits in Moultrie County, which averages a high of 86.0°F in its hottest month and a low of 18.5°F in its coldest, with 41.6" of precipitation a year and 35% of it in a single three-month stretch. That climate drives 1,128 cooling and 5,449 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Moultrie County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Moultrie County
Full Moultrie County cost breakdown · Every county in Illinois
Talk to someone who works this market
These are Lovington 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 Lovington every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Lovington I already own here and may sell
Common questions
How much does it cost to own a home in Lovington?
A $90,000 home in Lovington, Illinois costs approximately $920 per month with 20% down at 7.24%. That is $491 principal and interest, $118 property tax, $35 homeowners insurance, $202 utilities and $75 set aside for maintenance.
What is the property tax rate in Lovington?
Lovington has an effective property tax rate of 1.567%, based on a median home value of $90,400 and median real estate taxes of $1,417. That is lower than the Moultrie County average of 1.906%.
What is the average home price in Lovington?
The median owner-occupied home value in Lovington, Illinois is $90,400, against $121,500 across Moultrie County.
Is it cheaper to rent or buy in Lovington?
Median gross rent in Lovington is $748 a month, against $920 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 Lovington?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lovington, Illinois at today's rate takes a household income of roughly $39,500 a year. That covers the full $920 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lovington, 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.