Total monthly cost of ownership
Cost to Own a Home in Mackinaw, Illinois
A $159,000 home here costs
$1,565per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $817. The real number is $748 higher every month — 91% 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.
Mackinaw against Tazewell County and Illinois
| Measure | Mackinaw | Tazewell County |
|---|---|---|
| Median home value | $159,200 | $164,500 |
| Median property tax | $3,250 | $3,481 |
| Effective tax rate | 2.041% | 2.116% |
| Median gross rent | $874 | $898 |
| Population | 1,869 | 130,555 |
The weather behind that power bill
Mackinaw sits in Tazewell County, which averages a high of 86.3°F in its hottest month and a low of 17.6°F in its coldest, with 37.55" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 1,157 cooling and 5,614 heating degree days, which is what sets the $214 electricity line above.
See the full climate breakdown for Tazewell County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Tazewell County
Full Tazewell County cost breakdown · Every county in Illinois
Common questions
How much does it cost to own a home in Mackinaw?
A $159,000 home in Mackinaw, Illinois costs approximately $1,565 per month with 20% down at 6.66%. That is $817 principal and interest, $270 property tax, $62 homeowners insurance, $282 utilities and $133 set aside for maintenance.
What is the property tax rate in Mackinaw?
Mackinaw has an effective property tax rate of 2.041%, based on a median home value of $159,200 and median real estate taxes of $3,250. That is lower than the Tazewell County average of 2.116%.
What is the average home price in Mackinaw?
The median owner-occupied home value in Mackinaw, Illinois is $159,200, against $164,500 across Tazewell County.
Is it cheaper to rent or buy in Mackinaw?
Median gross rent in Mackinaw is $874 a month, against $1,565 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 Mackinaw — 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.