Total monthly cost of ownership
Cost to Own a Home in Marion, Illinois
A $145,000 home here costs
$1,376per 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 $59,000 a year.
A standard mortgage calculator would have told you $791. The real number is $585 higher every month, 74% more than the payment most buyers budget for.
Compare Williamson 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.
Marion against Williamson County and Illinois
| Measure | Marion | Williamson County |
|---|---|---|
| Median home value | $145,300 | $145,600 |
| Median property tax | $2,472 | $2,490 |
| Effective tax rate | 1.701% | 1.710% |
| Median gross rent | $878 | $897 |
| Population | 16,796 | 66,902 |
The weather behind that power bill
Marion sits in Williamson County, which averages a high of 88.4°F in its hottest month and a low of 24.8°F in its coldest, with 44.01" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 1,370 cooling and 4,460 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Williamson County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Williamson County
Full Williamson County cost breakdown · Every county in Illinois
Talk to someone who works this market
These are Marion 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 Marion every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Marion I already own here and may sell
Common questions
How much does it cost to own a home in Marion?
A $145,000 home in Marion, Illinois costs approximately $1,376 per month with 20% down at 7.24%. That is $791 principal and interest, $206 property tax, $57 homeowners insurance, $202 utilities and $121 set aside for maintenance.
What is the property tax rate in Marion?
Marion has an effective property tax rate of 1.701%, based on a median home value of $145,300 and median real estate taxes of $2,472. That is in line with the Williamson County average of 1.710%.
What is the average home price in Marion?
The median owner-occupied home value in Marion, Illinois is $145,300, against $145,600 across Williamson County.
Is it cheaper to rent or buy in Marion?
Median gross rent in Marion is $878 a month, against $1,376 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 Marion?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Marion, Illinois at today's rate takes a household income of roughly $59,000 a year. That covers the full $1,376 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Marion, 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.